- The Series C investment will enable the deployment of Fortera’s
cost-effective ReCarb® technology, which integrates with existing
cement production facilities and leverages current feedstocks and
infrastructure to decarbonize cement at scale.
- Fortera’s innovative process captures CO2 emissions directly
from production and converts it to ready-to-use low-carbon cement—a
permanent, measurable, and cost-effective carbon mitigation
solution for a hard-to-abate sector.
- Full-scale ReCarb plants are expected to mineralize 165,000
tons of industrial carbon dioxide and produce approximately 375,000
tons of low-carbon cement annually.
To meet the growing demand to lower the cement industry’s carbon
emissions, advanced materials manufacturer Fortera secured $85
million in Series C funding to scale the deployment of its
low-carbon cement technology that integrates with existing
infrastructure. The round included participation from previous
investors Khosla Ventures and Temasek, and first-time investments
from Wollemi Capital, NOVA by Saint-Gobain, Presidio Ventures, and
Alumni Ventures. With operations at the company’s Redding ReCarb
Plant underway, Fortera is positioned to move forward with
additional plants that will produce ReAct® green cement, which has
70% less carbon dioxide (CO2) per ton than ordinary cement.
“Due to the scale of the industry, we won’t have an impact on
emissions unless we have an economic pathway to expand globally,”
said Ryan Gilliam, CEO and co-founder of Fortera. “With the launch
of our first plant and the close of this funding round, we’re
entering into the next phase of our development as a commercial
project company to accelerate low- to zero-carbon cement
deployment. It’s vital to have the financial means to put
operations in place to commercialize our technology, and we are
honored to have the backing and expertise of some of the most
knowledgeable investment firms in project finance and the cement
and concrete industry as we carve the path to zero CO2 cement.”
Fortera’s ReCarb process bolts onto existing cement
manufacturing plants, captures the industrial CO2 emissions from
traditional cement production, and converts it to mineral form to
achieve a ready-to-use low-carbon cement. Since the company’s
process integrates into established infrastructure, including
feedstocks, capital investments, logistics, and sales networks, the
path to wide-scale commercialization is shorter and more
cost-effective. Fortera’s ReCarb technology operates at a
significantly reduced kiln temperature and is compatible with
renewable energy integration, which would further reduce emissions
and enable zero CO2 cement production.
"To address carbon emissions in this challenging industrial
sector, we need to make the best use of the resources already in
place,” said Natalie Volpe, Director at Wollemi Capital. “Fortera
does what previous green cement technologies have failed to do—it
works with cement companies to provide an accessible solution to a
cleaner industry. The compatibility with today’s ecosystem makes us
confident that Fortera’s process is the most effective technology
to decarbonize cement and achieve meaningful climate impact more
quickly. We are pleased to bring Wollemi’s expertise in financing
next generation infrastructure projects to support the development
of future plants.”
Fortera's technology is the result of over 100,000 hours of
research and development, supported by more than 100 issued and
pending global patents, and over a decade of real-world product
testing. The company’s ReAct cement, a unique form of calcium
carbonate created from mineralized industrial CO2, matches the
strength and durability of ordinary cement. It meets existing
regulations and is ASTM-approved as a partial cement substitute.
ReAct can be used alone or mixed with ordinary cement, reducing the
carbon footprint of construction projects while maintaining
strength and enhancing workability.
“Our investment in Fortera aligns with Saint-Gobain’s priority
toward the decarbonization of industries and our commitment of
working with startups that are moving the world forward with
sustainable innovations,” said Basma Kharrat, Vice President,
External Venturing, Saint-Gobain. “We look forward to fostering our
relationship with Fortera as they continue to evolve cement
technology aimed at reducing environmental impact, while also
reducing carbon emissions through manufacturing facility
upgrades.”
Fortera's recent achievements have earned national recognition,
including being named the 2023 U.S. National Winner for Outstanding
Projects by the Net-Zero Industries Awards. Additionally, ReAct has
been honored as a Green Builder Media 2024 Sustainable Product of
the Year. For more information on how Fortera is leading the way to
zero CO2 cement production, visit forteraglobal.com.
About Fortera
Fortera is a pioneering materials technology company paving the
way to zero CO2 cement. Drawing on more than ten years of
real-world product demonstration and 100+ patents, Fortera is now
operating its first ReCarb® Plant in Redding, California. The plant
utilizes the ReCarb process, a groundbreaking method to manufacture
low-carbon cement within the existing production infrastructure.
This transformative bolt-on technology seamlessly integrates with
current cement facilities, leveraging the entire production
framework, from machinery to feedstocks, to ensure a globally
scalable solution for sustainable cement manufacturing. The
resulting product, Fortera’s ReAct® green cement, is market-ready,
meets regulatory standards, and can be blended with or used in
place of traditional cement. For more information on Fortera, visit
forteraglobal.com.
About Khosla Ventures
Khosla Ventures invests in companies that are bold, early and
impactful. The firm was started in 2004 by Vinod Khosla, co-founder
of Sun Microsystems, to provide venture assistance to
entrepreneurs. Headquartered in Menlo Park, Calif., Khosla Ventures
invests in a range of areas including AI, climate, sustainability,
enterprise, consumer, fintech, digital health, medtech and
diagnostics, therapeutics, and frontier technology. For more
information on Khosla Ventures, please visit
www.khoslaventures.com.
About Temasek
Temasek is a global investment company headquartered in
Singapore, with a net portfolio value of S$389 billion (US$288b) as
at 31 March 2024. Marking its unlisted assets to market would
provide S$31 billion (US$23b) of value uplift and bring its mark to
market net portfolio value to S$420 billion (US$311b). Temasek’s
Purpose “So Every Generation Prospers” guides it to make a
difference for today’s and future generations. Operating on
commercial principles, Temasek seeks to deliver sustainable returns
over the long term. It has 13 offices in 9 countries around the
world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in
Asia; and Brussels, London, Mexico City, New York, Paris, San
Francisco, and Washington, DC outside Asia. For more information on
Temasek, please visit www.temasek.com.sg
About Wollemi Capital
Wollemi is a global climate specialist investment firm with
offices in Australia and the USA. Wollemi is focused on bridging
the climate growth capital gap and supporting emerging climate
solutions by investing in companies and infrastructure projects
that strive to advance global decarbonization. With specialist
climate, venture investing, infrastructure financing and project
development expertise, Wollemi invests across a range of thematics
including food and agriculture, carbon removal and avoidance,
climate services, energy transition, industrial decarbonization,
and the circular economy. For more information on Wollemi Capital,
please visit https://www.wollemi.com/
About NOVA by Saint-Gobain
NOVA, the external venture arm of Saint-Gobain, identifies
forward-thinking startups around the world whose philosophies align
with Saint-Gobain’s focus on sustainability. It helps those
startups nurture their ideas and grow their companies to scale
through partnerships and investment. With a presence in Asia,
Europe and North America, NOVA by Saint-Gobain connects the global
startup community with the power, resources, and experience of
Saint-Gobain to address the needs of today and challenges of
tomorrow. For more information on NOVA by Saint-Gobain, please
visit https://www.nova-saint-gobain.com and
www.saint-gobain.com.
About Presidio Ventures
Established in 1998 with offices in Silicon Valley, Boston and
Los Angeles, Presidio Ventures has invested in more than 200
companies over the past twenty years. Presidio’s expansive network
of Sumitomo affiliates and subsidiaries helps the company tailor
support for start-ups, ensuring that new companies can succeed from
early-stage investment all the way to IPO. Founded in Sumitomo’s
centuries-old business philosophy of shared prosperity, Presidio
looks for opportunities to partner with entrepreneurs in key
industries that shape the way we live. For more information on
Presidio Ventures, please visit www.presidio-ventures.com.
About Alumni Ventures
Alumni Ventures offers accredited individuals access to
professional-grade venture capital, a key asset class missing from
the portfolios of many sophisticated investors. Since 2014, AV has
raised $1.3+ billion from 10,000+ investors and backed 1,300+
unique portfolio companies. AV is a top 20 VC firm in North America
according to CB Insights and the #1 most active VC firm in the
U.S., and #3 most active in the world, according to PitchBook’s
2022 and 2023 rankings. AV has won awards from Inc. Magazine, Fast
Company, Benzinga, and the US FinTech Awards. AV funds are private,
for-profit, and not affiliated with or sanctioned by any school.
For more information on Alumni Ventures, please visit
https://www.av.vc/
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Technica Communications for Fortera Melanie Morris
fortera@technica.inc