This investment will boost operations and manufacturing capabilities in multiple geographies as demand for low-carbon solutions and smart catalyst technology increases globally across the construction and building industry. The production of cement alone accounts for 8% of global carbon emissions. With no direct alternative material and the demand for concrete and cement, expected to grow by 25% by 2050, urgent solutions are needed to lower its carbon footprint.
Nanogence's technology offers a novel and easy-to-implement solution, meeting stricter emission regulations and delivering significant operational cost savings for the construction and building industry. Using Nanogence's proprietary smart catalyst technology saves up to 40% carbon emissions without changing the current manufacturing process.
Nanogence's technology optimises efficiency for the producer by either reducing cement demand or replacing it with eco-friendly materials while preserving the strength and performance of the concrete. The technology can also be integrated at the cement production level to reduce the clinker content, the central and most carbon emission-intensive ingredient, in cement without compromising product performance and, more importantly, without costly changes in the current process.
Nanogence's most advanced commercial developments are in the United States, where CEO Abhishek Kumar recently became a 2023 NRMCA Concrete Innovations Award Program winner for achieving over 25% direct carbon reduction. The company also supports the construction of Noida International Airport, built by Tata Group and developed by Zurich Airport. The airport is billed to be India's largest upon completion and aims to be the country's first net-zero emissions airport.
The financing round was led by CirCap, a novel investment platform providing strategic private capital to innovative companies active in climate-tech, healthcare and educational sectors. Planet First Partners, a growth equity sustainable investment platform (Limited Partner's commitments of €450 million), participated through its ecosystem investment strategy designed to support high-potential companies in progressing to the growth stage of their development. The round was completed by the EIC Fund, the venture arm of the European Innovation Council.
Abhishek Kumar, CEO and Founder of Nanogence, commented: "We are excited to receive the support from incoming renowned investors in this essential journey to accelerate the transition towards a low carbon built world. With growing demand worldwide, it is essential for us to align with like-minded strong backers for our growth phase."
Karl-Georg Altenburg, Founding Partner at CirCap, said: "We consider ourselves entrepreneurs and like to work hand in hand with founders, aiming to be a strategic partner and not just a capital provider to our portfolio companies. Our investment in Nanogence is another milestone in CirCap's commitment to support young European climate-tech businesses with disruptive technologies, helping them become global champions."
Andreea Constantinescu, Managing Partner at Planet First Partners, said: "Our investment in Nanogence marks our first foray in the material innovation space, and we stand committed to supporting Abhishek and the team in their scale-up journey. We believe that Nanogence is well placed to support the global decarbonisation of cement given its ability to meet the industry needs for financial and technological viability, material carbon reduction and ease of adoption and scalability."
Svetoslava Georgieva, Chair of the EIC Fund Board, said: "Our investment in Nanogence will help them accelerate the deployment of innovative nanotechnology for green concrete and cement. Combining grants and equity is unique to the European Innovation Council. It bridges the funding gap for highly innovative companies, unlocks additional private investments and enables them to scale up in Europe."
