Material Evolution secures funding to scale low-carbon cement

Material Evolution, the climate tech start-up behind one of the UK’s most advanced low-carbon cement technologies, has secured a new venture debt facility from HSBC Innovation Banking. The funding will support the scale-up of its ultra-low carbon cement product MevoCem, which cuts emissions by up to 85% compared to traditional Portland cement.

Based in Wrexham, North Wales, Material Evolution opened its first full-scale facility last year – now the largest ultra-low carbon cement plant in the UK. The company uses a combination of alkali fusion and AI design tools to transform industrial byproducts into cement alternatives that can be used in standard concrete production.

Dr Liz Gilligan, co-founder and chief executive of Material Evolution, said: “As a climate tech hardware business, we know that debt will become an important part of our capital stack as we mature and scale globally. Securing this venture debt facility from HSBC Innovation Banking is a first step toward diversifying our own financing beyond grants and venture capital.”

The company says the funding will help drive commercial growth and accelerate progress toward its goal of removing one gigaton of CO₂ from the atmosphere by 2040.

HSBC Innovation Banking, which specialises in working with high-growth firms, said the partnership reflects its commitment to supporting UK climate tech.

“We are proud to unlock growth and open doors for innovative climate tech companies,” said Avisha Blakeway, director at HSBC Innovation Banking UK. “We are delighted to support Material Evolution on this next milestone in the company’s journey.”

MevoCem is manufactured using a patented process that enables large-scale cement production with significantly lower embodied carbon – a key area of concern for the UK’s concrete, construction and infrastructure sectors as they seek to align with national net zero targets.

Material Evolution's research and development hub is located in Teesside, with commercial and production teams operating from Wrexham and London.