NitroVolt, a Danish startup developing green ammonia technology, has announced the successful completion of a €3.5 million seed funding round. Key investors include BackingMinds, a Swedish early-stage venture capital firm, Denmark’s sovereign wealth fund EIFO, and climate-focused investors EQT Foundation, Satgana, and DivisionM.
Ammonia plays a crucial role in agriculture, essential for around 40–50% of global food production. However, current production methods contribute an estimated 500 Mt CO₂ emissions per year, representing about 2% of global emissions. Centralized production facilities also lead to additional emissions from distribution and expose the supply chain to potential disruptions. NitroVolt’s approach involves producing ammonia directly at farms through its “Nitrolyzer” system, a container-sized unit that combines air, water, and renewable electricity to create ammonia without fossil fuels.
Scaling laboratory success for practical use
With the seed funding, NitroVolt intends to move its lab-based technology to a real-world setting. Plans include building a demonstration unit for use on a farm to assess the viability of decentralized ammonia production. The funding will also help NitroVolt establish partnerships to support future scaling efforts.
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.”
Read the orginal article: https://www.eu-startups.com/2024/11/hovedstaden-based-nitrovolt-secures-e3-5-million-to-realise-green-ammonia-production/
