Climate tech pioneer, CH4 Global, has successfully raised a substantial $29 million in Series B funding, marking a significant stride in the quest to mitigate greenhouse gas (GHG) emissions in animal agriculture. These funds are earmarked for the construction and validation of the innovative CH4 Global EcoPark™ – a state-of-the-art aquaculture and production facility. The facility's primary focus? The scaled production of the company's flagship product, Methane Tamer™.
The financing round, spearheaded by DCVC, DCVC Bio, and Cleveland Avenue, and featuring participation from other climate-conscious investors, brings CH4 Global's total capital influx close to a remarkable $47 million. This influx accentuates the market's burgeoning demand for effective and safe strategies to significantly curtail enteric methane from livestock, primarily cattle.
Methane Tamer, a groundbreaking additive for cattle feed, leverages the potent properties of the red seaweed, Asparagopsis. The result? An impressive reduction in methane emissions from cattle by up to 90%. The initiative does not stop there; it also diminishes the energy from feed lost to these emissions. With the impending establishment of the CH4 Global EcoPark, the firm is set to broaden its horizons, targeting strategic markets across all habitable continents.
This development could not be timelier. The over 1.5 billion cows globally contribute upwards of 150 million tons of methane every year, outpacing the combined greenhouse gas output of the US, EU, and India. The United Nations underscores methane's potency, noting its capability to influence global warming at a rate 80 times higher than CO2 in the upcoming two decades.
Dr. Steve Meller, CH4 Global's co-founder and CEO, emphasized the urgency of their mission, noting the burgeoning interest from stakeholders like governments, food producers, and farmers. Meller elaborated on their strategic CH4 Global EcoPark, which focuses on the economical growth and processing of Asparagopsis, facilitating the production of their distinctive Methane Tamer tailored to specific cattle market segments.
John Hamer, PhD, Managing Partner at DCVC Bio and a member of CH4 Global's board of directors, lauded the company's unique solution. Hamer emphasized the distinctiveness of CH4 Global's feed additive in the realm of seaweed-based offerings.
Echoing Hamer's sentiments, Zachary Bogue, Co-founder and Managing Partner at DCVC, branded CH4 as the 'deep tech' solution that the world has been waiting for, capable of swiftly and efficiently addressing cattle methane emissions.
The funding round also welcomed Cleveland Avenue, LLC to CH4 Global's Board of Directors. Randall Lewis, the Managing Partner at Cleveland Avenue, LLC, conveyed their enthusiasm about partnering with CH4 Global in this crucial environmental endeavor.
Notably, over 150 nations have endorsed the Global Methane Pledge, aiming for a 30% reduction in methane emissions. This global consensus follows the IPCC's 2021 report highlighting methane as a principal factor influencing climate change in the coming quarter-century. The IPCC has set forth a target: a 45% reduction in methane emissions by 2030, aligning with the Paris Agreement's ambitious 1.5ËšC benchmark. CH4 Global, with its innovative solutions, is poised to play a pivotal role in achieving this target.