Furno Makes Cement Production Agile, Scalable and Carbon Neutral
GREENWICH, Conn., Feb. 2, 2024 /PRNewswire/ — O’Shaughnessy Ventures LLC (“OSV”), a family office that invests in ambitious seed and pre-seed startups, announced today that it has invested in Furno Materials Inc. (“Furno”).
Founded in 2020 by Gurinder Nagra, Furno is building modular cement plants that are more carbon-efficient, cheaper to build, and less space-intensive than traditional plants.
Cement is the second most-consumed commodity in the world (behind water), and it produces 8% of global carbon dioxide emissions. Traditional cement plans are large and must be custom-built. Furno’s modular cement plants burn natural gas instead of coal. This means they release less carbon dioxide than traditional cement plants and can be heated and cooled more efficiently. Furno’s plants are designed to fit inside a shipping container, meaning they are portable and take up minimal space, which is ideal for building in developing markets.
OSV’s founder, Jim O’Shaughnessy, commented; “While it may not get as much attention as other technologies, commodity production plays a critical role in building the world around us. As developing economies continue to build and developed nations update their infrastructure, cement will only become more important. We are excited to partner with Gurinder and the Furno team to ensure our future includes cleaner, more efficient, and generally smarter cement production.”
“We are proud to welcome OSV as a key seed investor in Furno Materials,” said Furno founder and CEO Nagra; “OSV’s dedication to positive-sum outcomes resonates with our values and our commitment to building a more sustainable and green future. With OSV’s support, we can accelerate our journey toward creating a lasting impact on the cement industry and beyond.”
About O’Shaughnessy Ventures
OSV is a family office that invests in ambitious seed and pre-seed startups. Founded by Jim O’Shaughnessy, a pioneer in quantitative investing, founder of O’Shaughnessy Asset Management, and author of four books on investing, OSV aims to provide financial support and to partner in growing the next life-changing ideas. For more information, visit https://www.osv.llc/.
O’Shaughnessy Ventures LLC
SOURCE O’Shaughnessy Ventures