The London Development Agency (LDA) has congratulated a London company that has been recognised for its innovative and environmentally-friendly approach to construction.
The company was recognised for its potential contribution to the engineering and construction industries at the London Technology Fund (LTF) Competition awards ceremony held on Wednesday night at the Royal Bank of Scotland’s head office. Sarah Ebanja, Deputy Chief Executive at the LDA presented the Environment Award to Novacem, a start-up company developing carbon-negative cement.
Novacem, a spin-out from Imperial College London, has developed a groundbreaking type of cement, which has the potential to transform the cement industry from being a significant emitter of CO2 to being an absorber of CO2. Novacem estimates that for every tonne of ordinary Portland cement replaced by Novacem cement, around 0.75 tonne of CO2 could be captured and stored indefinitely in construction products.
Novacem is supported by the LDA and European Regional Development Fund, through their investment in the London Technology Fund, which supports the capital’s emerging talent in high-tech industries. It has acted as a key investor to help secure nearly £20m of equity funding for London-based companies – securing co-investment at the rate of over £2 for every £1 it has invested.
Novacem is not only funded by the LDA-supported London Technology Fund, but is also based in a specialist incubator facility at Imperial College London, which the LDA contributed funding to.
Sarah Ebanja, Deputy Chief Executive of the London Development Agency, said:
Novacem’s success is a shining example of what can be achieved when private industry works with the public sector to support London’s businesses. The LDA is pleased to support the growth of emerging industries, which help the capital maintain its status as a world leading city
David McMeekin, Chairman of the London Technology Fund, said:
Novacem is a tremendously exciting company with the potential to have a major positive impact on the environment. It is an excellent example of the world class technology being developed at London’s universities and we are delighted to be able to support the company with investment and to see it win the LTF Competition 2009 Environment Award.
Stuart Evans, Chairman of Novacem Limited, said:
“Everyone at Novacem is really pleased with the support we received from the London Technology Fund. It’s great to see the LDA supporting young start-ups in this way, especially in the current economic downturn in which so many sources of equity funding have dried up. I’m certain that Novacem and other hi-tech start-ups will play a vital role in developing a low carbon economy because innovation has never been more important.
“The LDA has a critical dual role in providing continuing access to finance for such companies, and also in encouraging the public and private sectors in London to adopt these new technologies.”