According to a LTF statement, Novacem, a spin-out from Imperial Innovations Group plc, is developing a cement which has the potential to transform the cement industry from being a significant emitter of CO2 to being an absorber of CO2.
The annual production of over 2.5 bn tonnes of conventional Portland cement is already responsible for 5% of global CO2 emissions, and cement volumes are expected to double by 2050.
In contrast, Novacem cement absorbs more CO2 over its life cycle than it emits. The company estimates that for every tonne of ordinary Portland cement replaced by its cement, around 0.75 tonnes of CO2 could be captured and stored indefinitely in construction products.
David McMeekin, Chairman of LTF, was quoted as saying: “Novacem is developing a formidable technology which has the potential to have a major impact on CO2 emissions. It is an excellent example of the world class technology being developed at London’s universities. We are delighted that LTF is able to support the company through this important stage of its development”.
Stuart Evans, Chairman of Novacem, said: “We are delighted to have raised investment from such a strong syndicate of specialist investors.
“These funds will help us grow the team, complete an initial pilot plant before the end of 2009 and accelerate development and commercialisation”.