Construction decarbonisation innovator Low Carbon Materials (LCM) has secured a £3m investment it says will fuel rapid expansion.
The Seaham-based creator of carbon negative aggregates used in building has closed its latest funding round led by Ada Ventures, and featuring Green Angel Ventures, Northstar Ventures, an Innovate 海角视频 grant and sponsorship and skills support from Deloitte. The former Earthshot Prize finalist, which employs about 18 people, said the funding was a crucial step for its growth.
LCM's flagship OSTO product is a lightweight aggregate - the essential crushed stone, sand, and gravel components that give concrete and asphalt their strength and stability. It replaces traditional materials and reduces the carbon footprint of construction.
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The firm was created by a team of three scientists behind – Dr Natasha Boulding, Dr Phil Buckley and Scott Bush – who came together to form the company in 2019 after meeting at Durham University while studying for PhDs in material science. In 2022 LCM became a finalist for the prestigious Earthshot Prize, orchestrated by Prince William, in a move that underlined its work towards tackling climate change through lower carbon emissions.
Ms Boulding, CEO of Low Carbon Materials, said: "As essential building blocks for our cities and transportation networks, concrete and asphalt require a greener approach to production to minimise their environmental impact. We're seeing tremendous interest and opportunity, both in the 海角视频 and abroad. This funding is a crucial step to support our rapid growth and in preparing us for future funding to enable us to meet the ever-growing global demand for our decarbonisation solutions. Our technologies offer a simple and scalable way to transform the concrete and asphalt industry, and we're excited to be backed by these incredible organisations."
Matt Penneycard, co-founding partner at Ada Ventures, said: "At Ada, we invest in people and ideas that have the potential to change the world. LCM is on track to do exactly this.
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"Concrete in the built environment accounts for 8% of global carbon emissions and 25 million tons of asphalt are laid in the 海角视频 every year - there is a huge opportunity to develop and introduce greener alternatives to market, and yet it's a space few are innovating in. LCM offers large construction businesses a simple and scalable way to reduce their CO2 output, delivering these solutions in a scalable market-leading way. It's a privilege to partner with them as they continue their upward trajectory."
Smruti Naik-Jones, chief sustainability officer of Deloitte 海角视频 and North & South Europe, said: "Reaching net zero will require the global economy to decarbonise as part of a connected system. We are using our skills, influence and targeted investment to catalyse environmental and social impact across the key areas of the energy transition, circularity, sustainable food systems and nature restoration – including supporting LCM as they scale innovative low carbon solutions with impact."