Terra CO2 Technology Announces $46M Series A Co-Led by Breakthrough Energy Ventures & LENX to Decarbonize Cement Manufacturing

GOLDEN, Colo.–(BUSINESS WIRE)–Terra CO2 Technology, the scalable low-carbon alternative to cement production, today announced the closing of a $46 million Series A funding round led by Breakthrough Energy Ventures (BEV) and LEN, founded by Bill Gatesx. BEV is an investor-led fund that aims to build new, cutting-edge companies that will lead the world to net zero emissions. LENx leads technology, innovation and strategic investments for Lennar, one of the nation’s leading homebuilders. Others participating in the round include Creative Ventures and Rio Tinto.

Terra’s technology offers the most advanced commercial pathway to decarbonizing the built environment. Concrete, used for construction, is the second most used material in the world after water. The production of cement, the material used as a binder in concrete, is estimated to produce 8% of total greenhouse gas (GHG) emissions worldwide. Terra’s innovative materials science technology enables low-carbon concrete by creating cementitious materials from a wide variety of locally abundant raw materials and even waste products, dramatically reducing cement’s GHG emissions . Terra’s proprietary solution produces 70% less CO2 emissions than the Portland cement it replaces.

“Cement production is one of the largest contributors to carbon emissions globally, presenting an urgent need for a high-quality, low-CO2 alternative that will not disrupt our supply chains or current infrastructures, ” said Carmichael Roberts, BEV. “Terra’s technology has unlocked just that, creating a new manufacturing method that will deliver more durable alternative cements without compromising performance or quality.”

This is BEV’s second investment in Terra CO2 Technology, following a Seed funding round in November 2020. This round brings Terra’s total funding to $61 million.

Terra will use the funds to accelerate research and development in low-carbon materials science, scale the organization and continue to commercialize plant technology that will support the production of its future products, including OPUS SCM ( Supplementary cementitious material) and OPUS BCM (mixed). Cement Materials), Terra’s first commercial products.

“Terra’s technology is unique in its ability to produce the same consistent product from a growing menu of silicate-type nutrients, the most common rock on Earth’s surface,” said Bill Yearsley, President and CEO at Terra CO2. “Scalable, readily available. and inexpensive raw materials are essential for any new product seeking to bring more environmentally friendly and cost-competitive solutions to this market. Most Portland cement alternatives being tested today are limited using a specific feedstock that is often not widely available near urban markets or that requires permission to source new mines. Terra’s solutions not only solve that scaling barrier, but also provide an alternative that is cost-effective effective.”

Terra currently has two pilot plants in operation, with plans to open its first commercial plant in 2023; capable of producing 250,000 tons of product per year. Third-party laboratories, including WestTest, a subsidiary of Atlas, and Braun Intertec, have tested and validated Terra’s materials. OPUS SCM has proven to perform as well as traditional cementitious supplementary materials. Concrete made with OPUS materials is mixed and cured in a manner comparable to traditional cementitious materials, facilitating its adoption in the construction industry.

To learn more about Terra CO2, please visit: https://terraco2.com/

ABOUT EARTH CO2

Terra CO2 is the scalable low carbon alternative to cement production. Responsible for 8% of the world’s CO2 emissions, cement is used in the production of concrete, the second most used material in the world after water. Their unique technology allows Terra to create cement materials from a wide variety of feedstocks or wastes, dramatically reducing greenhouse emissions caused by cement production. Terra’s proprietary set of Opus cement materials is a proven supplement and alternative to Portland cement. Third-party certified, Terra’s materials perform equal to or better than traditional cement products.

Terra CO2 is headquartered in Golden, Colorado. For more information, please visit: https://terraco2.com/

ABOUT ENERGY DEVELOPMENT UNDERTAKINGS

Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net zero emissions. BEV is a purpose-built investment firm that is looking to invest in, launch and scale global companies that will eliminate GHG emissions across the economy as quickly as possible. BEV seeks real breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to life a unique combination of technical, operational, market and policy expertise.

BEV is part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to achieve net zero emissions by 2050. Visit www.breakthroughenergy.org to learned more.

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