Eagle Materials Announces Agreement with Terra CO2 Granting Eagle Exclusive Rights to Produce Low-carbon Cementitious Material Using Terra Technology
December 05 2023 - 7:45AM
Business Wire
Eagle Materials Inc. (NYSE: EXP) announced today that they have
entered into exclusive agreements with Terra CO2, a producer of a
scalable low-carbon supplementary cementitious material (SCM) for
the potential deployment of multiple eco-friendly, low-carbon
cementitious commercial-scale plants that would service three
different geographic areas, including the Greater Denver
market.
The agreements grant Eagle Materials the exclusive right to
build and operate plants that produce supplementary cementitious
material (SCM) in each geographic area. When developed and fully
scaled, each plant would have the potential to produce
approximately 240,000 tons per year of SCM.
These agreements represent an important step towards helping
states and the construction industry further their environmental
goals and initiatives. For example, a plant built in the Greater
Denver market area would support the Buy Clean Colorado Act
(HB21-1303), signed into law and effective January 1, 2024, which
aims to reduce embodied carbon emissions in construction materials
for Colorado state public projects exceeding $500,000. This law
underscores Colorado's commitment to leading in the mandate of
low-carbon construction materials, and Terra's technology is poised
to play a crucial role in achieving the state's environmental
objectives.
"In entering into these agreements with Terra, we're taking bold
steps today to seek solutions that reduce the carbon intensity of
cementitious materials using new technologies. Furthermore, as the
supply of other SCMs, such as fly ash, continues to decrease in
availability, increased SCM development will be crucial to fulfill
the needs of our customers and in meeting the expected increases in
demand for cement more broadly,” said Michael Haack, CEO of Eagle
Materials.
As the Portland Cement industry seeks to address climate change
and environmental sustainability, the emission rates of traditional
cement production present a critical challenge that necessitates
innovative solutions.
“New climate tech needs to be deployed quickly to meet 2030 and
2050 climate goals. Terra is working hard to accelerate the
deployment of its commercial plants through strategic partnerships,
deploying more capital and shortening timelines," said Bill
Yearsley, Terra's CEO. "We are thrilled to work with a partner like
Eagle Materials to build commercial plants for sustainable
construction, and act on this urgency through our shared commitment
to action. In the absence of a 'climate tech express lane' from the
government, working with industry leaders is key to innovating and
expediting low-carbon solutions for the industry."
About Eagle Materials Inc.
Eagle Materials Inc. (NYSE: EXP) is a leading U.S. manufacturer
of heavy construction products and light building materials.
Eagle’s primary products, Portland Cement and Gypsum Wallboard, are
essential for building, expanding and repairing roads and highways
and for building and renovating residential, commercial and
industrial structures across America. Eagle manufactures and sells
its products through a network of more than 70 facilities spanning
21 states and is headquartered in Dallas, Texas. Visit
eaglematerials.com for more information.
About Terra CO2
Terra CO2 is the developer of a scalable low carbon
supplementary cementitious material.
Terra’s unique technology allows it to create cementitious
materials from a wide variety of feedstocks or waste products,
dramatically reducing the greenhouse gas emissions caused by cement
production. Terra's proprietary Opus suite of cementitious
materials is a proven supplement and alternative to Portland
cement. Validated by third parties, Terra's materials perform equal
to or better than traditional SCM products.
Terra CO2 is headquartered in Golden, Colorado. For more
information, please visit: https://terraco2.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20231205471072/en/
For additional information, contact at
214/432-2000. Michael R. Haack President and Chief
Executive Officer D. Craig Kesler Executive Vice President,
Finance and Administration and CFO Alex Haddock Vice
President, Investor Relations, Strategy and Corporate
Development
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