鈥淐arbon negative鈥� cement technology developed in the UK bought by a mystery Australian firm
A revolutionary 鈥渃arbon negative鈥� cement technology developed in the UK has been bought by a mystery Australian firm.
According to the Guardian, the technology was put up for sale when its British developer, Novacem - which has worked with Laing O鈥橰ourke and WSP - was declared insolvent last week.
The rights are understood to have been sold for a six-figure sum. About 拢4-5m had been pumped into the company by investors and other backers.
鈥淲e are satisfied that the buyer will be able to take the invention to the next level,鈥� James Money of London-based insolvency practitioners PKF told the Guardian. 鈥淭hey are committed to making this work.鈥�
The technology involves mixing magnesium oxide with high-purity sand and, according to its backers, could turn the cement industry from one that emits 2bn tonnes of CO2 a year - more than 5% of human CO2 emissions - into one that removes CO2 from the atmosphere.
Novacem, originally a spin-off from Imperial College London when it began in 2007, has recruited firms including Laing O鈥橰ourke and WSP as industrial partners as well as winning financial backing from organisations including the Carbon Trust.
Novacem founder and chairman Stuart Evans claimed the purchase would 鈥渕ake a fortune鈥� for the buyer within a decade.
鈥淩ight now, it needs $50-100m in investment but once the technology is established, it will be worth billions,鈥� he said. 鈥淵ou can just do the arithmetic. It is unfortunate that even the best of British venture capitalists find it hard to take on an opportunity like this.鈥�
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