NovoNutrients has raised $18m in a Series A round to expedite the development of carbon capture and utilisation technology for sustainable protein production.
The biotech company is focused on converting CO₂ emissions released by industries into premium protein ingredients for food and feed.
Its proprietary gas fermentation technology utilises natural microbes to convert CO₂ and clean hydrogen into complete protein dubbed Novotein to offer nutritional value claimed to be equivalent to beef.
The financing comprises $10.3m in new capital and the conversion of $8m from previously issued simple agreements for future equities (SAFEs).
The Series A round was led by Woodside Energy and co-led by CM Venture Capital, an investor in advanced and sustainable materials.
Other participants include venture capital firm SOSV’s IndieBio and Decarbonization Consortium, Happiness Capital, Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures.
The funding round aims for additional closings to reach a total of $23m.
NovoNutrients CEO David Tze said: “This investment brings us closer to realising our vision of a world where industrial emissions are upcycled into essential nutrients for a growing population.”
The company intends to adopt an asset-light approach focused on licensing and forming strategic partnerships.
The Series A funding is expected to bolster NovoNutrients’ industrial pilot programme, expand its team, and foster commercial partnerships.
NovoNutrients has already secured technology development agreements (TDAs) across the energy and nutrition sectors, including a significant TDA with Woodside Energy in 2023.
Novotein is said to have shown its nutritional superiority and adaptability in animal studies, outperforming both traditional and emerging protein alternatives.
The advanced ingredient offers substantial reductions in water and land usage compared to conventional proteins.
Its diverse applications include pet food, aquaculture, and plant-based alternatives for human consumption. The ingredient can help meet the rising global demand for economical, sustainable protein sources across various markets, said NovoNutrients.
The Series A round supports NovoNutrients’ vision to accelerate its technological advancements.
With backing from investors and partners, the company plans to improve global food security and industrial decarbonisation.
Additionally, the biotech firm plans to expand its technology and forge new partnerships to supply sustainable protein ingredients and advance the global shift towards a low-carbon economy.
