Key Insights
- NitroVolt, a Danish startup, has raised €750,000 in pre-seed funding led by Swedish VC firm BackingMinds for its innovative “Nitrolyzer” technology that aims to produce ammonia sustainably.
- The funding will accelerate NitroVolt’s efforts to upscale production and expand market reach amidst growing demand for green ammonia solutions.
- Ammonia, crucial for global food production, is currently produced in ways that significantly contribute to global CO2 emissions, highlighting the need for cleaner production methods.
- NitroVolt’s approach could revolutionize the industry by offering a renewable, carbon-free alternative, thus contributing to global efforts to reduce carbon emissions.
Transforming Ammonia Production for a Sustainable Future
Danish startup NitroVolt has announced a significant pre-seed investment of €750,000 from Swedish venture capital firm BackingMinds. This investment aims to support the development and scaling of NitroVolt’s “Nitrolyzer” unit, a groundbreaking technology designed to produce ammonia in a more environmentally friendly manner.
The Drive for Green Ammonia
The global ammonia production industry, critical for food production and various industrial applications, is under increasing pressure to reduce its substantial carbon footprint. Current production methods contribute approximately 500 million tonnes of CO2 annually, spotlighting the urgent need for sustainable alternatives. NitroVolt’s technology proposes a solution that uses only air, water, and electricity to produce ammonia, eliminating the reliance on fossil fuels.
Founders’ Vision
Suzanne Zamany Andersen, CEO & Co-founder of NitroVolt, emphasized the transformative potential of their technology: “Our technology makes it possible to produce ammonia locally and puts the end user in control of the production. This means that the production becomes resilient to supply chain volatility and green simultaneously – something that doesn’t exist on the market today.”
Mattia Saccoccio, CTO & Co-founder, shared their ambitious goals for scaling the technology: “With the new funding, we’re moving out of the university and hiring the competencies we need to scale our technology. During 2024, we expect to increase our green ammonia output production by a factor of 1,000!”
Investor Confidence
BackingMinds, leading the investment round, expressed strong belief in NitroVolt’s mission and technology. Susanne Najafi, Founding Partner at BackingMinds, highlighted the alignment with their investment philosophy: “NitroVolt caught our attention as we’ve been actively seeking green alternatives for fertilizers for over two years. Their groundbreaking solution targets 100% renewable, carbon-free ammonia, addressing a critical concern in agriculture.”
Jasenko Hadzic, Principal at BackingMinds, added, “As the world transitions from fossil fuels, ammonia production is set to go through a tectonic shift. NitroVolt’s unique technology is in a great position to take advantage of the opportunity, and we’re incredibly excited to partner up with Suzanne and Mattia on this journey.”
Image courtesy of BackingMinds
Photographer: Minna Yr Johannsdottir
From Left to right: Jasenko Hadzic (Principal, BackingMinds), Mattia Saccoccio (CTO & Co-founder, NitroVolt), Suzanne Zamany Andersen (CEO & Co-founder, NitroVolt), Susanne Najafi (Founding Partner, BackingMinds)
