Samsung C&T invests $7.5 mn in Canadian low-carbon concrete firm
Jin-Woo Park
Jul 12, 2023 (Gmt+09:00)
South Korea's Samsung C&T Corp. announced on Wednesday that it has decided to invest $7.5 million (9.8 billion won) in CarbonCure Technologies Inc., a Canadian company with low-carbon concrete technology. The two parties have also signed a business agreement.
CarbonCure, established in 2012, possesses technology that injects carbon dioxide into the concrete production process to enhance concrete strength. This technology reduces the amount of cement used, resulting in the suppression of carbon dioxide emissions. Additionally, the injected carbon dioxide is permanently sequestered, making it eco-friendly.
Samsung C&T explained that CarbonCure's technology is among the most mature and widely applicable low-carbon concrete technologies currently available, and global companies such as Amazon and Microsoft are among CarbonCure's investors.
This investment is being made through the venture capital (CVC) fund established by Samsung C&T and Samsung Venture Investment in 2021.
With this investment and business agreement, Samsung C&T will actively adopt CarbonCure's technology in domestic and international construction sites, strengthen its decarbonization portfolio, and support the expansion of CarbonCure's market. In return, CarbonCure will assist Samsung C&T in carbon reduction processes and share its expertise.