44.01

About 44.01

44.01, named after the molecular mass of carbon dioxide, is a climate technology company founded in Oman in 2020 by Talal Hasan, Karan Khimji, and Ehab Tasfai. The company is pioneering a method to permanently eliminate CO2 by accelerating its natural mineralization process, effectively turning it into rock.

The founders' backgrounds are rooted in the region and its challenges. Talal Hasan, a former corporate lawyer with experience in energy projects and venture capital, was inspired to find solutions for climate change. Karan Khimji grew up in Oman witnessing the environmental impact of the oil and gas industry and later worked in energy transition consulting. A pivotal moment came when Hasan learned about the unique properties of peridotite rock, abundant in Oman's Hajar mountains, which naturally reacts with and captures CO2. Teaming up with scientists who first researched this phenomenon, the founders established 44.01 to commercialize and scale this process.

The company's technology involves capturing CO2 from the atmosphere via Direct Air Capture (DAC) partners or directly from industrial emitters. This captured CO2 is then dissolved in water and injected deep underground into peridotite formations. The technology accelerates the natural reaction, mineralizing the CO2 into solid carbonate within 12 months, ensuring it cannot be released back into the atmosphere. This method is presented as a safe, scalable, and cost-effective alternative to conventional carbon storage.

44.01's business model involves providing carbon mineralization as a service. It partners with industrial emitters in hard-to-decarbonize sectors like cement and steel, as well as DAC companies such as Climeworks, Aircapture, and Mission Zero Technologies. For each tonne of CO2 mineralized and verified, a carbon credit is generated, which can be sold on the voluntary carbon market to companies seeking to offset their emissions. The company has secured partnerships with major entities like ADNOC for pilot projects in the UAE.

The company has achieved significant milestones, including winning the prestigious £1 million Earthshot Prize in 2022 and being a finalist in the XPRIZE Carbon Removal competition. It has raised substantial funding, including a $37 million Series A round in July 2024, from a consortium of investors including Breakthrough Energy Ventures, Amazon's Climate Pledge Fund, Siemens Financial Services, and Equinor Ventures, bringing its total funding to $42 million. Headquartered in the UK with operations in Oman and the UAE, 44.01 aims to mineralize one billion tonnes of CO2 by 2040 and is expanding internationally.