MUSCAT — Omani climate tech startup 44.01 has secured an additional $5 million in Series A funding, bringing its total Series A investment to $42 million. The round was led by Norwegian sovereign investor Nysnø Climate Investments and MENA-focused VC fund Jasoor Ventures. This funding is part of a larger investment round initiated in July 2024, with key contributors including Equinor Ventures, Shorooq Partners, Air Liquide Venture Capital, Amazon’s Climate Pledge Fund, and several others. Existing investors, such as Breakthrough Energy Ventures, also participated.
Nysnø Climate Investments, which focuses on companies that develop technologies to reduce greenhouse gas emissions, is particularly interested in 44.01’s mineralisation technology. The company’s approach, which uses mineral-rich rock formations capable of capturing and storing CO2, has gained global attention due to its potential to help nations achieve their Net Zero targets. Mineralisation projects are modular, cost-effective, and can be quickly deployed, making it a promising alternative to conventional carbon storage methods.
In 2024, 44.01 partnered with ADNOC to scale up carbon mineralisation projects in the UAE following a successful pilot. The company is also exploring opportunities for expansion in Norway and internationally, with a newly established office in Norway.
Talal Hasan, Founder and CEO of 44.01, expressed enthusiasm about the new investments, saying, “We believe carbon mineralisation will play a significant role in protecting and repairing our climate.” John E Johannessen from Nysnø also shared excitement about supporting 44.01, noting that Norway is looking forward to adopting and scaling the technology for CO2 removal through mineralisation, both locally and globally.
44.01, which won the Earthshot Prize in 2022, continues to make strides in its efforts to combat climate change, with its Project Hajar in the UAE recently being named an XPRIZE Carbon Removal Top 20 Finalist.
