EXHIBIT 99.1
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Contact at 214/432-2000
Michael R. Haack
President and Chief Executive Officer
D. Craig Kesler
Executive Vice President & CFO
Alex Haddock
Vice President, Investor Relations |
News For Immediate Release
EAGLE MATERIALS ANNOUNCES AGREEMENT WITH TERRA CO2 GRANTING EAGLE EXCLUSIVE RIGHTS TO PRODUCE
LOW-CARBON CEMENTITIOUS MATERIAL USING TERRA TECHNOLOGY
(DALLAS – December 5,
2023): 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.”