LONDON, UK, 1 September 2010 – London Technology Fund (LTF), London’s specialist investor in new technology companies, today announced that its investee company Novacem, the carbon negative cement company, has been selected by the World Economic Forum as a Technology Pioneer for 2011. LTF was joint lead in a syndicate which together invested over £1m in Novacem in August 2009.
The World Economic Forum has extended the honour to thirty one visionary technology start-ups from around the world who are poised to have a critical impact on the future of business, industry and society. Stuart Evans, Executive Chairman of Novacem, will attend the World Economic Forum Annual Meeting in Davos in January 2011.
Novacem’s carbon negative cement is based on magnesium oxide and offers the cement industry a scalable alternative to current carbon intensive production. No carbon emissions are released from the magnesium silicate raw material used, and overall more CO2 is absorbed than emitted during production.
David McMeekin, Chairman of LTF, said, “Novacem’s technology has the potential to transform the cement industry from being an emitter of CO2 to an absorber of CO2. We are delighted that the outstanding potential of this technology has been recognised in prestigious awards from MIT’s Technology Review, the Bloomberg New Energy Finance Summit and now the World Economic Forum. The World Economic Forum selected companies from across the world, including the US, Europe and China, with Novacem being one of only 13 clean tech companies chosen globally. We congratulate the Novacem team on their success.”
