Mitsubishi UBE Cement Corporation (MUCC) has today invested USD $5 million into Australian cleantech MCi Carbon (MCi). This marks the fourth investment MCi has received from a major Japanese partner, paving the way for accelerated commercialisation in the Japanese cement industry and deepened collaboration with ITOCHU Corporation. Investors have committed over USD $20 million during this fundraising round on a post-money valuation of more than USD $200 million.
Canberra, Australia | January 29, 2025 – Mitsubishi UBE Cement Corporation (MUCC), the second largest cement company in Japan, today announced a USD $5 million investment into MCi Carbon (MCi), a leading Australian cleantech pioneering mineral carbonation technology. This marks MUCC’s first investment into the field of mineral carbonation and carbon capture and utilisation (CCU), reinforcing its position as a forward-looking leader in low-carbon cement and concrete innovation. MUCC is the fourth major Japanese industry partner to invest in MCi Carbon, joining ITOCHU Corporation, Mizuho Bank and Sumitomo Mitsui Trust Bank.
As part of the investment, the parties have also struck a long-term collaboration agreement that will capitalise on MUCC’s extensive cement industry knowledge and MCi’s leadership in mineral carbonation technology. Concurrently, MUCC and existing investor and partner ITOCHU Corporation have executed a three-way Memorandum of Understanding (MoU) with MCi that is complimentary to the collaboration agreement. This new MoU covers a range of activities to further advance MUCC’s adoption of MCi’s technology in Japan.
“By partnering with us, MUCC brings tangible momentum to integrating mineral carbonation into the Japanese cement industry. As we strengthen our ties with forward-looking partners like MUCC, ITOCHU, and Taisei, we move closer to large-scale deployment that reduces emissions, delivers profitable outcomes, and firmly aligns with Japan’s climate ambitions.”
MCi Carbon Founder and CEO Marcus Dawe
MUCC’s investment signals a critical milestone in reducing CO2 emissions in one of the world’s most carbon-intensive industries within one of the world’s largest economies. This collaboration is poised to accelerate the decarbonisation of cement and concrete in Japan through both the direct abatement of CO2 emissions and development of novel low-carbon materials from MUCC’s CO2 emissions that can be re-used in its cement process or elsewhere in the Japanese economy. MUCC’s investment will serve as a catalyst for the global cement and concrete sectors as they transition towards sustainable production methods.
“It is with great pride and enthusiasm that we announce our investment in MCi. Through our investment in and collaboration with MCi, a global pioneer in mineral carbonation, we strongly believe that we will be able to provide new value to the world through our innovative technology for the long-term stabilization of CO2 from cement plants and other sources into stable carbonate.”
“Additionally, by collaborating with ITOCHU Corporation, we aim to create synergies in the Japanese market related to carbon neutrality. We firmly believe that our various efforts could lead to solutions to social problems in the future and contribute to the sustainable development of our customers and society.”
MUCC Managing Executive Officer Hisanobu Tanaka
This investment directly supports the imminent commissioning of ‘Myrtle’, MCi Carbon’s state-of-the-art mineral carbonation Demonstration Plant in Australia. The plant will serve as a global showcase of mineral carbonation’s commercial scalability, empowering both Australian and Japanese stakeholders to adopt and refine technologies that minimise environmental impact. The partnership will also fast-track business development plans for introducing MCi Carbon’s technology into the Japanese cement industry, paving the way for new low-carbon materials and sustainable construction solutions.
MUCC is currently researching and developing direct carbonation methods employing waste concrete and other materials through the Green Innovation Fund Project of the New Energy and Industrial Technology Development Organization (NEDO). The objective is to significantly reduce greenhouse gas emissions and help meet global climate targets, while creating valuable, circular-economy products derived from industrial by-products.
The Japanese-Australian decarbonisation partnership is further strengthened by the signing of a three-way MOU between ITOCHU Corporation, MUCC and MCi Carbon. The MOU signals a deepening focus of Japanese industrial companies, trading houses and technology towards deploying and scaling novel decarbonisation technologies to reach net zero.
In April 2024, Suzuki Kazuhiro, Ambassador of Japan to Australia, attended the Myrtle Foundation Ceremony, as construction commenced at one of the world’s first mineral carbonation demonstration plants:
“The Japanese government recognises the great potential in developing CCUS technologies. The technology MCi Carbon is developing will enable CO2 to be captured in a stable manner in minerals. This is a prominent option for reducing CO2 emissions in hard-to-abate sectors such as cement and concrete production. The Myrtle project symbolises collaborative investment between Japan and Australia.”
About MCi Carbon
MCi Carbon (MCi) is a world-leading and award-winning Australian clean technology company currently scaling a mineral carbonation platform to capture and transform carbon dioxide (CO2) into building products and other valuable materials for the circular carbon economy.
MCi Carbon has a technical headquarters in Newcastle, a global reference pilot plant at the Newcastle Institute of Energy and Resources (NIER) and is currently constructing Australia’s carbon capture and utilisation flagship, Myrtle. This facility will be one of the world’s first mineral carbonation demonstration plants and will assist in validating MCi’s technology.
MCi Carbon featured at the Australia Pavilion at COP28, with Myrtle announced as the Mission Innovation Net-Zero Industries Awards 2023 National Winner – Australia in the Outstanding Projects category. Recently awarded the Circular Transition Award at the 34th National Banksia Sustainability Awards and the NSW Clean Technology Award, in 2021 MCi won first prize at the Clean Energy Start-up Pitch Battle at COP26 in Glasgow. Other global accolades include the 2018 Resource Innovator of the Year Award at the New Materials Summit in Berlin and being featured at the World Economic Forum Annual Meeting in Davos, building momentum as a global brand and a leader in carbon capture and utilisation (CCU).
Recently featured in Financial Times, Bloomberg, Forbes, SBS World News and the Australian Financial Review, MCi Founder & CEO Marcus Dawe and Co-Founder & COO Sophia Hamblin Wang were named in the Top 100 Australian Green Power Players, published in The Australian. For more information, please visit mcicarbon.com.
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