NovoNutrients bags $18m in Series A to transform CO₂ into nutritional proteins

NovoNutrients, a biotech innovator specializing in converting CO₂ emissions into high-quality protein, announced a successful first closing of its Series A financing. The funding round totals $18 million, comprising $10.3 million in new capital and $8 million from converted SAFEs. Woodside Energy, a prominent global energy firm, led the round with co-leadership from CM Venture Capital, a firm dedicated to advanced and sustainable materials.

Strategic Contributions and Future Fundraising Goals

Other key participants in this financing include entities like SOSV’s IndieBio, Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures. NovoNutrients aims to raise a total of $23 million in this round, indicating plans for future closings.

Innovative Approach to Sustainable Protein Production

NovoNutrients has developed a pioneering process that captures industrial CO₂ emissions and synthesizes them with hydrogen to produce Novotein, a sustainable and nutritious protein ingredient. Their strategy focuses on licensing and forming strategic partnerships, enabling a broader implementation of their technology.

NovoNutrients clinches $18M in Series A funding to upscale its revolutionary technology transforming CO₂ emissions into premium, sustainable protein ingredients.

Applications and Impact of Novotein

Novotein has shown promise in animal studies, offering a nutritional profile that rivals both traditional and alternative proteins while significantly reducing water and land usage. The protein’s applications extend across pet food, aquaculture, and plant-based human food alternatives, catering to the growing global demand for sustainable protein sources.

Comments from Leadership

David Tze, CEO of NovoNutrients, expressed enthusiasm about the investment, stating, “This investment brings us closer to realizing our vision of a world where industrial emissions are upcycled into essential nutrients for a growing population.” Min Zhou, Managing Partner at CM Venture Capital, also highlighted the strategic alignment of NovoNutrients with their investment focus on renewable carbon and advanced materials science, underscoring their confidence in NovoNutrients’ vision and team.

Future Outlook and Goals

With the Series A funding, NovoNutrients is set to expand its industrial pilot program, increase its workforce, and enhance commercial partnerships. The funding will also support existing technology development agreements with significant players like Woodside Energy, fostering advancements in both the energy and nutrition sectors.

Significance of This Milestone

This funding round is a crucial milestone for NovoNutrients, bolstering its position as a forthcoming leader in carbon capture and utilization (CCU) technology. With strong backing from its investors, NovoNutrients is poised to contribute significantly to global food security and industrial decarbonization, marking a step forward in the global shift towards a lower-carbon economy.