Omani Climate-Tech Company 44.01 Raises $37 Million Series A Round

Oman-based climate-tech company 44.01 has closed a $37 million Series A funding round, led by Equinor Ventures with Shorooq Partners, as well as Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund and Siemens Financial Services, among other investors. Existing investor Breakthrough Energy Ventures has also recommitted to 44.01’s technology by participating in the round.

Founded in 2020 by Talal Hassan, Ehab Tasfai and Karan Khimji, 44.01 eliminates CO2 by turning it into rock. Mafic and ultramafic rock formations capable of mineralising CO2 can be found on every continent on earth, thus making 44.01’s mineralisation technology a possible global climate solution. Mineralisation projects can be built quickly and modularly, offering a cost-effective alternative to traditional methods of geological carbon storage.

“We believe mineralisation can play a significant role in protecting and repairing our climate,” Talal Hassan, CEO of 44.01, tells StartupScene. “We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology.”

44.01 has completed several successful pilot projects in Oman and the UAE, and has won the Earthshot Prize in 2022 for the ‘Fix our Climate’ category. The company’s Omani Project Hajar was recently announced as an XPRIZE Carbon Removal Top 20 Finalist.

The funding will enable 44.01 to continue to refine its technology, develop commercial-scale projects, and expand its international distribution network.