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CemVision, a Swedish startup backed by investors Polar Structure, BackingMinds, and Zacua Ventures, has secured a €10 million seed round. The company specializes in creating sustainable cement by utilizing recycled industrial waste from steel and mining industries, aiming to address the significant environmental impact of traditional cement production, which contributes up to 8% of global CO2 emissions.

With plans to expand its workforce and further develop its technology, CemVision recently inked its first customer deal with the Swedish industrial giant LKAB. CEO Oscar Hållén emphasizes the company's focus on scaling production to meet increasing demand and fulfill agreements with new clients.

Although CemVision has made strides in industrial-scale production, its current output represents only a fraction of the global cement market. However, the company aims to ramp up production by leveraging grant and debt funding to acquire and revamp existing plants, a strategy deemed more cost-effective and less risky than building from scratch.

While CemVision faces competition from other European startups in the green cement space, its ambition to produce cement with up to 95% fewer emissions has attracted significant interest from venture capital investors, paving the way for potential public investment in the future. Despite not securing investment from Breakthrough Ventures in this round, Hållén remains optimistic about the company's trajectory and its ability to appeal to both private and public investors as it continues to grow.

Original article posted on March 21, 2024