NitroVolt secures €3.5M in seed funding to realize green ammonia production
With seed round, Danish startup NitroVolt leaps into a future with zero-emission ammonia technology that allows farmers to have direct access to sustainable source of fertilizers.
NitroVolt, a Danish startup developing green ammonia for farmers, has secured €3.5 million in seed funding. Participants in the round include BackingMinds, a Swedish early-stage venture capital firm, EIFO, the sovereign wealth fund of Denmark, and climate tech and early-stage investors EQT Foundation, Satgana, and DivisionM. The Breakthrough Energy Fellowship has provided a grant in 2023 and is now following that with an equity investment in the current round. The funding will be used to build the first on-site container-sized demonstration unit, producing green ammonia from air, water, and clean electricity.
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Demonstration unit on a farm
NitroVolt is working towards a solution that will produce green ammonia directly at the point-ofuse – at the farm – thereby disrupting this cumbersome and long supply chain while circumventing all CO2 emissions. This is done through the company’s ‘Nitrolyzer’ system, which will be a container-sized system that combines only air, water, and renewable electricity in an electrocatalytic ammonia synthesis process. NitroVolt’s solution totally removes fossil fuels from the production process, making its ammonia 100% renewable, carbon-free, and competitive with current ammonia prices. With the seed round, NitroVolt plans to take its technology – which has been successful in the lab – to the real world.
The next phase of the company will be to scale its technology and prove viability by building a demonstration unit on a farm. The funding will also be used to identify and forge partnerships with partners and suppliers to further support the scaling and building of these systems as the company continues to grow.
“NitroVolt’s technology is a potential game changer for farmers and our food security. The founders, Suzanne and Mattia, have impressed us with their execution power and have recruited a great core team around them. We’re proud to continue to NitroVolt and are happy to see a stellar line up of new investors join this round,” says Jasenko Hadzic, Principal at BackingMinds
