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Source: NovoNutrients

NovoNutrients has raised an $18 million Series A round led by Woodside Energy and CM Venture Capital. SOSV’s IndieBio, Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures also contributed to the round.

NovoNutrients’ proprietary gas fermentation technology captures CO2 and combines it with hydrogen to produce Novotein™, a highly nutritious and sustainable protein ingredient. This capital-light model enables emitters to invest in profitable carbon capture and utilization (CCU) projects.

Per TechCrunch, which had the exclusive on the story, “NovoNutrients uses fermentation like other companies that turn carbon dioxide into more complex molecules. But unlike many of its competitors, it’s not using a big tank that resembles what you might see in a brewery. Instead, NovoNutrients employs thinner cylinders that are looped.”

The Series A funding will be allocated to support NovoNutrients’ industrial pilot program, team expansion, and the establishment of commercial partnerships. The company has already secured strategic partnerships across the value chain, including a 2023 technology development agreement with Woodside Energy.