Low Carbon Materials (LCM), which designs and manufactures carbon-negative aggregates, has closed a $3 million growth acceleration round led by Ada Ventures.
The company’s OSTO product, which is made of waste materials, can lower the carbon footprint of concrete. It also sequesters and stores CO2 in the aggregate, locking it within the resulting concrete.
The round also included participants from Green Angel Ventures, Northstar Ventures, an Innovate UK grant, as well as sponsorship and skills-based support from Deliotte.
LCM said that the funding would propel its expansion, allowing it to scale operations and “accelerate its impact in decarbonising the construction industry.”
Natasha Boulding, CEO of LCM, a winner of SCI’s Bright SCIdea competition in 2019 said: “We’re seeing tremendous interest and opportunity both in the UK and abroad. This funding is a crucial step to support our rapid growth and in preparing us for future funding to enable us to meet the ever-growing global demand for our decarbonisation solutions."
Matt Penneycard, co-founding partner at Ada Ventures, the lead investor in this round added: “Concrete in the built environment accounts for 8% of global carbon emissions and 25 million tonnes of asphalt are laid in the UK every year. There is a huge opportunity to develop and introduce greener alternatives to market, yet it is a space few are innovating in.”
LCM has a number of significant projects under its belt including a project to resurface the UK’s M11 motorway in collaboration with National Highways, Skanska and Tarmac.
- If you have a scientific idea that you think could benefit society, then consider entering Bright SCIdea 2025. This national challenge allows university students to develop and showcase their entrepreneurial business skills. As well as the chance to win the grand prize of £5,000, and take your idea to the next level, all entrants will receive free training across a range of business-related areas, delivered by experts in their field. For more information on these opportunities visit Bright SCIdea Challenge.
Further reading:
Visit Blog