Press Releases

November 2, 2020

• The technology developed seeks to significantly increase industrial by-products availability with cementitious qualities, like fly ash and slag, to produce concretes with a low CO₂ footprint.
• CEMEX currently uses 3 million tons of residue with these characteristics, and this initiative seeks to contribute to double that consumption by 2030.

CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that it has signed an agreement with Carbon Upcycling Technologies ("Carbon Upcycling") intending to improve the processing of residue or by-products of industrial processes, capturing CO₂ emissions to produce nanomaterials with greater reactivity and a lower carbon footprint. This would allow the production of concretes with a low CO₂ footprint that meets the construction industry's strictest requirements.

CEMEX signed the agreement with Carbon Upcycling, a leading company in the development of nanomaterials derived from the use of CO₂ for industrial use, through its corporate venture capital unit, CEMEX Ventures.

While CEMEX uses approximately 3 million tons of industrial residue each year, as additions to cement and concrete, a large portion of industrial waste produced annually cannot be recycled due to its low reactivity. Large quantities of residue or by-products are deposited in landfills and dumpsites, creating significant economic, environmental, and social costs. This initiative seeks to increase industrial residue's reactivity property, allowing more availability of additions with cementitious qualities. With this venture, CEMEX expects to double its current use of industrial residue to consume annually 6 million tons by 2030, thereby reducing its carbon footprint significantly.

Carbon Upcycling technology transforms residues such as fly ash and slag, making them more reactive and increasing their cementitious properties. The use of CO₂ previously captured, combined with a physical transformation of the material during the process, generates a new addition for the cement that allows the production of concrete with a low environmental footprint. The improvement in the cementitious capacity of materials achieved by the Carbon Upcycling technology will expand the range of sources that can be used to reduce the amount of clinker needed in cement production and the amount of cement required in concrete.

The agreement will begin with a coordinated analysis between CEMEX and Carbon Upcycling and its implementation on an industrial scale. The know-how and experience in materials science of CEMEX's Global R&D, in addition to Carbon Upcycling's innovative process, would generate synergies that accelerate the development and industrialization of the technology.

CEMEX and Carbon Upcycling anticipate initial results from this joint research and development effort by mid-2021.

"This agreement with Carbon Upcycling is yet another example of our determination to deliver net-zero CO₂ concrete products globally by 2050," said Gonzalo Galindo, Head of CEMEX Ventures. "Our roadmap to achieve this global ambition involves continuing to innovate our technology internally while, at the same time, continuing to seek complementary innovation outside of CEMEX through investments in startups, consortia, and high-value collaboration agreements such as the one reached with Carbon Upcycling."

"We're thrilled to be partnering with CEMEX Ventures on this initiative and working with CEMEX to achieve their net-zero CO₂ commitment," said Apoorv Sinha, CEO of Carbon Upcycling Technologies. "Investigating industrial residue that could be upcycled will unlock the applicability of our technology to achieve emissions reduction in concrete products globally. This works towards a larger vision of beneficiating under-utilized materials, such as natural pozzolanic materials, to reduce the use of portland cement in commercial concrete mixes. We've already shown the ability to reduce cement use by over 10% in field deployments across Calgary and are confident that this number can be significantly improved with further research and development."

About CEMEX Ventures
Launched in 2017, CEMEX Ventures is focused on helping to solve the main challenges and areas of opportunity for the construction ecosystem through sustainable solutions. CEMEX Ventures has created an open and collaborative platform to lead the construction industry revolution involving startups, entrepreneurs, universities and other relevant players to address the industry's toughest challenges and shape the value ecosystem of tomorrow. For more information on CEMEX Ventures, please visit: www.cemexventures.com

About CEMEX
CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com

About Carbon Upcycling Technologies
Carbon Upcycling Technologies (“CUT”) was formed to use the pollution of today to build the materials of tomorrow by converting CO₂ gas into solid products. CUT sells advanced solid products derived from greenhouse emissions and cheaply available solids. Since 2014, CUT has scaled its ability to capture CO₂ emissions from point sources, such as power plants, by over a million times. In 2017, CUT became the youngest CO₂ utilization company to generate commercial revenue and has since been confirmed as one of the top CO₂ utilization companies in the world as one of the 10 NRG COSIA Carbon XPRIZE Finalists. For more information on Carbon Upcycling Technologies, please visit: www.carbonupcycling.com

CEMEX and CEMEX Ventures assume no obligation to update or correct the information contained in this press release. CEMEX and CEMEX Ventures are not responsible for the content of any third-party website or webpage referenced to or accessible through this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX and CEMEX Ventures intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “foresee,” “predict,” “potential.” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect CEMEX’s and CEMEX Ventures´ current expectations and projections about future events based on CEMEX’s and CEMEX Ventures´ knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s and CEMEX Ventures´ current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s and CEMEX Ventures´ expectations.