Prometheus Materials develops zero-carbon building products, including precast biocomposite and ready-made biocomposite. The company has pursued commercial production of those products using prior funding. In June 2022 Prometheus closed an $8 million Series A led by Sofinnova Partners to begin commercial production. In mid-July the company filed a Form D showing it raised $6.25 million in debt financing. That debt round was offered as part of a $7 million securities offering and closed with capital from six investors beginning July 9. Prometheus did not respond to requests for comment about the financing. Prometheus Materials has developed a patent-pending photosynthetic biocementation process that uses naturally occurring microalgae, water, sunlight, and CO2 to produce a bio-cement which, when mixed with aggregate, yields zero-carbon masonry and concrete alternatives. The company says the resulting materials have mechanical, physical, and thermal properties comparable or superior to portland cement-based concrete and can sequester carbon during production. Prometheus reports its process can reduce approximately 90% of embodied carbon compared to existing portland-cement products. The technology was developed by a team at the University of Colorado Boulder under a Department of Defense grant. Prometheus is piloting masonry unit projects and will use its Series A funding to commercially manufacture zero-carbon masonry units at a production facility in Longmont, Colorado. Over the next two years the company plans to scale production and introduce precast biocomposite elements and ready-mix biocomposite products as decarbonized alternatives to traditional cement-based elements.

Total raised

$14M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Jul 2024