Singapore state-owned investment company Temasek and Khosla Ventures co-led low-carbon dioxide cement maker Fortera’s US$30 million series B fundraising round, the materials technology company said in a press release Monday U.S. time.
U.S.-based Fortera, founded in 2019, said its product can be used anywhere ordinary Portland Cement would be used.
“The series B round will help accelerate the global deployment of our technology and fund the early phases of product adoption. 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,” Ryan Gilliam, CEO and co-founder of Fortera, said in the statement.
Gilliam said Fortera’s process is a 60 percent reduction of the CO2 usually produced during cement production, as well as offering a more efficient process.
Vinod Khosla, a partner at Khosla Ventures, added that most technologies in the segment offer only incremental impact improvement on environmental issues, or only have niche markets.
“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,” Khosla said in the statement.
The company is building its first commercial plant in California and expects to have its first product available for sale in the second quarter of next year, the statement said.