Billion-dollar construction startup Katerra?s acquisition of Michael Green Architecture suggests intriguing possibilities for sustainable construction Tall timber construction, hyped as one of the next big things in architecture and construction, has slowly gained traction as a small number of multistory projects have started to showcase the possibilities of a more sustainable type of building.
A new business deal between a construction startup and a pioneer in tall timber design may help speed up more widespread adoption of this technology.
Earlier this year, Katerra, a Silicon Valley startup focused on the construction industry, received $865 million in funding from the SoftBank Vision Fund, a billion-dollar venture capital firm that has invested in leading startups such as Uber. Today, Katerra used some of its sizable bankroll to acquire Michael Green Architecture Inc. (MGA), a Vancouver-based firm and one of the pioneers of tall timber construction. Katerra, which bills itself as a tech firm, has pitched itself as a disruptor in the staid construction industry, suggesting that its innovative technology, and focus on vertically integrating the building process, will allow it to build better, faster, and cheaper than conventional firms.
The acquisition of MGA, the eponymous firm whose founder is considered one of the leaders in tall timber design and architecture, suggests they see wooden buildings as a big part of the solution.
Currently valued at $3 billion, K...