Oslo, Norway: N2 Applied, the European agricultural technology business, today announced that it has raised €10 million (NOK 104 million) in investment funding, to further develop its fertiliser technology and expand its commercial use.
N2 Applied enables farmers to be self-sufficient with fertilisers produced locally on the farm without emissions. The technology creates reactive nitrogen from air and fixes it into organic or inorganic materials to create valuable plant nutrients that replace traditional fossil-based chemical fertilisers. When treating livestock slurry, we have demonstrated, through independent trials that the resulting enriched fertiliser is up to three times as effective compared to untreated livestock slurry, with performance equivalent to current alternatives. In addition, the N2 solution ‘locks in’ methane and ammonia gases, normally a significant environmental problem associated with livestock farming.
N2 Applied recently signed a strategic manufacturing and distribution partnership with GEA, a global provider of equipment to the beef and dairy industry. The company will now further develop its technology to accelerate adoption within this sector as well as broadening its scope to other types of fertilisers and market segments.
Last year N2 Applied announced that it had qualified for €15 million in investment from the EU’s European Innovation Council (EIC), amidst fierce competition from many of Europe’s most innovative companies. The funding announced today secures €5 million of equity investment by the EIC and a further €5 million committed by existing shareholders, which include Blue River Invest, Holta Invest, NorgesGruppen and Ramussengruppen, amongst others.
“The ability to make farmers more self-sufficient is a crucial part of tackling food security concerns. N2 Applied will now accelerate the adoption of our fertiliser technology across a broader spectrum of uses as part of our drive to contribute to a more sustainable food production globally. This is a major vote of confidence from our investors,” said Carl Hansson, CEO, N2 Applied.
The company has secured a further €10 million in equity commitment from the EIC and is looking to match this in a wider private placement financing round later this year.
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