In an over-subscribed funding round, NetZeroNitrogen (NZN), a pioneering start-up creating sustainable alternatives to synthetic nitrogen fertilizers, raised $1.6 million. The funding round, exceeding its target by 75%, was led by German venture capital firm Revent and UK-based Zero Carbon Capital. This news follows the company’s recent win of a Transforming Technologies grant from Innovate UK.
NetZeroNitrogen’s unique approach is set to tackle the synthetic nitrogen fertilizer (SNF) industry’s annual 1 billion tonnes of CO2 equivalent greenhouse gas emissions. A grant from Undaunted initially backed this significant initiative. The current funding, which also involved participation from an Asian climate-focused strategic investor and a group of angel investors, including biotech industry veteran Tony de Fougerolles, will support the first phase of NZN’s field trials in 2024.
Since its establishment in May 2022, NetZeroNitrogen has been committed to developing a natural, economically viable alternative to SNF. The company aims to create an additive and a complete replacement for SNF without any associated ‘green premium.’ This product is designed to function as a seed coating, through which bacteria will colonize the host plant, enabling it to absorb nitrogen from the atmosphere directly.
The disruptive technology has attracted praise and optimism from its investors. Rebecca Brill, Investment Manager at Revent, applauded the start-up’s potential, likening it to the transformative Haber-Bosch process of the last century. She said, “This technology has the potential to be as, if not more, impactful…and we could not be more pleased to be working with this incredible team.”
Pippa Gawley of Zero Carbon Capital also emphasized the combination of solid science and effective team leadership. “Justin, Gary, and Alan have the right combination of deep scientific expertise and business leadership to deliver on the promise of this tiny organism to revolutionize the world’s agriculture,” she commented.
The award of a Transforming Technologies grant from Innovate UK has further bolstered NetZeroNitrogen’s successful funding round. This grant will support the acceleration of NetZeroNitrogen’s research into relevant fermentation technology, bringing them closer to a more sustainable future for the global agricultural industry.
