MCi Carbon Opens Newcastle Plant as It Pursues Ambitious $50 Million Capital Raise

Australian startup MCi Carbon has launched its first carbon capture facility and aims to raise $50 million later this year to support global expansion of its CO2-utilizing technology.

Editorial Team · Jun 17, 2026 · 2 min read · Source: forbes.com.au

MCi Carbon marked a milestone by opening its pioneering Myrtle plant in Newcastle, designed to convert captured carbon dioxide into construction materials. The demonstration facility enables potential customers to directly test how their industrial CO2 emissions can be recycled into products like bricks, glass, and cement. This dual approach both captures carbon and reduces raw material inputs, targeting a significant reduction in emissions across the construction sector.

Co-founder Marcus Dawe disclosed that MCi Carbon plans to raise around US$50 million in capital later this year, primarily from investors based in Japan and Europe. These funds will finance the construction of the company’s next plant as part of a broader strategy to scale its technology worldwide. However, Dawe emphasized this figure represents only a fraction of the capital needed to realize their long-term ambition—raising approximately US$10 billion by 2035 to facilitate a global rollout.

Founded in 2013, MCi Carbon developed its carbon infusion process over several years, embedding CO2 into quarry rock and other base materials. This innovation can substitute traditional feedstocks in industrial production, thus lowering emissions generated by building materials. The startup’s vision involves siting plants close to industrial customers’ operations, enabling direct carbon capture and streamlined delivery of the resulting materials.

The company has raised $40 million so far, heavily supported by Japanese investors, including Mitsubishi UBE Cement Corporation and major banks Sumitomo Mitsui and Mizuho. Notably, MCi Carbon avoids typical venture capital routes, as these investors often demand faster returns unsuitable for deep technology sectors like carbon capture. Instead, Dawe seeks strategic partners that bring industry expertise and market access alongside financial backing.

MCi Carbon is also in talks with Australia’s $15 billion National Reconstruction Fund, which promotes advanced manufacturing domestically. Strategic investors are central to MCi Carbon’s growth plan, providing collaboration opportunities beyond capital infusion, essential for integrating their technology into established industrial operations and accelerating adoption.