![Japanese bank invests in Newcastle company Japanese bank invests in Newcastle company](/images/transform/v1/crop/frm/UfX4XDhNMhVpTbjzWZdknP/7d618a0d-6ecf-4536-beba-913ce51597a6.jpg/r0_11_995_663_w1200_h678_fmax.jpg)
Japan's Mizuho Bank has invested $5million into Mayfield West clean technology outfit MCi Carbon in a show of confidence in the company's progress towards decarbonising global industries.
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The investment, announced in the same week as the Safeguard Mechanism was introduced, comes as companies face increased pressure to reduce their carbon footprint and comply with government emission regulations.
Mizuho Bank operates a 'transition investment facility' that provides equity investments in early-stage corporations involved in sustainability initiatives.
"With an investment from Mizuho Bank, it is evident that Japan's banks and industries are future-proofing their economies and securing strategic advantages for their partnerships and exports for the new circular carbon economy", MCi Carbon chief executive Marcus Dawe said.
The company's work was recently recognised with a National Banksia Sustainability Award.
![MCi Carbon co-founder and chief executive Marcus Dawe with General Manager of Mizuho Bank Mr. Ryo Kamisaku . MCi Carbon co-founder and chief executive Marcus Dawe with General Manager of Mizuho Bank Mr. Ryo Kamisaku .](/images/transform/v1/crop/frm/UfX4XDhNMhVpTbjzWZdknP/c3667480-c654-4194-9650-95f071f91368.jpeg/r200_0_1000_450_w1200_h678_fmax.jpg)
MCi Carbon captures emissions from steel, cement, fertiliser and mining industries to unlock the value of carbon, which is then used as an input into building materials and other products.
The chemical process, called mineral carbonation, creates a range of products, including calcium and magnesium carbonates and amorphous silica, by reacting carbon dioxide with minerals in by-products of industrial processes, such as steel slag and mine tailings.
It announced a multi-million dollar investment from RHI Magnesita, the world's leader in refractories products, and signed up the Austrian company as its first global commercial customer in February.
Mizuho Bank said the development and social implementation of carbon capture and utilisation technology was necessary to achieve carbon neutrality in hard-to-abate sectors
"Through the current investment and further support to develop MCi's commercial pathway in Japan, Mizuho Bank aims to contribute to the decarbonisation of hard-to-abate sectors as well as that of manufacturers which use materials made through the CCU process," it said.
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