CEMEX invests in pioneer solar technology - CEMEX invests in pioneer solar technology
November 2, 2021
- CEMEX Ventures joins a select group of leading global investors supporting Synhelion.
- Starting in 2020, CEMEX and Synhelion began developing an innovative solar-driven technology that aims to eliminate fossil fuels and the carbon footprint in the clinker manufacturing process.
CEMEX, S.A.B. de C.V. (“CEMEX”) and CEMEX Ventures (CEMEX´s venture capital unit) announced today their investment in Synhelion, a pioneer in solar fuels that are a climate-friendly substitute to fossil fuels, enabling a carbon-free cement manufacturing process.
This effort, which aims to decarbonize the cement manufacturing process based on solar energy, is part of CEMEX's roadmap for its ambitious climate action goals, including delivering globally net-zero CO2 concrete by 2050. This is one of several initiatives under the company’s Future in Action program, which focuses on investing today in the promising technologies that the company will need to achieve its ultimate goal of net-zero concrete by 2050.
Based in Switzerland, Synhelion offers a radically new approach to replace fossil fuels in cement plants with high-temperature solar heat and capture 100 percent of carbon emissions. The captured emissions are then utilized as feedstock for fuel production, enabling cement manufacturing to achieve net-zero emissions. This is made possible by Synhelion’s proprietary technology, which allows it to achieve an extremely high temperature by solar heat and its pioneering process to turn CO2 into synthetic solar fuels that several transportation industries can use.
"Synhelion's technology has enormous potential; not only does it close the fuel carbon cycle, but it also facilitates a carbon-free cement industry. This investment is another example of the innovative projects and technologies we develop to decarbonize the industry," said Gonzalo Galindo, Head of CEMEX Ventures.
This funding round was led by Swiss KMU Partners with participation from other venture capital firms, including Orchiila, SMS Concat, AMAG, and CEMEX Ventures. Synhelion will use the funding to build and operate what should be the world's first plant capable of producing solar fuels at an industrial scale.
Synhelion is a global pioneer in the field of sustainable solar fuels. The clean energy company evolved from the Swiss Federal Institute of Technology (ETH Zurich) in 2016 to decarbonize transportation. Solar fuels can replace all types of fossil fuels as they are economically viable and fully compatible with existing global infrastructure. Synhelion’s unique technology converts concentrated solar heat into the hottest existing process heat on the market, making it possible to drive an unprecedented number of industrial processes such as fuel production and cement manufacturing with solar heat. The company already works with international partners such as Lufthansa Group, Wood, Eni, CEMEX, and Zurich Airport. For more information, please visit: www.synhelion.com
About CEMEX Ventures
Launched in 2017, CEMEX Ventures focuses on solving the main challenges, and capitalizing on the opportunities, in the construction ecosystem through sustainable solutions. CEMEX Ventures has created an open and collaborative platform to lead the revolution of the construction industry by engaging startups, entrepreneurs, universities, and other relevant actors to tackle the industry's toughest challenges and shape tomorrow's construction ecosystem. For more information about CEMEX Ventures, please visit www.cemexventures.com
CEMEX (NYSE: CX) is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: cemex.com
CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.
Analyst and Investor Relations
Alfredo Garza / Fabián Orta