Terra CO2, a leading US-based low-carbon building materials company, has signed Series B equity commitments for $82M from a mix of financial and strategic investors. This funding was co-led by Just Climate (established by Generation Investment Management), Eagle Materials, and GenZero and it has also attracted interest from several industrial partners with formal announcements forthcoming. Seed and Series A lead investor Breakthrough Energy Ventures (BEV) also participated in this round, reaffirming its commitment to Terra’s mission.
This funding will accelerate Terra’s commercial deployment of its OPUS technology. Multiple full-scale production facilities are planned across North America, and initial development will begin in Europe. The closing will be subject to the fulfillment of conditions precedent.
About 8% of global CO2 emissions come from the cement industry, making it one of the most urgent challenges in industrial decarbonization. Even though other solutions require significant infrastructure changes or rely on scarce materials, Terra’s OPUS products use abundant raw materials from established mines and work within existing industry infrastructure. This approach enables the immediate deployment at scale, while delivering cementitious materials that perform equal to or better than traditional cement while significantly reducing carbon emissions.
Since the Series A funding round, Terra has secured agreements with Asher Materials for its first facility in the Dallas-Fort Worth area. And in partnership with Eagle Materials, option agreements are also in place for multiple 240,000-ton plants across North America.
This support from the current world-class investor group, combined with Terra’s commercial readiness and growing market validation, has generated interest from strategic and financial investors. And Terra expects a second round of investors to sign on to the Series B raise by late Q1 2025, driven by strong interest from those unable to participate in this initial signing.
With the Series B funding round, Terra will continue to accelerate the buildout of its commercial footprint, form strategic partnerships, and deploy additional facilities to meet the increasing demand for sustainable construction materials across North America and Europe.
KEY QUOTES:
“This strategic funding from the world’s leading climate funds and industry partners validates our approach to practical cement decarbonization at commercial scale. As we break ground on our first full-scale plant in Texas, their support enables us to accelerate our deployment across North America, and our plans to develop an early beachhead in Europe.”
“Having known Clark for decades, I know they have the technical expertise to execute this project successfully. I am excited to have them on the team as one of the largest and most respected contractors in North America with the reach to complete Terra projects anywhere in the United States.”
– Bill Yearsley, CEO of Terra
“We are proud to co-lead this investment in Terra. As the supply of other Supplementary Cementitious Materials (SCMs), such as fly ash, continues to decrease in availability, increased SCM development will be crucial to fulfill the needs of our customers and in meeting the expected increases in demand for cement more broadly. This investment aligns with our goal to seek sustainable and commercially viable solutions that work within existing infrastructure.”
– Michael Haack, President and CEO of Eagle Materials
“Terra is the type of transformational solution that Just Climate seeks to scale. Their ability to deliver a practical and cost competitive solution to one of the world’s highest-emitting and most off track sectors, along with their strategic approach to deployment, positions them to drive meaningful carbon reduction in the construction industry.”
– Benoit Grobon, Managing Director at Just Climate
“We invest in commercially scalable technologies with the ability to deliver deep decarbonization impact in hard-to-abate sectors such as the built environment. Terra’s proprietary technology is a present-day, accessible solution, which has undergone extensive testing and garnered significant commercial traction from potential customers. This means it can deliver immediate decarbonization benefits while addressing the demands of urban development and the industry’s stringent performance requirements.”
– Kimberly Tan, Managing Director and Head of Investments at GenZero
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