Forge Industries, a climate-tech company that converts hard-to-recycle waste into high-performance engineered fuels, has raised $3.85 million in a funding round co-led by Next Phase Capital and 8090 Industries, with the two firms contributing the majority of the new capital. The funding will support the development of Forge’s first U.S. biofuel facility, planned for a site outside Las Vegas later this year, as the company moves from successful industrial-scale pilots into commercial operations.
Founded in 2022 by Chelsea Boyle, Forge’s origins trace back to her undergraduate research in Senegal, where she witnessed the environmental impact of waste firsthand and began developing the idea of a circular fuel economy. The company’s model takes plastics and other hard-to-recycle waste—materials that would otherwise go to landfill—and converts them into a high-performance industrial fuel that can directly replace coal in heavy industries such as cement, steel, lime and power generation, without requiring factories to retrofit or replace existing equipment. The result is designed to lower fuel costs for industrial customers while reducing emissions and diverting waste from landfill at scale.
Forge began with 100 to 200-kilogram batches of industrial fuel and, by 2025, had completed industrial-scale pilots exceeding 100 tons, validated through dozens of rounds of testing and continuous improvement. An early investment from Golden Seeds helped the company reach that milestone. The new $3.85 million round now provides the capital needed to move from pilot to permanent facility, with additional backing from a recent sponsorship by the Nevada Governor’s Office of Economic Development reinforcing public-sector support for the project.
Next Phase Capital was established by Shelly Sun Berkowitz, who built BrightStar Care from a startup in 2002 into a national home healthcare and medical staffing company with more than 400 franchise locations, 20,000 employees, and $750 million in system-wide revenue before selling a majority stake. She launched Next Phase Capital and the advisory firm Founder 2 Founder to back and mentor mission-driven entrepreneurs navigating growth and scale. Her investment in Forge includes a board observer role, giving her an ongoing governance and advisory position as the company scales toward commercial operations. Berkowitz’s previous investment was a $6 million round for St. Louis micro creamery Clementine’s Ice Cream. The Forge deal reflects Next Phase Capital’s focus on high-growth businesses led by exceptional founders, with a particular emphasis on supporting women entrepreneurs in traditionally underrepresented sectors.
KEY QUOTES:
“Chelsea is tackling one of the most challenging environmental and industrial problems of our time with a combination of vision, persistence and execution. Next Phase Capital is focused on backing founders who are building transformational businesses in sectors that matter, and Forge represents exactly that type of opportunity.”
Shelly Sun Berkowitz, Founder, Next Phase Capital
“Shelly’s support of Forge has been incredibly meaningful. We both set a very high bar for ourselves, and I believe our shared commitment to excellence will help us accomplish great things together. Beyond her investment, Shelly brings the perspective of someone who has built and scaled a business herself. In a highly competitive, male-dominated industry, having a mentor who understands the obstacles firsthand is invaluable. Her guidance, encouragement and insight have strengthened my confidence and my vision for Forge’s future.”
Chelsea Boyle, Founder and CEO, Forge Industries
