Funding to Accelerate Development of Innovative Carbon
Capture and Utilization Technology for Sustainable Protein
Production
SUNNYVALE, Calif., July 16,
2024 /PRNewswire/ -- NovoNutrients, a biotech
trailblazer transforming CO₂ emissions into premium protein,
today announced the US$18 million
successful first closing of a Series A financing that includes
US$10.3 million in new capital and
the conversion of US$8 million in
previously issued SAFEs. The round was led by Woodside Energy, a
global energy company, and co-led by CM Venture Capital, an
advanced/sustainable material investment company. Other
participants include SOSV's IndieBio and Decarbonization
Consortium, Happiness Capital, The Jeremy and Hannelore Grantham
Environmental Trust, and Audacy Ventures. The round targets
additional closings for a total of US$23
million.
The potential applications for Novotein™
span pet food, aquaculture, and plant-based alternatives for human
consumption.
NovoNutrients' pioneering process captures industrial
CO₂ emissions and combines them with hydrogen to produce
Novotein™, a nutritious and environmentally responsible protein
ingredient. NovoNutrients' plans to utilize an asset-light strategy
encompassing licensing and strategic partnerships.
The Series A funding will support NovoNutrients' industrial
pilot program, team growth, and commercial partnerships.
NovoNutrients has already secured technology development agreements
(TDAs) in the energy and nutrition sectors, including a TDA entered
into with Woodside Energy in 2023.
"This investment brings us closer to realizing our vision of a
world where industrial emissions are upcycled into essential
nutrients for a growing population," said David Tze, CEO of NovoNutrients.
Novotein™ has demonstrated its nutritional excellence and
versatility in animal studies, comparing favorably to both
traditional and emerging protein alternatives. This premium
ingredient significantly reduces water and land use compared to
conventional proteins.
The potential applications for Novotein™ span pet food,
aquaculture, and plant-based alternatives for human consumption.
This versatility helps to address the increasing global demand for
cost-effective, sustainable protein sources across multiple
markets.
"With this Series A financing, NovoNutrients is well-positioned
to accelerate its growth and quickly become a leading supplier of
CCU technology that enables sustainable protein ingredients," said
Min Zhou, Managing Partner of CM
Venture Capital. "Their leading-edge approach aligns with our focus
on renewable carbon, advanced materials science and hard-tech
innovations. We have great confidence in the NovoNutrients team's
ability to execute their ambitious vision."
This Series A round marks a significant milestone for
NovoNutrients as it advances its technology. Supported by its
investors and partners, the company is poised to make substantial
contributions to global food security and industrial
decarbonization. As NovoNutrients expands its technology and
partnerships, it aims to become a leading provider of sustainable
protein ingredients and a key player in the global transition
towards a lower carbon economy.
About NovoNutrients
NovoNutrients transforms
industrial CO₂ emissions into premium protein ingredients for food
and feed. Their proprietary gas fermentation technology employs
natural microbes to convert CO₂ and clean hydrogen into complete
protein with nutritional value equivalent to beef. NovoNutrients'
efficient business model allows emitters to invest in profitable
carbon capture and utilization projects, with NovoNutrients serving
as the technology partner. Visit
[www.novonutrients.com](http://www.novonutrients.com/) for more
information.
About Woodside Energy
We are a global energy
company founded in Australia,
providing reliable and affordable energy to help people lead better
lives. We aim to thrive through the global energy transition with a
low cost, lower carbon, profitable, resilient and diversified
portfolio1. Today our portfolio includes a
diverse range of oil and gas assets. We're also developing a
portfolio of new energy products and lower carbon services. Visit
[www.woodside.com] for more information.
About CM Venture Capital
CM Venture Capital is a
leading venture capital firm that invests in renewable carbon,
advanced materials science and hard technologies. Backed by Fortune
500 companies – BASF, BAT, GE, Henkel, Heraeus, Petronas, Samsung,
SABIC – CM Venture Capital has a global reach and a strong
network in China. CM Venture
Capital partners with ambitious entrepreneurs to build companies
that address challenges in decarbonization, digital transformation,
energy transformation and material transformation. Visit
[cmventure.net] for more information.
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1 For
Woodside, a lower carbon portfolio is one from which the net equity
scope 1 and 2 greenhouse gas emissions, which includes the use of
offsets, are being reduced towards targets, and into which new
energy products and lower carbon services are planned to be
introduced as a complement to existing and new investments in oil
and gas. Our Climate Policy sets out the principles that we believe
will assist us achieve this aim.
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NovoNutrients Media Contact:
David Tze, press@novonutrients.com, 415-236-2455
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SOURCE NovoNutrients