The latest funding for the new protein startup was led by a Hong Kong-based global venture capital firm, Capital of Happinesswhich has already invested in Beyond Meat, Redefine Meat and Ynsect.
The startup, which previously raised $4.3 million, plans to use the latest project funding to complete its industrial pilot program, which will capture CO2 emissions from an oil and gas and/or cement plant.
“NovoNutrients has taken significant steps to become one of the world’s largest suppliers of innovative protein ingredients by 2030,” said Eric Ng, CEO of Happiness Capital. “The management team has secured tremendous support, not only from us, but also from visionary former investors, as well as project funding from strong business partners.”
“The uniqueness of NovoNutrients is the combination of its current focus on alternative proteins, its use of inexpensive carbon and hydrogen capture, and its creation of a robust platform for manufacturing natural biologics. and synthetics. Beyond nutrition, we expect its platform to do other bio-based chemicals and materials. Its technology is extremely cost-effective and promising to meet growing global demand and greenhouse gas emissions.
NovoNutrients plans to co-locate its bioreactors and systems at industrial sites that produce high levels of CO2. Globally, NovoNutrients factories have the potential to reduce these industrial CO emissions2
emissions per gigatons.
According to the startup, its protein ingredients are superior to those of soy.
“The progress of NovoNutrients,” said NovoNutrients CEO David Tze, “rests on the shoulders of three generations of fermentation pioneers who were primarily in biofuels. Now we believe we have found the way to high value products and affordable industrial scale. , using greenhouse gases instead of corn.”
“In the three years since our November 2018 Indiebio demo day,” adds Tze, “we have prototyped protein-based products that have 10x the market value of the original, which was intended to replace ingredients made from wild fish. We were able to do this without increasing our fermentation costs. We are rapidly accelerating to industrial scale. Our current pilot project is centered on a 1000 liter bioreactor. Shortly after, we will set up a 20,000 liter industrial demonstration.
E2JDJ and Marinya Capital also joined the round, which included takeovers of IndieBio from SOSV and the Grantham Environmental Trust. Other past investors include the Stanford Graduate School of Business Impact Fund, Purple Orange Ventures and Joyance Partners.