CarbonMeta Technologies Wins Sole Source Contract with Saudi Investment Recycling Company (SIRC)
CarbonMeta and SIRC to launch cement-less concrete pilot project in March 2024
Riyadh, Saudi Arabia and Woodinville, WA, USA, Feb. 20, 2024 (GLOBE NEWSWIRE) — CarbonMeta Technologies Inc. (OTC PINK:COWI, “CarbonMeta”) announced today that it has won an 850,000 SAR (220,000 USD) sole source contract with Saudi Investment Recycling Company (SIRC) to develop and commercialize a carbon-negative concrete made from industrial, construction demolition waste and mining waste, and thereby provide sustainable, eco-friendly products for strategic construction projects in the Kingdom of Saudi Arabia (KSA).
SIRC, a wholly owned subsidiary of the Saudi Public Investment Fund (PIF) of Saudi Arabia plans to attract over $13 billion in foreign direct investment and contribute over $30 billion to Saudi GDP by 2035, by investing in key technologies that can reduce CO2 emissions, recycle solid waste, and promote a circular economy in Saudi Arabia.
“This joint pilot project with SIRC is the first step for commercializing the production of carbon-negative pavers, street furniture, and bricks in Saudi Arabia, which will be targeted towards Saudi current and future mega projects,” said Mohammed Khalil, Vice President of Business Development at CarbonMeta Technologies. “We look forward to completing this pilot project and working further with SIRC toward scaling up the production and sale of carbon-negative concrete products and realizing the goal of a circular, sustainable economy in line with Saudi Vision 2030.”
CarbonMeta will launch its pilot plant in March 2024, and expects to trial carbon-negative bricks, street furniture, and road barriers made from the carbon-negative concrete mix.
CarbonMeta and SIRC signed a Research & Development (R&D) and Commercial Collaboration Agreement in September 2023, and CarbonMeta plans to partner with:
- key suppliers of construction, industrial, and mining waste materials.
- a Riyadh-based factory to manufacture bricks from the carbon-negative concrete mix.
- a concrete furniture manufacturer to produce at least four different street furniture models using the carbon-negative concrete mix.
“This collaboration will help CarbonMeta advance its cement-less concrete technology that will result in products that can also mitigate climate change by capturing carbon dioxide (CO2),” said Lloyd Spencer, President and CEO of CarbonMeta Technologies. “Through this cooperation, SIRC and CarbonMeta Technologies can help advance construction waste recycling technologies and contribute to the development of a circular, sustainable economy.”
In August 2023, CarbonMeta Technologies Limited was registered in Saudi Arabia. Based in Riyadh, Saudi Arabia, the company is a wholly owned subsidiary of CarbonMeta Technologies, Inc. in the United States. Mr. Khalil is Vice President of Business Development at CarbonMeta Technologies, Inc. and is also the Managing Director of CarbonMeta Technologies Limited.
About Saudi Investment Recycling Company (SIRC)
The Saudi Investment Recycling Company (SIRC) is a wholly-owned subsidiary of the Public Investment Fund (PIF) of Saudi Arabia. Headquartered in Riyadh, the company was founded in 2017 to develop, own, operate, and finance various activities across all waste types to establish recycling capacities in the Kingdom and build a circular economy for a sustainable future. Through its achievements, SIRC will help meet and exceed the objectives of Vision 2030 and support the success of various initiatives identified by the revised Waste Management National Regulatory Framework.
For more information about SIRC, please visit https://sirc.sa
About CarbonMeta Technologies Inc.
CarbonMeta Technologies (OTC PINK:COWI) is a research and development company that develops technologies and solutions that can process organic and construction wastes into economically high-value and ecologically sustainable products, and markets them to potential OEM customers.
CarbonMeta Technologies is researching and working on early stage development of:
- Carbon sequestering technologies for producing carbon-negative concrete and building products
- Microwave catalysis processes and affordable catalysts for producing carbon black, graphite, nano-graphite, graphene, carbon nanotubes, and hydrogen
- Scalable and affordable technologies for extracting high-value metal oxides and rare earth metal oxides that can be further processed into high-value metals
The company is headquartered in Woodinville, Washington, and has subsidiaries in Saudi Arabia, United Kingdom and the United States, each with its own focus on high-value solutions for environmental sustainability.
For more information about CarbonMeta Technologies, please visit www.CarbonMetaTech.com.
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The ability of the Company to complete and file its Fiscal Year 2016 annual report on Form 10K relies on third parties to complete their activities. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT INFORMATION
Mark Duiker
CarbonMeta Technologies Investor Relations
(206) 900-9088
Investor@CarbonMetaTech.com