CarbonCure Technology on Thursday announced that it has secured an undisclosed equity investment from 350 Capital, a Toronto investment company started by real estate developers  to invest in green building products.
The Halifax cleantech company said in a statement  that the investment comes after a successful  pilot project in Toronto in which CarbonCure blocks were used in a parking garage at the  Hullmark Centre in North York. The blocks were manufactured by Atlas Block of Midland,  Ont., which has been  testing the CarbonCure system.
The announcement shows that CarbonCure is now working with several influential partners in Toronto, many of them introduced by former Toronto Mayor David  Miller,  an environmentalist who became an adviser to the Halifax company largely because of its green credentials. Rather than cure the blocks through an energy-intensive steam system, CarbonCure hardens the blocks with carbon-dioxide, producing a quality concrete block at a competitive price with the bonus of being green construction material.
The President of 350 Capital is developer Jamie  James, who is a founder of  Tower Labs @ MaRS,  a green building product accelerator located at  the MaRS Discovery District, the hub of the  innovation industry in Toronto.  In June, Tower Labs worked with Tridel, Canada’s leading  condo developer, Atlas Block and others to  use CarbonCure blocks at the Hullmark Centre.
“Our experience handling the finished product at the Hullmark Centre installation was great,” said James in the statement. “We have confidence that, once full production is under way, market adoption can be rapid and straightforward.”
CarbonCure CEO Robert Niven told Entrevestor this summer that he is now  working on a second round of funding, which he hopes will raise $3 million to $5 million. The 350 Capital investment is obviously part of this.
The company successfully raised its first round of funding in February, landing a $1.1 million investment from Innovacorp, and $400,000 from private investors, mainly from Atlantic Canada. It’s worth noting the company is having success in raising money outside Atlantic Canada, joining the growing number of innovative companies attracting external investment.
The 350 Capital investment is also a win for Innovacorp, as it shows the provincial agency’s  accelerated investments in the past year are helping to attract money to the province from outside investors.
"Our team is excited by 350 Capital's commitment and we see their investment as a major confirmation of our approach,” said Niven in the statement yesterday. “Together with Atlas Block, we plan to deliver the most sustainable concrete products available to Canada's top developers.”