NovoNutrients raises $18M to turn CO2 into protein at pilot scale

NovoNutrients develops gas-fermentation technology that converts CO2 emissions and hydrogen into protein ingredients for feed and food markets.

Industrial CO2 plus hydrogen could become a licensable protein platform if a pilot plant proved the bioreactor and microbial strains.

$18M Series A first close in July 2024, including $10.3M new capital and $8M converted SAFEs.

NovoNutrients was founded in 2017 around a hard biological bet: microbes could be tuned to eat industrial carbon dioxide and clean hydrogen, then output useful protein. The company chose a capital-light model in which partners would build plants while NovoNutrients supplied microbes, process design and licenses.

In 2024, NovoNutrients raised an $18M Series A first close led by Woodside Energy and co-led by CM Venture Capital. TechCrunch reported that the money would support a San Francisco Bay Area pilot plant using looped, thinner bioreactors intended to lower gas-mixing energy. GlobalPETS reported 73-82% protein content and planned dog and cat feeding trials.

NovoNutrients picked a waste stream that large emitters already produce in abundance.

The asset-light model reduced the need for NovoNutrients to own every future plant.

Pet food and aquafeed gave the company a more pragmatic early market than broad human-food adoption.

The pilot plant was the crucial bridge between lab strains and a licensable industrial process.

When the original market cools, a deep-tech startup can keep the core platform intact by finding a buyer segment with stronger willingness to pay.

As of July 25, 2024, NovoNutrients was using its Series A to expand pilot projects, improve technology and prepare for market entry. The company still needed feeding-trial, customer and scale-up proof before becoming a commercial protein supplier.