The carbon-capture and storage company will use the funds to develop its technology at a cement plant in Mississauga, Ont. Chicago’s Builders Vision led the deal, while the Business Development Bank of Canada and Oxy Low Carbon Ventures, the VC arm of U.S. oil giant Occidental, also participated. (The Logic)

Talking point: The latest funding is intended to bring one of Canada’s foremost carbon-capture tech firms closer to fully commercializing its technology. Carbon Upcycling has designed systems that capture carbon dioxide and other waste products from industrial-scale facilities, then convert those materials into a byproduct that can then be mixed into cement and stored. It last publicly raised money in 2023, in a US$26-million Series A round led by BDC and U.K.-based Climate Investment. The company is currently developing four projects, one of them the Mississauga facility that will convert steel waste products into various finished products like concrete or even sneakers. In 2023, it signed a deal with Adidas that lets the firm use its byproducts to make ink for shoes.