Cleantech startup Furno announced it has raised $6.5 million in a seed funding round, with proceeds earmarked to support the company's solution to help decarbonize the cement industry.
Building materials are a major source of global greenhouse gas emissions. The production of cement, an ingredient in concrete, is responsible for approximately 8% of global carbon dioxide emissions, with more than 900 kg of CO2 emissions generated for every 1000 kg of material produced.
Founded in 2020, California-based Furno enables the production of carbon-neutral cement using new combustion and kiln technology. The solution uses gas-based fuels instead of solid fuels, which the company says drastically reduces CO2 emissions and completely eliminates nitrogen oxides (NOx) and sulfur oxides (SOx).
According to the company, the technology eliminates the need for large amounts of capital to build new cement plants as a key barrier to addressing the sector's climate impact, by providing modular, carbon-neutral cement plants that are agile and can scale quickly. looking for.
In parallel with the financing round, Furno also announced its cement production unit, Furno Brick. The funding will allow the company to continue to scale its technology and assist in the development of Furno Brick. The plant operates at thermal efficiency in excess of 80%, doubling what standard cement plants are capable of achieving, and helps mitigate the costs of building a new cement plant by enabling prefabrication and standardization, reducing production expenses , installation and licensing.
Furno said the funding will help it scale its technology and provide samples to more customers for feedback and also support the development of Furno Brick.
Gurinder Nagra, founder and CEO of Furno, said:
“At Furno, we have the ability to produce regular Portland cement now, adapt to a variety of gas-based fuels and material innovations as they emerge, and meet demand where it exists while complying with a scenario changing regulations. Our mission is to go further, innovating at the heart of cement production and operating as a complement to other technological developments in the cement sector.”
Furno's oversubscribed round was led by Energy Capital Ventures (ECV) and joined by O'Shaughnessy Ventures, Cantos and Neotribe. Breakthrough Energy participated in the company's prior, non-dilutive financing.
Vic Pascucci, managing general partner and co-founder of Energy Capital Ventures, said:
“As part of our investment thesis in Green Molecules, ECV analyzed all relevant innovations for the cement and concrete industry. It was immediately clear to us that Furno had the best team, technology, business model and competitive advantages. Furno’s revolutionary ‘mini oven’ innovation enables a level of decarbonization and market adoption that is in a class of its own.”
