IsoTruss Corporation, a provider of engineering, design and manufacturing services, announced today that it has raised $4.5 million in Series A funding to expand operations and accelerate the industrial production of its patented IsoTruss® carbon fiber grid towers to provide a foundation for telecommunications Facility providers roll out 5G to support. By 2026, 5G is expected to cover about 60% of the world's population.
As early as October 2020, IsoTruss has received a $3 million seed investment round led by Japan's Sojitz Corporation, which was led by S.G. Koenig Trust.
Nathan D. Rich, founder and CEO of IsoTruss, said, "This funding commitment demonstrates our enthusiasm for cost-effective, sustainable IsoTruss® carbon fiber grid towers and reinforces our commitment to increasing market share in the communications tower business. Strategically, our innovative IsoTruss® grid design requires less carbon fiber to manufacture towers than steel towers, which allows us to further close the price gap while providing additional added value when competing with traditional steel buildings. "
IsoTruss® carbon fiber grid towers are 12 times stronger than steel at a given weight, or 1/12 the weight of steel at a given load, depending on the site design and its specifications.
Compared to steel tower construction, IsoTruss® carbon fiber grid towers reduce transportation, installation and equipment costs. Cromwell Wong, chief operating officer of IsoTruss, said that with rising commodity prices, especially steel prices, IsoTruss products have become more competitive in initial purchases. It is estimated that the total value of tower construction in the United States will reach 300 million in the next five years. billion dollars, while the carbon fiber grid tower has a lower total cost of ownership and an environmental reduction of 70% or more in CO2 emissions.
Taking advantage of the corrosion resistance of composite materials, as well as the excellent wind resistance of IsoTruss® geometry, IsoTruss® carbon fiber grid towers are designed, fabricated and tested to last at least 5 times longer than steel towers, which due to corrosion and other environmental factors must Replace more frequently.
In the first half of this year, IsoTruss will open its second manufacturing facility in Pampaga, Philippines, to further ramp up production of IsoTruss® carbon fiber grid towers, ideal for hurricane/typhoon-prone areas. The new facility will allow the enterprise to meet the growing demand for 5G in the Philippines and other countries in Southeast Asia.
Last year, IsoTruss received a $100,000 first tranche of funding from the U.S. Environmental Protection Agency (EPA) to research and develop reinforced concrete foundations for telecommunications towers to increase resilience to natural disasters.
About IsoTruss Corporation
IsoTruss is headquartered in Springville, Utah, USA, at its manufacturing and R&D innovation center. The business targets industries including telecommunications infrastructure, aerospace, civil infrastructure, energy and construction for further growth utilizing IsoTruss® technology.
With more than 30 patents and patent-pending structural and composite designs that protect not just structures but manufacturing processes, IsoTruss is committed to building tomorrow's future through innovative solutions in engineering, design, fabrication and construction. sustainable infrastructure.