2025 Climate Tech Companies to Watch: Cemvision and its low-emissions cement

Cement is one of the most used materials on the planet, and the industry emits billions of tons of greenhouse gasses annually. Cemvision wants to use waste materials and alternative fuels to help reduce climate pollution from cement production.

Today, making cement requires crushing limestone and heating it to super high temperatures, usually by burning fossil fuels. The chemical reactions also release carbon dioxide pollution. 

Swedish startup Cemvision made a few key production changes to reduce both emissions and the need to mine new materials. First, the company is moving away from Portland cement, the most common form of the material used currently. 

Making Portland cement requires reaching ultra-high temperatures, over 1,450 °C (2,650 °F). Instead, Cemvision makes a material that requires lower temperatures (roughly 1,200 °C, or 2,200 °F), which reduces the amount of energy required. 

The company also uses alternative sources for heating. Rather than fossil fuels, Cemvision can use a combination of plasma, hydrogen, and electricity. The startup tested its process in a demonstration-scale kiln, which can make up to 12 tons per day. The material has a high strength under compression and doesn’t heat up much when it’s mixed with water, both desirable qualities for builders. 

Cemvision also has a strong focus on building a circular economy. The company’s cement incorporates waste materials like mine tailings and slag, a by-product of iron and steel manufacturing. And it recently published results showing that it can use steel slag from electric arc furnaces and basic oxygen furnaces. These materials reduce the need for newly-mined limestone and other virgin materials, cutting down on the carbon dioxide emitted from that material in chemical reactions taking place in the kiln. 

Key indicators

• Industry: Cement
• Founded: 2019
• Headquarters: Stockholm, Sweden
• Notable fact: Cemvision was a member of the Breakthrough Energy Fellows program and the Norrsken accelerator program, started by Klarna cofounder Niklas Adalberth.

Potential for impact

The cement industry today accounts for about 7% of global greenhouse gas emissions. Cemvision’s process can reduce emissions by between 80% and 95% compared to traditional cement-making by using waste materials and alternative fuels. 

The company has partnerships with builders and industrial customers, including in construction and mining. 

Caveats

Cemvision’s material will be more expensive than conventional cement, so it’ll require either policy support or customers who are willing to pay more. The European Union has a policy system that charges for pollution, and that should help make Cemvision’s cement competitive. The company says its product will be less expensive than one of the leading methods of cleaning up cement, carbon capture and sequestration. 

The cement industry is quite conservative, and there’s often resistance to new technologies, including adopting materials other than Portland cement. Cemvision’s cement will need to gain wide acceptance to make progress on emissions. 

Next steps

Cemvision has a site selected and is currently raising money to finance a full-scale plant in Northern Europe. That facility will have a capacity of 500,000 metric tons annually, and the company says it should open by 2028. 

2025 Climate Tech Companies to Watch: Traton and its electric trucks

As Europe gradually phases out heavy-duty diesel trucks, Traton is gearing up production of its electric models. The company is also helping to install hundreds of public chargers to aid the growth of electric freight transport across Europe. 

Every day, trucks carry many millions of tons of cargo down roads and highways around the world. Nearly all run on diesel and make up one of the largest commercial sources of carbon emissions. Traton is producing a wide variety of zero-emission trucks that could help clean up this sector while also investing in a Europe-wide advanced charging network so other manufacturers can more easily follow suit. 

In Europe especially, the next decade could see tremendous growth in electric truck adoption. New CO2 emission standards require new diesel trucks to essentially be phased out of production by 2040. And given that trucks typically operate for around 15 years, more owners will be considering electric models for their next purchase. 

Today, Traton is a company in transition. A subsidiary of Volkswagen, it is made up of a collection of commercial vehicle brands, including Scania, MAN, and International. While it still manufactures conventional trucks that run on fossil fuels, it’s making rapid progress in the EV space. Some of Scania’s long-haul electric semis can travel about 350 miles before needing to recharge, for example. 

Its EV models are also starting to pick up in terms of sales. In the first half of 2025, Traton sold 1,250 electric models globally, which was twice as many as during the same period last year. That puts it not far behind Volvo, another market leader. Traton is now ramping up production—MAN recently opened a new factory line that can assemble electric and diesel trucks interchangeably. That should also help bring costs down, key to success for the sector—today, the price of an electric truck can be several times higher than for diesel ones. 

What’s more, Traton is working to install hundreds of publicly available chargers across Europe through an industry partnership called Milence. That group has also invested in high-powered chargers that can deliver more than 1 megawatt of power to heavy-duty trucks, allowing trucks to recharge in 45 minutes or less (for comparison, rapid chargers available for cars today deliver between 50 and 350 kilowatts).

Key indicators

• Industry: Electric vehicles 
• Founded: 2015 
• Headquarters: Munich, Germany
• Notable fact: One of Traton’s subsidiaries is a leading school bus manufacturer in the US and Canada, where it debuted its first electric school bus in 2021.

Potential for impact 

Moving freight produces about 8 percent of global greenhouse gas emissions. Most of that pollution (65%) comes from trucks and vans—more than cargo ships, trains, and planes combined. And the World Economic Forum expects demand for road freight will triple by 2050. 

Electric trucks do have a climate impact from the mining and manufacturing processes required to build them. The source of electricity that powers them—whether renewable or fossil fuels—also matters. Even so, battery-electric trucks operating in Europe today reduce emissions on average by 63% compared with diesel trucks, according to an analysis by the nonprofit International Council on Clean Transportation. 

To mitigate climate change, the ICCT has said that all of the world’s major markets need to fully transition to selling only zero-emission trucks by 2040. Last year, about 90,000 electric trucks were sold globally; electric models accounted for less than 2.5 percent of total truck sales in the year prior. But market forces seem poised to accelerate this transition, and Traton is a small but growing player. 

Today, China leads the world in electric truck production and sales. In Europe, though, sales are expected to tick up as the EU requires manufacturers of heavy-duty rigs to slash CO2 emissions from their fleets by 90% by 2040, with progressive targets leading up to that level—the first of which kicked in as of July. 

Caveats

It’s early days for electric trucking, as supply chains and charging infrastructure are built out. A large electric truck requires four to six times as many battery packs as an electric car, and securing enough batteries has proven particularly difficult for many EV firms based outside of China, where most batteries are produced. 

To mitigate this risk, Traton is building its own battery production, starting with facilities in Södertälje, Sweden and Nuremberg, Germany—with plans to make 50,000 battery packs a year, which could power about 10,000 heavy-duty trucks. (The company declined to say what proportion of the batteries currently used in its trucks comes from China.) 

The company’s International brand, which operates in the US, could be hit by tariffs and see demand drop as the Trump administration moves to eliminate all greenhouse gas emissions standards for vehicles. 

No matter what, the competition will be fierce—every major European truck manufacturer offers electric models now, and Chinese firms have already expanded internationally and built a strong customer base in markets like South America through sales of electric buses. 

Next steps

For now, MAN is working toward its goal of delivering 1,000 electric trucks from its new manufacturing line by the year’s end. Looking ahead, Scania aims to begin selling its first heavy-duty truck compatible with megawatt chargers in February, with deliveries to follow later in the year. Through Milence, megawatt chargers are now available at three sites, in Sweden, Belgium, and the Netherlands, and will soon be installed at five more. 

2025 Climate Tech Companies to Watch: Ather Energy and its premium e-scooters

More than 70% of the 200 million registered vehicles in India are two-wheelers. Ather Energy builds e-scooters for the rising middle class that could help commuters ditch highly-polluting, gas-guzzling models.

While sales of Tesla or BYD cars drove electric vehicle adoption elsewhere in the world, two-wheelers have led the green energy transition in India. As one of the earliest “pure play” e-scooter makers, Ather Energy has helped drive micromobility EV penetration throughout India and boosted the shift away from carbon-emitting vehicles.

In 2018, the company introduced an expensive sports scooter, with features like a touchscreen dashboard, built-in navigation, and over-the-air software updates, previously unseen in two-wheelers. Today the company has two product lines: the Ather 450 (a sporty performance scooter) and the Ather Rizta (a family-friendly scooter for daily use). 

Central to the company’s success has been its focus on product quality and the rider experience. Ather installs its own software, manufactures the vast majority of its hardware, and wants to invest much of the proceeds from its initial public offering into R&D. 

Key indicators

• Industry: Electric vehicles
• Founded: 2013
• Headquarters: Bengaluru, India
• Notable fact: Unlike competitors who either rebranded an acquired scooter or sold imported EVs from China, Ather does almost everything in-house, from its software stack to hardware design.

Potential for impact

While emissions of individual two-wheelers is much less compared to that of a car or a larger vehicle, the sheer number of these scooters on Indian roads adds up. Two-wheelers contribute about one-third of transport emissions in India, and successful electrification could reduce their share to just 3% by 2050. Ather’s success in moving people from gas-guzzling scooters to electric could not only propel India closer to its goal of net-zero carbon emissions by 2070 but also reduce health impacts in a country where around 1.5 million deaths a year are from breathing polluted air.

As the country’s leading EV-only scooter maker, Ather’s successful expansion could supercharge India’s shift away from fossil fuels, and help achieve the government’s goal of reducing air pollution, while also building a market presence internationally.

In mid-2024 Ather introduced the Ather Rizta, a spacious family scooter with a large seat, more storage, and fast charging, which sold over 100,000 units within a year of its launch. To catch up to well-capitalized competitors, such as Ola Electric, Ather is spending $105 million to build a third factory that aims to produce 500,000 two-wheelers a year by March 2027. It has also expanded its charging network to some 4,000 charging points and has pushed into newer markets, including Nepal and Sri Lanka. 

Caveats

In the past five years, driven by state and federal incentives, electric vehicle competition turned fierce in India. Car and scooter makers raced to capture the market, including legacy automakers TVS Motor and Bajaj Auto. Both have since zoomed past Ather, selling cheaper e-scooters and scaling faster, by leveraging their sprawling retail presence. Together, they have cornered a combined share of 40% of India’s e-scooter market. 

Meanwhile, EV adoption has grown more slowly in India than expected. Indian EV sales were 7.6% in 2024, far off pace of hitting the government’s target of 30% by 2030.

For Ather to have a real impact on India’s transport emissions, it must scale significantly. The company is working to double its retail footprint to 700 stores and continue its expansion into smaller cities. But geopolitics could interfere: China’s retaliatory export ban on critical rare earth minerals in response to US tariffs announced in April caused a ripple effect; Ather said in August that it has found it hard to secure the magnets it needs for its motors. 

Next steps

As the Indian government rolls back subsidies that slashed the cost of purchasing an electric scooter, Ather plans to launch cheaper options. In mid-2024, it began transitioning to a newer battery chemistry called lithium-iron phosphate (LFP) that has lower environmental impacts, requires fewer expensive minerals, and should be about 20% cheaper than other battery packs. 

The company isn’t profitable, but its gross profit per vehicle has been improving. Momentum seems to be building—in May, Ather reported its annual sales to March 2025 were up 42 percent compared to the year prior. Now, the company is betting that investing further into product innovation will help it take the lead in India’s two-wheeler revolution. 

2025 Climate Tech Companies to Watch: Cyclic Materials and its rare earth recycling tech

Rare earth magnets are essential for clean energy, but only a tiny fraction of the metals inside them are ever recycled. Cyclic Materials aims to change that by opening one of the largest rare earth magnet recycling operations outside of China next year. By collecting a wide range of devices and recycling multiple metals, the company seeks to overcome the economic challenges that have long held back such efforts.

Powerful rare earth magnets are at the heart of many advanced technologies, from electric vehicle motors and wind turbine generators to smartphones and robots. Demand for key magnet metals like neodymium is expected to surge as the energy transition progresses, and new supplies are urgently needed—especially outside of China, which dominates the rare earth supply chain and further escalated export restrictions in response to recent US tariffs.

One largely untapped supply is the mountain of rare earth magnet–containing devices discarded each year. In China, rare earth magnet manufacturers recycle significant amounts of scrap from their fabrication process, and a smaller number of magnets are collected for recycling at end of life. But globally, just 0.2% of rare earths are recycled from spent devices, largely because it’s hard to collect magnets that are contained within billions of old gadgets.

Cyclic Materials is trying to address that challenge. In its two-part recycling process, rare earth–containing devices will first be amassed at “spoke” facilities. The devices will be shredded, and their magnet waste will be separated from steel parts and other recyclable metals before being sent to centralized “hubs,” where the company will use a chemical extraction process to recover a purified mixture of rare earth metals. 

Today, Cyclic Materials is constructing its first spoke facility in Mesa, Arizona, and its first commercial hub in Kingston, Ontario. These plants are expected to begin recycling magnets commercially next year in what is shaping up to be one of the largest such operations in the Western world.

Key indicators

• Industry: Critical minerals
• Founded: 2021
• Headquarters: Toronto, Canada
• Notable fact: Cyclic Materials is recovering rare earth magnets from wind turbines and has collected used turbines on three continents.

Potential for impact

With the first big waves of EVs and wind turbines approaching the end of their useful lives, rare earth magnet recycling could recover valuable resources and make the energy transition more sustainable. Cyclic Materials says its process uses 95% less water and produces roughly 60% fewer emissions than rare earth mining does.

The company is starting small, with its Kingston hub designed to recycle 500 metric tons of magnet waste a year. (By 2035, there could be over 43,000 metric tons of recyclable rare earth magnets in the US alone.) But with a list of roughly 2,000 potential device suppliers and customers, as well as more than $100 million in funding, the firm is positioning itself for global expansion. 

Caveats

Making a profit from rare earth recycling isn’t easy—it can cost more to collect and recycle rare earth magnets, which are deeply embedded in devices of different sizes and shapes, than a recycler will earn from reselling the metals. Even if rare earth metals can be recycled cost-effectively, there are only a few magnet makers outside of China to sell them to.

Cyclic Materials has signed agreements with a range of suppliers, including e-scooter and e-bike giant Lime and RenerCycle, which decommissions old wind turbines, to hoover up magnets wherever it can. Earlier this year, the firm announced it will sell its recycled rare earth mixture to the Brussels-based chemical company Solvay. But it will need more buyers to scale up further, which could mean waiting for the supply chain outside of China to expand. 

In the meantime, Cyclic Materials’ spoke facilities will also recycle aluminum, steel, and copper, providing additional revenue streams.

Next steps

Cyclic Materials intends to build more spoke and hub facilities around the world, first scaling its operations in North America, then expanding to Europe and Asia. It also plans to keep innovating: At its R&D center in Kingston, the company is developing ways to address recycling challenges in specific industries, such as how to rapidly deconstruct wind turbine generators and separate out their supersized magnets.