February 18, 2025 11:30 AM Eastern Standard Time

GOLDEN, Colo.--(BUSINESS WIRE)--Terra CO2 (Terra), a leading US-based low-carbon building materials company, today announced it has signed Series B equity commitments for US$82M from a mix of financial and strategic investors.

Co-led by Just Climate (established by Generation Investment Management), Eagle Materials (NYSE: EXP), and GenZero, the round 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. The funding will accelerate Terra's commercial deployment of its OPUS technology, with multiple full-scale production facilities planned across North America and initial development beginning in Europe. Closing will be subject to the fulfillment of conditions precedent.

"This strategic funding from the world's leading climate funds and industry partners validates our approach to practical cement decarbonization at commercial scale," said Bill Yearsley, CEO of Terra. "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."

Approximately 8% of global CO2 emissions come from the cement industry, making it one of the most urgent challenges in industrial decarbonization. While 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 immediate deployment at scale, delivering cementitious materials that perform equal to or better than traditional cement while significantly reducing carbon emissions.

"We are proud to co-lead this investment in Terra,” said Michael Haack, President and CEO of Eagle Materials. “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."

Since its Series A, Terra has secured agreements with Asher Materials for its first facility in the Dallas-Fort Worth area. In partnership with Eagle Materials, option agreements are also in place for multiple 240,000-ton plants across North America. The company has validated its technology through extensive piloting and successful concrete demonstrations, including the construction of a Porsche dealership in Houston, and received the "Decarbonization Solution of the Year" award in the 2024 CleanTech Breakthrough Awards. Terra has also advanced its OPUS ZERO™ technology, a 100% cement replacement solution, into full concrete trials. Most recently, The US Department of Energy (DOE) awarded Terra a US$52.6M DOE grant to support a second commercial plant.

"Terra is the type of transformational solution that Just Climate seeks to scale," said Benoit Grobon, Managing Director at Just Climate. "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."

"We invest in commercially scalable technologies with the ability to deliver deep decarbonization impact in hard-to-abate sectors such as the built environment,” said Kimberly Tan, Managing Director and Head of Investments at GenZero. “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.”

The robust 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. 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.

As Terra prepares its first full-scale commercial plant in Texas, it has also entered into a contract with Clark Construction for the construction delivery. “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,” said Yearsley.

With the Series B funding, 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.

About Terra CO2 (Terra)

Terra enables their partners to unlock low-carbon cement from source to deployment. As the critical component in creating concrete, the foundation of modern infrastructure, cement is responsible for 8% of the world's CO2 emissions. The CO2 and NOx emissions associated with cement make finding an alternative to current solutions a climate imperative.

Unique to Terra is their capability to work across a diverse range of silicate rock mineralogy, not constrained by feedstock availability. Terra's technology allows the company to create sustainable construction materials with the most abundant and accessible raw materials on earth from already approved and open mines.

Terra's first product, OPUS SCM™ (Supplementary Cementitious Material), is ready for commercial deployment, capable of replacing up to 50% OPC (Original Portland Cement) and addressing the industry's carbon emissions and dwindling feedstock challenges. Terra's OPUS ZERO™, a potential 100% replacement of OPC, is in full concrete trials. Both leverage Terra's "drop-in" reactor solution, which seamlessly integrates with existing infrastructure and sets the foundation for the transition to real zero cement.

Validated by third parties, Terra's materials perform equal to or better than traditional cementitious products.

Terra is headquartered in Golden, Colorado, and is led by a team of industry experts. For more information, please visit: https://terraco2.com/

About Just Climate

Established by Generation Investment Management, Just Climate is a specialist investment business focused on scaling solutions for the highest-emitting, most off-track sectors of the economy. The challenge of achieving a net-zero world and addressing climate-related risk is huge, urgent and needs tremendous mobilisation of capital. Just Climate's mission is to establish climate-led investing as a capital allocation imperative for institutional investors globally. For more information, please visit us at justclimate.com.

About GenZero

GenZero is an investment platform company focused on accelerating decarbonization globally. Founded by Temasek, it seeks to deliver positive climate impact alongside long-term sustainable financial returns by investing in opportunities with the potential to be nurtured into impactful and scalable solutions.

Driven by a common purpose to decarbonize for future generations, GenZero recognizes the need for a holistic and integrated approach to achieve a net zero world. It adopts a flexible investment approach across three focus areas to drive climate impact: (i) nature-based solutions that help protect and restore natural ecosystems while benefiting local communities and biodiversity; (ii) technology-based solutions that deliver deep decarbonization impact; and (iii) carbon ecosystem enablers that support the scaling of carbon markets and enable broader industry decarbonization.

For more information on GenZero, visit www.genzero.co.

About Eagle Materials

Eagle Materials Inc. (NYSE: EXP) is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads and highways and for building and renovating residential, commercial and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information

Contacts

For media queries, please contact:
Juan Ávila
JDI for Terra CO2 Technology
juan@jones-dilworth.com