NitroVolt funding news – Hovedstaden-based NitroVolt has Secured €3.5 Million in Seed Funding
Nov 13, 2024 | By Kailee Rainse
NitroVolt, a company developing green ammonia technology, has raised €3.5 million in seed funding. The investment comes from BackingMinds, EIFO (Denmark’s sovereign wealth fund), and climate-focused investors like EQT Foundation, Satgana, and DivisionM.
SUMMARY
- NitroVolt, a company developing green ammonia technology, has raised €3.5 million in seed funding.
- NitroVolt is developing a small ammonia production unit to give farmers control over making their own fertilizer.
Ammonia is key to agriculture, helping produce 40-50% of the world’s food. But the current way of making ammonia releases about 500 million tons of CO₂ every year, which makes up around 2% of global emissions.
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Traditional ammonia production also causes extra emissions from transportation and leaves the supply chain vulnerable to disruptions. NitroVolt's solution is to produce ammonia directly on farms using its "Nitrolyzer" system. This small, portable unit uses air, water, and renewable energy to create ammonia—without relying on fossil fuels.
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Funding Utilisation
With the seed funding, it plans to take its lab-based technology and make it work in the real world. They aim to build a demonstration unit for use on a farm to test if decentralized ammonia production is feasible. The funding will also help NitroVolt form partnerships to support its growth in the future.
CEO Suzanne Zamany Andersen, Ph.D., commented on the company’s mission: “My ambition in life is to make a measurable and lasting positive impact, which is exactly why we started NitroVolt. The climate crisis demands action today, and by providing small modular units, we can do a fast implementation of a green solution. What gets me excited to go to work every day is the knowledge that NitroVolt has the possibility of enabling both environmental impact by abating significant CO₂ emissions and societal impact by proving nitrogen-fertilizer to the most exposed and at-risk regions, thereby alleviating global hunger.”
Lasse Truels Köhler, investment manager for green investments at EIFO, noted: “The invention of industrial ammonia production has been vital in sustaining the world’s growing population throughout the last century. Unfortunately, current production methods take a huge toll on the climate and in EIFO we are excited to support Nitrovolt on their journey to bring ammonia production into the green era where it is needed the most – on farms all around the world.”
About NitroVolt
NitroVolt is developing a small ammonia production unit to give farmers control over making their own fertilizer. Using their unique, patent-pending process, they aim to reduce carbon emissions in fertilizer production, lower the costs of fertilizer distribution, and make farming more resilient to external challenges and political issues.