• Funds will accelerate wide-scale adoption and commercialisation of biocement® technology
• Supports goal to eliminate 25% of global carbon emissions from the concrete industry by 2030
Copenhagen, Denmark – 28 February 2022 – Novo Holdings, a leading international life sciences investor, today announces it has participated in the US$65 million Series C financing in Biomason, the only company in the world employing biotechnology to commercially produce cement. The financing will enable the Company to accelerate development of its proprietary biocement® technology platform to reach its goal of eliminating 25% of global carbon emissions from the concrete industry by 2030. Novo Holdings first invested in Biomason in 2019 leading the Company’s Series B financing round, and the continued support for the Company reflects Novo Holdings’ vision to create more sustainable solutions in industry and construction through biology.
Biomason employs natural microorganisms to grow biocement® in ambient temperatures without emitting carbon dioxide. Its patented biocement® technology mimics nature’s use of carbon as a building block, creating cement in a biological, circular system, rather than relying on the 200-year-old climate-intensive Portland cement (OPC) production process. Biomason creates cement in a fundamentally different way, addressing the root cause of emissions.
OPC production accounts for over 8% of global carbon emissions—that’s four times more than the aviation industry. Concrete, of which cement is the key ingredient, is the second-most consumed material in the world after water. As a long-term investor, Novo Holdings is committed to support sustainable solutions to the world’s most predominant building material. As the global building stock is set to double by 2060, it is more important than ever to replace carbon-emitting materials with proven solutions.
At the end of 2021, Biomason entered a partnership with IBF, Denmark’s largest concrete manufacturer to build a plant in Denmark for the production of ultra-low carbon concrete materials for Europe. The partnership, which is progressing well, launches Biomason’s demand-driven commercial deployment in Northern Europe and solidifies IBF’s position as a leader in the push to decarbonise the Danish concrete industry.
Anders Bendsen Spohr, Biomason Board Member, Senior Partner, Principal Investments, Novo Holdings, commented: “Novo Holdings truly believes that biotechnology has the potential to become a spearhead for the green transition of society. Our mission is to make a growing and positive impact on health, science and society and our investment in Biomason reflects our vision that biology can create much more sustainable solutions in industry and construction.”
Ginger Krieg Dosier, CEO and Co-Founder of Biomason, says: “We are on a direct flight to revolutionise the cement industry. This financing not only supports our ever-growing team, technology platform, and continued commercialisation, it also proves that our vision to end the world’s dependence on carbon-emitting construction materials is within reach. This is a commercially driven, strategic round for Biomason, and we are honored to work with new and current shareholders to take the next steps for our company.”
For further information
Christian Mostrup, Senior Programme Lead, Communications, Novo Holdings, +45 3067 4805, firstname.lastname@example.org