🌇 Decarbonising cement: announcing our investment in Cambridge Electric Cement.

It's no secret that we are passionate about reducing emissions from concrete production - it's the most widely used material on earth after water, and is responsible for up to 8% of global CO₂ emissions. In 2022, we were proud to lead the preseed round into Biozeroc who are developing bioconcrete, using bacteria to produce calcium carbonate to replace cement completely. Today we are very excited to announce our investment into Cambridge Electric Cement, a Cambridge University spinout who are taking a different route to decarbonising cement via recycled concrete.


Concrete is the most widely used material on earth after water, and is responsible for up to 8% of global CO₂ emissions. Concrete itself is made up of around 10-15% cement, water, and aggregate (sand, gravel, crushed stone). The cement and water mix to harden and bind the aggregate together. It is the production of Portland cement that is responsible for the majority of the emissions. The source of emissions are two-fold. Portland cement is made up of lime (CaO), which itself is made by heating limestone (CaCO₃) to >1450°C in a limestone kiln and for every tonne of lime produced, 0.8 tonnes of CO₂ are released. The high temperatures required for this calcination are provided by natural gas – which itself releases CO₂ when burned.

Cambridge Electric Cement’s breakthrough allows them to dramatically reduce both of the sources of emissions. Their technology - first published in Nature in May 2024 - exploits the high temperature of electric arc furnaces used in steel recycling to reactivate recycled cement. Using recycled cement decarbonises the calcination emissions, whilst using renewable power for the furnace decarbonises the emissions for heat. And in replacing the flux typically used in EAFs (also emissions-intensive to produce as it is usually lime) they are reducing the emissions of steel production at the same time. CEC builds upon the Innovate UK-funded £6.5m 'Cement 2 Zero' industrial demonstrator project, with a consortium including industrial partners AtkinsRealis, Balfour Beatty, CELSA UK, Day Group, Tarmac, and the Materials Processing Institute where the technology has been proven in a 7-tonne EAF.


Pippa Gawley, Co-founder and General Partner at Zero Carbon Capital, comments: “We are thrilled to support CEC as they embark on this exciting journey. Their innovative decarbonisation technology paired with the use of existing infrastructure addresses a significant gap and has huge abatement and commercial potential. We believe in the team’s vision and their ability to execute, and we look forward to working together.”

Bill & Poppy

CEC are a spin-out from the University of Cambridge, led by an exceptional founding team of Bill Yost, Dr Poppy Brewer and academic founders Dr Cyrille Dunant, Professor Julian Allwood and Dr Pippa Horton. This £2.25m investment round, led by ZCC, will enable CEC to industrialise production of its sustainable cement at CELSA’s EAF facility in Cardiff, deliver a real-world construction demonstrator, and advance offtake agreements with partners and customers. Cambridge Enterprise Ventures, Legal & General, Parkwalk Advisors, Delph25 and Almanac Ventures are also participating in the round. Following the round, ZCC's Pippa will join CEC as an Investor Director.

We couldn’t be more excited about the potential of CEC’s technology, and about the quality of the team to deliver on this potential.

Some of the CEC team on site at the first CELSA melt

More about CEC:

Press release on CEC website
BBC article

Risk to capital

This website is intended solely for professional clients and eligible counterparties.

Zero Carbon Capital Limited is an appointed representative of Sapphire Capital Partners LLP which is authorised and regulated by the Financial Conduct Authority. Sapphire Capital Partners LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 565716). Registered office: 28 Deramore Park, Belfast, BT9 5JU, United Kingdom.

Zero Carbon Capital Limited is registered in England and Wales (Company Number 12028532). Registered office: Lake House, 2 Port Way, Port Solent, Portsmouth, PO6 4TY, United Kingdom. Firm Reference Number 916588. Sapphire Capital Partners LLP is responsible for the regulated activities carried on by Zero Carbon Capital Limited.

This website constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and is communicated by Sapphire Capital Partners LLP in its capacity as principal. It is directed only at persons who are professional clients or eligible counterparties, or who fall within exemptions available under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It must not be relied upon by retail clients or any other person. The fund is a closed-ended alternative investment fund structured as a limited partnership.

Nothing on this website constitutes investment

advice, a personal recommendation, or an offer to sell or a solicitation of an offer to buy any securities. Any investment opportunity will be subject to separate legally binding documentation and appropriate investor classification and due diligence.

On this website, "we" refers to the combined activities of Zero Carbon Capital Ltd, Sapphire Capital Partners LLP and the funds they advise and manage. 

Investments in early-stage and growth companies involve a high degree of risk. Capital is at risk and investors may lose the entirety of their investment. The value of investments and any income derived from them can go down as well as up. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may change in future.

Where investments are made through arrangements operated by Sapphire Capital Partners LLP under its FCA permissions, eligible claimants may have access to the Financial Services Compensation Scheme (FSCS) subject to the FSCS rules and limits. Not all investment activities or losses are covered by the FSCS.

Any references to sustainability, climate impact, carbon reduction or decarbonisation relate to the investment strategy and objectives of portfolio companies. Such statements are based on current methodologies, assumptions and expectations and are not guarantees of future performance or environmental outcomes.

Risk to capital

This website is intended solely for professional clients and eligible counterparties.

Zero Carbon Capital Limited is an appointed representative of Sapphire Capital Partners LLP which is authorised and regulated by the Financial Conduct Authority. Sapphire Capital Partners LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 565716). Registered office: 28 Deramore Park, Belfast, BT9 5JU, United Kingdom.

Zero Carbon Capital Limited is registered in England and Wales (Company Number 12028532). Registered office: Lake House, 2 Port Way, Port Solent, Portsmouth, PO6 4TY, United Kingdom. Firm Reference Number 916588. Sapphire Capital Partners LLP is responsible for the regulated activities carried on by Zero Carbon Capital Limited.

This website constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and is communicated by Sapphire Capital Partners LLP in its capacity as principal. It is directed only at persons who are professional clients or eligible counterparties, or who fall within exemptions available under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It must not be relied upon by retail clients or any other person. The fund is a closed-ended alternative investment fund structured as a limited partnership.

Nothing on this website constitutes investment

advice, a personal recommendation, or an offer to sell or a solicitation of an offer to buy any securities. Any investment opportunity will be subject to separate legally binding documentation and appropriate investor classification and due diligence.

On this website, "we" refers to the combined activities of Zero Carbon Capital Ltd, Sapphire Capital Partners LLP and the funds they advise and manage. 

Investments in early-stage and growth companies involve a high degree of risk. Capital is at risk and investors may lose the entirety of their investment. The value of investments and any income derived from them can go down as well as up. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may change in future.

Where investments are made through arrangements operated by Sapphire Capital Partners LLP under its FCA permissions, eligible claimants may have access to the Financial Services Compensation Scheme (FSCS) subject to the FSCS rules and limits. Not all investment activities or losses are covered by the FSCS.

Any references to sustainability, climate impact, carbon reduction or decarbonisation relate to the investment strategy and objectives of portfolio companies. Such statements are based on current methodologies, assumptions and expectations and are not guarantees of future performance or environmental outcomes.