Canada’s Carbon Upcycling announced that they entered in an agreement with ATEL Ventures for up to USD 10m in asset-secured financing. The agreement will support the company’s flagship project at the Ash Grove Mississauga cement plant (photo with the construction site in the front), which will permanently sequester CO₂ from the cement kiln and utilize it to transform byproducts such as steel slag into high-quality, low-carbon supplementary cementitious materials (SCMs). The facility will have the capacity to produce up to 0.03 Mta of SCMs. Under the agreement, the financing is secured by Carbon Upcycling’s assets, and ATEL receives an option to make a future investment in the company.