Japan’s Mizuho Bank has announced a US$5 million investment in Canberra-based carbon capture and storage startup MCi Carbon.
The company, which captures industrial emissions and utilises them to make products and materials using a chemical process called mineral carbonation, received the investment from the bank’s ‘Transition Investment Facility’ which commits seed or early-stage equity investments.
Through the funding, Mizuho Bank aims to co-create social value and contribute to the sustainability of the environment and society.
MCi Carbon co-founder and CEO Marcus Dawe said: “With an investment from Mizuho Bank, it is evident that Japan’s banks and industries are future proofing their economies and securing strategic advantages for their partnerships and exports for the new circular carbon economy.
“Japan has joined MCi on the race to net zero, and this is a call to other forward thinkers.”
MCi said in a statement that MCi technology reacts CO2 from steel, cement, fertilisers, and mining facilities with mineral by-products of industrial processes, such as steel slag and mine tailings, diverting carbon dioxide (CO2) from entering the atmosphere.
MCi can create carbon neutral and negative emissions calcium and magnesium carbonates, amorphous silicas, and other inputs for a range of applications in the circular carbon economy.
The company has grown significantly in recent years, following the award of an $14.6m federal government grant to build one of the world’s first mineral carbonation demonstration plants at Orica’s Kooragang Island manufacturing site, using mineral carbonation to prevent emissions from entering the atmosphere.
In February 2023, MCi announced a multi-million dollar investment from RHI Magnesita, the world’s leader in refractories products, and signed up the Austrian company as its first global commercial customer.
Mizuho Bank said that development and social implementation of CCU technology is necessary to achieve carbon neutrality in hard-to-abate sectors and is therefore supportive of the CCU industry.
Through the current investment and further support to develop MCi’s commercial pathway in Japan, Mizuho Bank aims to contribute to the decarbonisation of hard-to-abate sectors as well as that of manufacturers which use materials made through the CCU process.
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Picture: Mizuho Team and MCi Team