As the company transitions from proven technology to commercial deployment, cement manufacturer Fortera has appointed Albert Luu as chief financial officer (CFO) and transitioned Scott Healy into the newly created role of chief origination officer.
The moves support Fortera’s transition into its next phase of growth, centered on commercial-scale deployment and customer adoption with additional financing and fundraising expertise.
“Fortera is at a stage where the work we’ve done to prove the technology now has to be matched by our ability to finance and execute at scale,” said Ryan Gilliam, CEO and co-founder of Fortera. “Albert has navigated exactly this kind of inflection point before in industries where the path from demonstrated technology to commercial platform required an evolving strategy that attracts the necessary capital for each stage of deployment. His track record is precisely what this next chapter calls for. And putting Scott’s deal-making expertise into a dedicated origination role means we’re building the kind of commercial and capital pipeline that a company at this stage needs to move fast.”
Luu brings more than 20 years of experience in capital markets and finance across the energy and hardtech sectors. Most recently, he led finance at Heirloom, where he helped lead the company through its Series B. Prior to Heirloom, Luu spent more than a decade in renewable energy, joining SolarCity as one of its earliest finance hires and helping pioneer the capital markets infrastructure for residential and distributed solar. He later served as CFO for various energy companies, including a SPAC exit.
Over his career, he has raised more than $10 billion in capital ranging from innovative first-of-a-kind project financings to corporate raises from venture, growth, strategic and infrastructure investors.
“I’ve spent my career at the point where companies in emerging industries stop being a bet on the future and become fundable businesses,” said Luu. “What makes Fortera different from other hardtech opportunities I’ve seen is that the technology is ready to scale. Customers love our product because it performs better than traditional cement and is more economical. It is also better for the world and climate. The type of capital Fortera will need over the next few years resembles the capital I’ve raised in other industries when they were viewed as new technologies. The difference here is that the technical and commercial proof points make that capital conversation possible.”
With Luu’s appointment, Fortera’s finance function is positioned for an evolving capital stack and subsequent financings. That type of financing, typically reserved for companies that have an operational track record and a strong revenue model, requires a level of credibility that Fortera has spent years building: an operational plant, ISO 9001:2015 certification, ASTM C1157 performance verification, repeat commercial customers and a growing global project pipeline.
Healy, who has served as CFO since December 2022, will move into the role of chief origination officer. In that capacity, he will focus on originating new commercial relationships, building on the deal-making and business development work he has been central to at Fortera. Luu will oversee the company’s broader finance and accounting function and overall capital strategy.
Fortera operates a 15,000-ton-per-year ReCarb facility in Redding, Calif., and is developing a 300,000-tpy commercial plant. The company’s ReAct low-carbon cement is the first single product to meet all six ASTM C1157 performance categories and has been used in multiple commercial construction projects. Microsoft’s Climate Innovation Fund has made a strategic investment in Fortera, securing procurement rights for ReAct low-carbon cement.
