Grannus, a start-up company aiming to develop the first zero-emissions combined fertiliser and thermal power plant, has raised $2 million in Series A from an undisclosed strategic investor.
The company will use the capital to fund the commercialisation of the company’s Eureaka Process; a “cost-effective system” for the production of ammonia, urea and other nitrogen fertiliser products, the process also produces little-to-no greenhouse gas emissions, which are usually prevalent in fertiliser production, according to a press release.
“As cleantech entrepreneurs, we strive to find innovations that are simultaneously good for people, the planet, and investors,” Matthew Cox, Grannus’ chief executive, said in a statement. “This funding for the Eureaka Process is a validation of the years of research and effort Grannus has invested in developing a new process technology that does all three.”
About 183 million tons of nitrogen fertiliser is used on an average every year globally and the market is currently valued at over $60 billion, according to Grannus. Nitrogenous fertiliser produces half of the world’s food supply.
Earlier in April, early stage equity impact fund BSP Fund invested in Rowbot System, an agtech company developing robot technology to assist farmers’ application of nitrogen to crops. Offering an alternative to ammonia fertilisers, waste-to-organic fertiliser agtech firm WISErg Crop raised $11 million in Series B funding in late March.