A developer of environmentally friendly cement has received more than £1 million in equity finance from a syndicate of investors.

A developer of environmentally friendly cement has received more than £1 million in equity finance from a syndicate of investors.

The investment into Novacem was led by the government-backed London Technology Fund and Imperial Innovations, which focuses on commercialising technology developed at Imperial College London. The Royal Society Enterprise Fund also contributed to the round.

Stuart Evans, chairman of Novacem, says, ‘We are assembling a world-class team and these funds will help us grow the team, complete an initial pilot plant before the end of 2009 and accelerate development and commercialisation.’

Novacem’s cement ‘absorbs more carbon dioxide over its life cycle than it emits’, according to the company. The production of conventional cement is responsible for five per cent of global carbon emissions.