IsoTruss, Inc. completes $4.5 million Series A funding round
Springville — IsoTruss, Inc., an engineering, design, and manufacturing services provider, today announced it has raised $4.5 million in a Series A funding round. The funds will be used to scale up operations and accelerate production of patented IsoTruss® carbon fiber cell towers in support of 5G rollout by telecom infrastructure providers. 5G is forecast to cover approximately 60 percent of the world’s population in 2026.*
The Series A round, led by the S.G. Koenig Trust, follows a $3 million seed investment round led by the Sojitz Corporation of Japan in October 2020.
“This funding commitment demonstrates the enthusiasm for cost-effective, sustainable IsoTruss® carbon fiber lattice cell towers while strengthening our strategy to increase market share in the communications tower business,” says Nathan D. Rich, founder, and CEO, IsoTruss, Inc. “Our innovative IsoTruss® lattice grid designs require less carbon fiber to fabricate a tower as compared to steel towers, which allows us to further tighten the price gap and compete with traditional steel build-outs while offering additional added value.”
IsoTruss® composite lattice structures are up to twelve times stronger than steel for a given weight, or as little as one-twelfth the weight for a given load, depending on the design for a site, and its specifications.
IsoTruss® carbon fiber cell towers reduce shipping, installation, and equipment costs as compared to steel tower build-outs. “With commodity prices, particularly steel, going higher, IsoTruss products become more competitive at the time of the initial purchase,” says Cromwell Wong, COO, IsoTruss, Inc. “We estimate US tower construction build-out to be $30 billion in total value over the next five years domestically, and many more billions globally.” Consequently, the total cost of ownership (TCO) is lower, and on the environmental side, carbon dioxide emissions are reduced by 70 percent or more over the tower’s lifespan.
Utilizing the corrosion-resistance of the composite material, and superior wind resistance of the IsoTruss® geometry, IsoTruss® carbon fiber lattice cell towers are designed, engineered, and tested to last at least 5x longer than steel towers, which have to be replaced more often due to corrosion and other environmental factors.
In Spring 2022, IsoTruss, Inc. will open its second manufacturing facility, in Pampanga, Philippines, to further ramp up production of IsoTruss® carbon fiber lattice cell towers, which are well-suited to hurricane/typhoon-prone regions. The new facility will allow the enterprise to meet increasing demand for 5G in the Philippines and other countries located in Southeast Asia.
Last year, IsoTruss, Inc. received a $100,000 Phase 1 funding award from the US Environmental Protection Agency (EPA) for research and development of a reinforced concrete foundation for telecommunication towers to increase resiliency to natural disasters, which followed additional government R&D grants.
IsoTruss, Inc. is headquartered in Springville, Utah, at its Innovation Center for manufacturing and R&D. The enterprise is targeting industries including telecom infrastructure, aerospace, civil infrastructure, energy, and construction for further growth utilizing IsoTruss® Technologies, its family of patented, composite material grid structures.
With a global portfolio of more than thirty patented and patent-pending structural and composite material designs that protect not only the configurations but also the manufacturing processes, IsoTruss, Inc., is committed to building the sustainable infrastructure of the future through innovative solutions in engineering, design, manufacturing, and construction.
For more information, please visit https://www.isotruss.com/faq or contact [email protected].