(Bloomberg) —
Fortera has raised $85 million in a funding round as the green materials startup looks to boost production of low to zero-carbon cement.
Wollemi Capital, Saint-Gobain’s venture capital arm NOVA, Presidio Ventures and Alumni Ventures have come on board as new investors, according to a statement seen by Bloomberg News. Existing backers Khosla Ventures and Singapore state fund Temasek also participated.
The funding round values Fortera at $355 million, according to a person familiar with the matter, who asked not to be identified discussing confidential information. A representative for Fortera declined to comment on the valuation.
Fortera’s technology captures industrial CO2 emissions from traditional cement production and converts it into mineral form to achieve ready-to-use low-carbon cement. It’s first industrial green cement plant is operating on the site of CalPortland’s cement facility in Redding, California.
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