Prometheus raises $8M for building materials
Prometheus Materials closed an $8 million Series A financing round to ramp up production of zero-carbon building materials, Axios has learned.
Why it matters: Building stock worldwide is expected to double by 2060 — equivalent to constructing a new New York City every 40 days.
The details: Sofinnova Partners, a European VC firm focused on life sciences, led the round.
- The Microsoft Climate Innovation Fund, architecture giant Skidmore, Owings & Merrill, GAF, and The Autodesk Foundation also participated.
What's happening: Prometheus says it's developed an alternative to materials derived from Portland cement.
- Take concrete: The material generates about 7% of the world's greenhouse gas emissions — yet the bulk of those emissions come from production of its key ingredient, Portland cement.
- Prometheus says it's created a "biocomposite" ready-mix alternative that doesn't use Portland cement at all, as well as materials like roofing tiles, wall panels, and sound barriers.