The 166-year-old mining company sees its corporate VC arm as a structured way to access technologies, partnerships and operating models that internal R&D alone cannot deliver.
Many industrial companies can decarbonise by improving efficiency, electrifying processes or sourcing cleaner energy. But for Carmeuse, a Belgian producer of limestone and lime products, it is hard get away from carbon dioxide. It is inherently part of the process.
Founded in 1860, Carmeuse is a 166-year-old mining company that has built a global footprint spanning Europe, North and South America, the Middle East and parts of Asia, along with a recent acquisition in Chile that made it the country’s largest limestone producer.
“There’s always CO₂ being produced, no matter what we do. It’s just in the product,” says Tom Croymans, head of Carmeuse Ventures, the investment arm of the mining company.
That constraint has pushed the company into a more radical position. Carmeuse is attempting to turn it’s core limestone products into a part of the solution, using them as a carbon sink.
To reach the goal of net zero by 2050, the company is turning to startup partnerships.
“We don’t have a monopoly on good ideas. Making a bet of a few thousand people against eight billion people in the world is not a very good bet,” says Croymans.
This sentiment captures the logic behind Carmeuse Ventures’ creation in early 2025. Rather than relying exclusively on internal technical teams, Carmeuse is institutionalising access to external innovation at a time when industrial decarbonisation technologies — from carbon capture to materials chemistry — are moving quickly and attracting significant venture funding. The CVC, therefore, serves as an extension of corporate strategy: a mechanism for scanning technologies, testing them in industrial settings and selectively backing those with strategic relevance.
The unit, established as a separate team last year, remains intentionally lean. It is run by two people, combining technical and financial expertise – Croymans himself comes from a technical background, while his colleague Aurélie Dusausoy leads the financial side. The company has chosen not to disclose fund size publicly, a not uncommon position among privately held industrial groups that prefer strategic flexibility over market signalling.
Two pillars of investment
The fund has a tightly-defined mandate. The first pillar is direct decarbonisation of Carmeuse’s industrial footprint. This includes technologies that improve kiln efficiency, reduce process emissions and support carbon capture, utilisation and storage. Given the structural emissions profile of lime production, this pillar is central to the company’s long-term net-zero roadmap.
“We don’t invest with the purpose of acquiring. It could happen, but it’s not the goal.”
The second pillar is more strategically distinctive: backing technologies that use limestone or lime as a decarbonisation tool in their own right.
As Croymans explains, “Limestone is the stable end-product of a natural process that has locked away carbon over millions of years.”
When converted into lime, that carbon is released – but the chemistry also works in reverse.
“CO2 and lime don’t like to be separated. They naturally end up recombining.”
This property underpins a class of emerging technologies that aim to accelerate the natural carbon cycle. Carmeuse’s first two announced investments – Germany-based Planeteers, a startup working on integrated carbon capture and storage tapping into the ocean as a carbon sink, and Canada-based Phathom, a climate technology company developing carbon capture solutions for existing coastal bioenergy and industrial facilities – operate in this space.
Their approach is conceptually simple – dissolve CO2 in water, introduce limestone and convert the carbon into stable bicarbonates stored in liquid form.
This is appealing from an industrial perspective because the stages involved in traditional carbon capture (i.e., capture CO2 from emissions, transport and underground storage) involve costs, regulatory complexity and infrastructure dependence.
By contrast, bicarbonate-based approaches collapse the steps into a single process.
“You capture the CO2 into the water, and the water is also the storage medium,” explains Croymans. “It makes the complete puzzle much simpler.”
Though the technologies of their portfolio companies are still in early stages, Croymans believes they could ultimately undercut conventional carbon capture, use and storage solutions, particularly in locations lacking transport infrastructure.
“Even if we want to decarbonise, it’s not possible without pipelines. With this process, you have everything at once,” he says.
The unit intends to back multiple startups that are pursuing similar outcomes through different technical pathways within this space.
“We see startups are developing new markets, we take the approach to support the complete landscape moving forward. That means we can support and/or invest in multiple startups in the same field to create win-win opportunities while safeguarding their individual interests,” says Croymans.
Looking for potential acquisitions is not a key reason for investing. Instead, the emphasis is on strategic alignment and optionality. The fund typically coinvests alongside financial VC firms, providing both market validation and a degree of discipline.
The value proposition to startups extends beyond funding. As a vertically integrated industrial player, Carmeuse offers access to physical assets, operational expertise and a global customer network. In practice, this can mean anything from pilot sites to advice on equipment procurement – mundane but critical details for early-stage companies scaling industrial processes.
“Sometimes it’s the small things that give a startup a head start.”
Venture clienting model
This approach is reinforced by a parallel venture clienting model, where the company tests startup technologies within its own operations before committing capital. The process is informal but systematic: opportunities are screened centrally, then introduced to business units to assess practical fit.
“Some startups don’t have a big decarbonisation impact, but they have a big operational impact.”
“If there’s a match, we bring them together and see if there’s a win-win – even without investing.”
This blurring of boundaries between procurement, partnership and investment reflects a wider shift in corporate innovation models, particularly in heavy industry where deployment risk is high. Rather than treating venture investing as a standalone activity, companies are increasingly integrating it with operational decision-making.
For Carmeuse, the scope extends beyond decarbonisation in a narrow sense. While emissions reduction remains the central theme, the fund is also exploring technologies that improve operational efficiency across mining and processing. These may not directly reduce CO₂ but can deliver immediate economic benefits.
“Some startups don’t have a big decarbonisation impact, but they have a big operational impact,” says Croymans. “That also makes our life much easier.”
This dual focus – on long-term decarbonisation and near-term efficiency – highlights a broader trade-off facing industrial companies. The path to net zero is capital-intensive and uncertain, particularly when reliant on unproven technologies. Balancing that with incremental improvements that deliver immediate returns is both a financial and strategic necessity.
Carmeuse’s approach suggests that the distinction between the two may be less rigid than it appears. By embedding venture activity within its core operations, the company is effectively using its balance sheet to explore multiple pathways simultaneously and hedging technological bets while maintaining operational discipline.
