BEV will also nominate a director to the company's Board of Directors.
The investment will enable Ecocem to bring new ultra-low-carbon cements to the market over the coming years. The new products will draw on Ecocem's deep knowledge in slag-based cements and incorporate new materials and technologies developed by the company.
The manufacture of cement generates 7% of global CO2 emissions. Progress in decarbonisation has been limited by the high level of process-related CO2 emissions of cement clinker manufacture. The sector faces high investment and high operating costs from the deployment of Carbon Capture and Storage/Use (CCSU) beyond 2030. Only limited further decarbonisation potential is foreseen this decade.
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Ecocem's new technologies will enable the global cement industry to reduce its CO2 emissions rapidly and without excessive cost, providing high-performance cements with significantly lower clinker content.
The cement sector is already developing and deploying a range of carbon reduction technologies. Ecocem will add a further dimension to these efforts, provide wide access to its low-carbon technology, and support the sector in moving to a Paris-compliant, emissions reduction trajectory.
Donal O’Riain, founder and Managing Director of Ecocem, said: "Everyone at Ecocem is very excited at what we can achieve with the support of BEV and BEV-E. We share the conviction that rapid decarbonisation of cement manufacture is vital for the planet, and that it can be achieved through innovation and the diffusion of new technology. Together we can now meet this challenge with renewed urgency and ambition."
