NetZeroNitrogen (NZN), a company dedicated to developing a highly effective alternative source of nitrogen for crops and plants, has achieved a significant funding milestone. The pre-seed funding round, which was oversubscribed by 75%, was led by Revent and Zero Carbon Capital. Additionally, NZN has been awarded a non-dilutive Transforming Technologies grant from Innovate UK. These successes mark a major step forward in NZN's mission to eliminate the annual contribution of synthetic nitrogen fertilizer (SNF) to greenhouse gas emissions, estimated to be 1 billion tonnes of CO2e.
With initial support from a grant by Undaunted, NZN has made substantial progress in its pursuit of a natural alternative to SNF. The recently closed funding round, which attracted strong investor interest, will enable NZN to advance to the first stage of field trials in 2024. Revent, a German venture capital firm specializing in defensible and scalable technologies, and Zero Carbon Capital (ZCC), a UK-based deep-tech climate investor, led the funding round. The round also saw participation from an Asian climate-focused strategic investor and a group of angels, including experienced biotech CEO Tony de Fougerolles, formerly of Evox Therapeutics and ex-CSO of Moderna.
NZN's approach and product stand out from both traditional incumbents and emerging alternatives in several ways. Unlike existing solutions, NZN is developing a replacement, rather than an additive, for SNF. The innovative technology, applied as a seed coating, allows the bacteria to colonize the host plant, enabling the plant to directly fix nitrogen from the atmosphere. Moreover, NZN's product will be significantly more affordable than SNF, eliminating any "green premium" typically associated with sustainable alternatives.
Revent's Investment Manager, Rebecca Brill, expressed enthusiasm for the potential of NZN's technology, stating, "This technology has the potential to be as (if not more!) impactful than the Haber-Bosch process over a century ago, and we could not be more pleased to be working with this incredible team." Pippa Gawley of ZCC highlighted the combination of NZN's scientific innovation and strong leadership, stating, "We're very excited about the potential of NZN's bacteria-based alternative to reduce the damage caused by fertilizer, giving crops nutrients more efficiently and effectively in harmony with nature. Justin, Gary, and Alan have the right combination of deep scientific expertise and business leadership to deliver on the promise of this tiny organism to revolutionize the world's agriculture."
In addition to the successful funding round, NZN has been awarded a Transforming Technologies grant by Innovate UK, further bolstering the company's progress. This grant will accelerate NZN's research on relevant fermentation technology, enhancing their ability to bring their innovative nitrogen fertilizer alternative to market.
The combination of oversubscribed funding and the Transforming Technologies grant highlights the significant potential of NZN's groundbreaking approach. By developing a natural alternative to synthetic nitrogen fertilizer, NZN aims to mitigate the environmental impact of conventional fertilizers while revolutionizing global agriculture. As the company progresses to field trials, the team at NZN is poised to make a lasting and positive impact on sustainable farming practices and contribute to a more sustainable future for the planet.