Silicon Valley-based materials technology company Fortera closed its $30 million Series B round, initiating the commercialization phase of its next generation low CO2 cement. The round was co-led by Temasek and Khosla Ventures, investors dedicated to accelerating efforts to achieve a net zero and sustainable global economy.
Founded in May 2019, Fortera has created a novel carbon mineralization process that economically converts CO2 into a cement that can be blended with or used in place of ordinary portland cement. The process results in a 60% reduction in CO2.
“The Series B round will help accelerate the global deployment of our technology and fund the early phases of product adoption,” said Dr. Ryan Gilliam, Fortera CEO and co-founder. “Fortera dramatically lowers a cement plant’s carbon footprint and is seamless to integrate. Our process is scalable, competitive economically with traditional cement, and offers a realistic pathway to zero CO2 emissions.”
“Fortera is able to make large reductions in carbon emissions while being competitive in cost and targeting the larger cement market. Almost none of the competitors we have seen in this space are able to achieve this trajectory,” noted Vinod Khosla, of Khosla Ventures.
Fortera is in the process of building its first commercial plant in Redding, Calif., where it will manufacture its first-generation product – a low CO2 supplementary cementitious material, available for sale in the second quarter of 2022.