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OIL SANDS LOW-VALUE WASTE TRANSFORMED
University of Calgary start-up CarboMat transforms oil sands waste into low-cost sustainable carbon fibers while reducing GHG emissions “Our goal is to build the first commercial unit in Alberta, producing 2000 Tons of carbon fiber every year. We're expecting a revenue generation of at least $50 to $60 million per year. CarboMat is poised well enough to create a new industry here, create hundreds and thousands of new jobs, bring world class talent and expertise in fiber science, here in Alberta.” -- Shabab Saad CEO and Co-Founder of CarboMat
Interview with Shabab Saad, CEO and Co-Founder of CarboMat
By Suzanne Forcese
WT: Please introduce yourself to our viewers, giving us a brief bio of your academic career and research. Saad: My name is Shabab Saad, and I am the CEO and Co-Founder of CarboMat. With a background in Chemical Engineering and over a decade of experience developing advanced materials, I’ve had the privilege of working on cutting-edge innovations ranging from optical fibers and biomaterials to self-propelled particles and value-added materials derived from asphaltenes, such as carbon fibers, graphene, hard carbon, and composites.
WT: Please give us an overview of CarbohMat and the journey that took you from the U of Calgary to start-up.Saad: CarboMat is an emerging leader in Canada’s cleantech ecosystem, focused on revolutionizing the carbon fiber industry with our low-cost, sustainable technology. This journey began in 2020 with a proof-of-concept grant from Alberta Innovates at the University of Calgary. Over six months, we validated our concept and, in 2021, secured a $600,000 follow-up grant from Alberta Innovates to further develop the technology. This allowed us to build our first prototype unit and conduct over 100+ customer discovery interviews, giving us deep insights into the pain points faced by carbon fiber consumers worldwide.
In 2022, we received the GRInSTEM Fellowship Award, which provided $250,000 in funding and paved the way for the incorporation of CarboMat. Leveraging this support, we demonstrated our gram-scale prototype and secured additional non-dilutive funding to drive our scale-up efforts. WT: What is the CarboMat vision of the Team talent?Saad: Our multidisciplinary team brings expertise across carbon fibers, composites, organic chemistry, fiber science, process design, engineering mechanics, and materials development.
Together, we are united by a bold vision: to commercialize our groundbreaking low-cost sustainable carbon fiber technology that will transform the global lightweight materials industry.
Furthermore, by 2050, we aim to help mitigate climate change by reducing at least half a gigaton of GHG emissions annually, paving the way for a more sustainable future.
WT: A video on the CarboMat website showcases how the Team has transformed asphaltenes—once considered a waste byproduct of energy production—into affordable, high-performance carbon fiber, driving innovation in industries from aerospace to sports equipment.
Please give our viewers a ‘101’ on carbon fibers and asphaltenes.Saad: Carbon fibers are lightweight, high-strength materials composed primarily of carbon atoms arranged in a crystalline structure. These fibers are exceptionally strong for their weight, highly resistant to heat and chemical corrosion, and possess excellent stiffness. Typically produced in strands thinner (~7 µm average diameter) than human hair, they are bundled together to form yarns, fabrics, or composite materials for enhanced lightweight applications.
Asphaltenes on the other hand, are a complex class of heavy hydrocarbons found (~17 wt.%) in bitumen. Traditionally considered a low-value by-product, asphaltenes are abundant, inexpensive, and rich in carbon (>80%), making them an attractive raw material for producing high-performance materials like carbon fibers. WT: What inspired you to tap into the potential of asphaltenes?
Saad: The inspiration to work with asphaltenes came from their untapped potential. During my research career, I recognized the dual opportunity of creating value from waste while addressing the high production cost and environmental footprint of traditional carbon fiber production from polyacrylonitrile (PAN), which is a synthetic polymer. This alignment of innovation, sustainability, and cost-efficiency made asphaltenes an ideal feedstock for developing affordable, sustainable carbon fibers. WT: Briefly describe the CarboMat technology.
Saad: CarboMat’s technology involves a multi-step, patent-pending process to convert asphaltenes into high-value carbon fibers. The key steps include refining the asphaltenes to remove impurities and enhance microstructural alignment, melt-spinning them into precursor fibers, and stabilizing and carbonizing them under controlled conditions to produce the final carbon fibers.
WT: Compared to traditional methods of carbon fiber production how is the CarboMat process superior?
Saad: This process offers several advantages over traditional methods, which rely on polyacrylonitrile (PAN) as a precursor:
Cost-Effectiveness: The use of low-cost asphaltenes reduces carbon fiber production costs by up to 60%
Environmental Benefits: Our process cuts greenhouse gas (GHG) emissions by 50%, as it utilizes a by-product of the petroleum refining industry rather than energy-intensive PAN.
Sustainability: By valorizing waste materials, our technology supports the circular economy and reduces reliance on high-value petrochemical feedstocks.
WT: What are the applications for carbon fiber?
Saad: Currently, over 70-80% of the commercial carbon fibers are used for specific applications in aerospace, wind energy, and pressurized vessels with limited volume available for large-volume commodity applications in automotive, sports, energy storage, marine, and many others. WT: What is the CarboMat difference?
Saad: CarboMat is revolutionizing the industry by democratizing access to carbon fiber through its cost-effective and sustainable production technology.
Our solution addresses the biggest barriers in the market: high products costs and high environmental impacts.
By significantly lowering costs and carbon emissions, CarboMat is enabling wider adoption of carbon fibers in emerging sectors such as affordable EVs, next-generation sporting goods, and sustainable consumer products, helping industries transition to greener, and more efficient technologies. WT: We have been covering several revolutionary Alberta start-ups. In your experience what has been the Alberta advantage?
Saad: The Alberta Advantage for CarboMat's low-cost sustainable carbon fiber technology is rooted in the province’s unparalleled combination of natural resources, infrastructure, supportive policies, and a thriving innovation ecosystem, making it an ideal hub for development and scale-up. One of Alberta’s most significant advantages is its access to a vast supply of asphaltenes derived from the province’s extensive bitumen deposits in the oil sands. Alberta produces up to 400,000 barrels of asphaltenes per day, providing CarboMat with a secure and abundant long-term feedstock supply to scale and commercialize its technology. This consistent availability ensures cost stability and strengthens the foundation for establishing a robust production pipeline. Additionally, Alberta is home to Canada’s strongest cleantech ecosystem, supported by key funding organizations like Emissions Reduction Alberta (ERA) and Alberta Innovates. These organizations have played a critical role in funding CarboMat’s R&D and scale-up activities. Their ongoing programs and grants not only provide financial support for commercial deployment but also help reduce reliance on large amounts of private capital, de-risking the path to market. Finally, the Government of Alberta’s commitment to economic diversification aligns seamlessly with CarboMat’s mission. The province actively promotes cleantech and advanced materials as part of its strategy to reduce reliance on fossil fuels and drive sustainability. This policy environment, focused on reducing greenhouse gas emissions and fostering a circular economy, positions CarboMat to benefit from a wealth of resources, partnerships, and incentives as it advances its mission of delivering affordable, sustainable carbon fibers that revolutionize global industries. WT: What stage is CarboMat currently at in commercialization?
Saad: To date, we have successfully completed the proof-of-concept phase and demonstrated the functionality of our gram-scale prototype unit. Currently, CarboMat is developing a first-of-its-kind kilogram-scale pilot facility, which is on track to be commissioned by Q3-Q4 2025.
The pilot facility will serve as a critical milestone in validating our technology at a larger scale and refining key operational parameters. Based on the outcomes of this pilot project, we will determine the optimal path towards commercialization. This could involve moving directly to the deployment of a full-scale commercial production unit immediately by 2027 or, if necessary, constructing an intermediate pre-commercial facility to ensure a seamless transition and de-risk the final scale-up process. WT: Where are you in the investment journey?
Saad: CarboMat is currently raising a small $1M seed round. Interested early-stage VCs and angels are requested to contact us if our technology is of interest.WT: Moving forward...what's next?
Saad: We have a lot of milestones to achieve in the next couple of years to further drive our innovation towards commercial success. This includes starting extensive customer trials immediately with our pipeline of potential customers, completing the demonstration of our pilot facility, further improve the quality of our carbon fibers, raise more capital, hire the right talent, and secure off-take agreements with suppliers and customers.
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