Suvo Strategic Minerals has successfully raised $2 million through a heavily oversubscribed placement to advance its low-carbon green cement technology.

The joint venture will utilize nickel slag, a waste product sourced from PT Huadi Nickel-Alloy Indonesia, which is recognized for its high alumina silicate content, making it suitable for use as a cement binder.

Notably, the nickel slag used in these tests boasts a zero-carbon footprint, aligning with the company's commitment to sustainable practices.

Climate Tech is also focused on identifying additional industrial by-products from mining firms to further support the cement production process.

In July, Suvo entered a joint-development agreement with Climate Tech and PERMAcast to create innovative green cement technology that has demonstrated high strength while reducing carbon emissions.

As part of this initiative, Suvo's subsidiary Climate Tech Cement has formed a 50:50 joint venture with PERMAcast R&D Pty Ltd to commercialize a low-carbon geopolymer cement product made from processed mining waste.

Suvo's testing has successfully converted nickel slag into a high-strength, low-cost cement, achieving a compressive strength of 37.5 MPa in just seven days.

The recent capital raise involved issuing 41,666,666 shares at 4.8 cents each, with options exercisable at 7.5 cents within two years, bolstered by a $300,000 contribution from PERMAcast.

Aaron Banks, Suvo's executive chairman, highlighted the joint venture's role in providing market insights and accelerating product development timelines.

Suvo aims to establish satellite cement plants near industrial waste streams to produce and distribute its environmentally friendly green cement globally.

As the global concrete market is projected to reach $972 billion by 2030, Suvo's innovative approach positions it well within a rapidly growing industry.

The cement production process leverages various industrial waste streams, including nickel slag and fly-ash, eliminating the need for traditional roasting methods, which are environmentally harmful.