Fortera closes Series B funding round

Fortera closes Series B funding round, co-led by Temasek and Khosla Ventures,
marking the commercialization phase of its next generation cement
Campbell, Calif. – June 28, 2021.

Fortera is pleased to announce the closing of its $30 million
Series B round, initiating the commercialization phase of its next generation low CO2 cement.
The round was co-led by Temasek and Khosla Ventures, investors dedicated to accelerating
efforts to achieve a net zero and sustainable global economy.
Fortera is a Silicon Valley-based Materials Technology Company founded in May 2019, that has
created a process that economically converts CO2 into a cement ready for use anywhere
Ordinary Portland Cement is 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,” said Dr. Ryan Gilliam, CEO and Co-Founder of Fortera.

The Venture Capital community has been seeking opportunities that not only have a positive
impact on the environment but are also built on good business principles. “We have evaluated a
wealth of technologies in this space. The majority offer incremental impact or are relevant in
only niche markets such as precast concrete or are simply not economical.” said Vinod Khosla, of
Khosla Ventures. “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.”

As a mission-driven materials technology company, Fortera is using its novel carbon
mineralization process to reduce CO2 emissions in the cement industry where emissions have
been difficult to address. “The current process for making the building blocks around us requires
the chemical release of CO2 as part of the production process. In nature it is just the opposite,
calcium and CO2 are combined to make up the building blocks relied on by coral reefs and shells
to make their hard materials,” said Dr. Ryan Gilliam. The result of the Fortera process is a 60%
reduction in CO2 and a more efficient way to make cement. Including CO2 in the finished product
allows for advantageous economics by minimizing the amount of raw materials processed. For
every ton of material mined, ground, and heated, one ton of cement is produced. In ordinary
cement production, 44% of the primary ingredient limestone is lost as CO2 emissions reducing
the sellable product proportionally.
Fortera is in the process of building its first commercial plant in Redding, CA where it will
manufacture its first-generation product, a low CO2 supplementary cementitious material,
available for sale Q2 2022. 
About Fortera:
Fortera has developed a novel low cost, low carbon cement that can be blended with or used in
place of traditional cement. Fortera is a Materials Technology Company headquartered in Silicon
Valley. For more information on Fortera, please visit www.ForteraUSA.com.

About Temasek:
Temasek is an investment company with a net portfolio value of S$306B (US$214B) as of March
2020. Its three roles as an Investor, Institution and Steward, as defined in the Temasek Charter,
shape Temasek’s ethos to do well, do right and do good. Temasek actively seeks sustainable
solutions to address present and future challenges, through investment and other opportunities
that help to bring about a better, smarter, and more sustainable world. For more information on
Temasek, please visit www.temasek.com.sg.

About Khosla Ventures:
The mission of Khosla Ventures is to be “bold, early and impactful”. The Khosla Ventures team is
composed of technology optimists that believe with time and focus, what can be imagined
technologically reasonably can be invented. Khosla Ventures has a long track record of
successfully investing early in category defining companies traditionally funded by venture
capital firms across multiple industry verticals. For more information on Khosla Ventures, please
visit www.khoslaventures.com.

Taxonomy

• Private Equity
• private equity