By The Financial District
Sep 16, 20231 min
Prometheus Materials, a spinout from the University of Colorado, is utilizing algae to produce cement through a process similar to the natural formation of coral and seashells.
Prometheus is still in the early stages of commercialization and has generated minimal revenue from a test facility located in Longmont, Colorado, near Boulder. I Photo: Prometheus Materials Facebook
Forbes Daily reported, that Prometheus is still in the early stages of commercialization and has generated minimal revenue from a test facility located in Longmont, Colorado, near Boulder.
However, the company has successfully grasped the science behind it and is currently raising funds, with expectations set by its co-founder and CEO, Loren Burnett, ranging between $15 million and $35 million in venture funding, along with additional project financing.
This capital will be used to construct a 35,000-square-foot factory aimed at producing at least six different varieties of precast bio-concrete products, including blocks, panels, and pavers.
Burnett anticipates that a combination of the factory's production capacity and a licensing strategy, enabling the sale of its bio-based material in powdered form to global producers, will drive the company to reach $75 million in revenue by 2027.
Even if Prometheus achieves this goal, it will still represent a relatively small portion of the more than $300 billion global cement industry.
Many challenges lie ahead in bringing Prometheus' bio-cement into actual projects, and the associated risks remain substantial. Nonetheless, Burnett remains determined and envisions the company operating at full capacity and establishing licensing agreements by 2025.