CarboMat is developing technology to produce low-cost and high-value carbon fibres from low-value waste by-products such as oils and asphaltenes. The carbon fibres can then be used for multifunctional applications in the composite industry such as automotive, sports and leisure, among others. The company was a finalist of the 2025 JEC Composites Startup Booster Competition.

The startup now receives a CA$1.05 million ($US0.76 million) non-dilutive grant from Emissions Reduction Alberta (ERA), an organisation investing in clean technology in the Canadian province. More specifically, the funding comes from the Government of Alberta’s Technology Innovation and Emissions Reduction (TIER) fund. Rebecca Schulz, Minister of Environment and Protected Areas, made the announcement on July 23, 2025 in Calgary, joined by ERA’s CEO, Justin Riemer, and other industry representatives. This funding was awarded under the Advanced Materials Challenge 2025 call, through which ERA is committing CA$49 million ($US35.39 million) to accelerate a broad range of technologies and solutions to help accelerate the circular economy, create economic opportunity and improve the environment. In total, 18 projects valued at $CA198 million ($US143.05 million) in public and private investment are receiving funding.

Build a low-cost, sustainable and robust North American supply chain for hard carbon and synthetic graphite

In a linkedIn post, Shabab Saab, CEO and co-founder of CarboMat, explains that this funding and project will “support the scale-up, customer validation and further technology development of a low-cost sustainable battery anode material technology derived from low-value bitumen by-products.” The CEO specifies that the goal of the battery anode technology is to build a “low-cost, sustainable and robust North American supply chain for hard carbon and synthetic graphite, the two key elements of the rapidly growing Na-ion and Li-ion battery markets.” The company hopes its technology will tackle the problems related to the anode material supply chain, which is subject to high customs duties and uncertainty and remains heavily concentrated in Chinese markets.

If they succeed, the 18 projects selected could cut over 155,000 tonnes of emissions each year, with 3.4 million tonnes reduced by 2030 and more than 4 million cumulative tonnes by 2050. They are also expected to create nearly 1,600 jobs and add CA$233 million ($US168.34 milion) to Alberta’s gross domestic product (GDP) by 2027.