Equinor Ventures invests in 44.01
Equinor Ventures is pleased to announce our investment in Protostar Group Limited (44.01), a London, UK-based company developing a subsurface CO2 mineralisation.
Established in 2021, 44.01 aims to provide safe and affordable megaton-scale CO2 storage through subsurface mineralisation in peridotite and basalt formations globally. The company accelerates the natural process of mineralisation, potentially mineralising millions of tons of CO2 per year by injecting CO2 dissolved in water into volcanic formations.
Equinor Ventures lead the investment round together with other strategic investors, including Shorooq partners, Breakthrough Energy Ventures, Climate Investment and Amazon’s climate pledge fund, in a $ 37 million Series A funding round to help 44.01 scale and adopt the technology with different business models.
The market gap in CO2 storage presents an opportunity for Equinor to deepen its CDR credit and carbon storage position. 44.01's technology offers a simpler, onshore solution for smaller-scale carbon removal and storage projects, providing flexibility and cost-efficiency.
Investing in 44.01 offers strategic value and insights into CO2 mineralisation technologies, with potential for significant returns if the technology is widely adopted and scaled in the industry.