NovoNutrients Joins Chevron Technology Ventures’ Catalyst Program
Nov 16, 2019
Funding and cooperation advances NovoNutrients’ piloting of its protein-making Carbon Capture and Utilization (CCU) technology to further energy sector sustainability
November 13, 2019 10:00 AM Eastern Standard Time
SUNNYVALE, Calif.--(BUSINESS WIRE)--NovoNutrients, a Silicon Valley based innovator making protein through carbon capture and utilization, has been selected by Chevron Technology Ventures to join its Catalyst Program. NovoNutrients transforms industrial emissions that are primarily CO₂ into additives and high-performance protein ingredients, initially for fast-growing aquaculture feed markets.The Catalyst Program is a conduit for maturation of early stage startups that have created emerging technologies with the potential to benefit the energy industry. NovoNutrients is the first biotechnology company to join the program. Innovation support from Catalyst will enable NovoNutrients to progress through key milestones, including piloting its technology in the field and capturing and using carbon dioxide emissions from the energy industry to make nutritious protein for the aquaculture and, eventually, animal feed markets. In addition to the support from Chevron Technology Ventures, the Grantham Environmental Trust’s Neglected Climate Opportunities program has made investments in NovoNutrients to support the development of its technology to advance sustainability objectives in the energy sector.“The cooperation and funding from CTV’s Catalyst Program will help NovoNutrients prove and develop its path for large-scale manufacturing and adoption. As a part of this push for profitable carbon capture utilization, we hope to be among the technology solutions that arise to counter these deep challenges to the global economy and planetary health,” said NovoNutrients’ CEO, David Tze. “We look forward to rolling up our sleeves and showing how the energy industry can be part of making the protein behind the protein™."Brian Sefton, NovoNutrients’ CTO and founder, explains further, “High quality protein is expensive. Look at aquaculture’s reliance on feeding wild fish to farmed fish. That supply is shrinking, volatile, and expensive. To keep aquafeed production challenges from dragging down aquaculture growth, less costly additives and proteins are needed – to make feed with less fish in it. Our bioreactor process is anchored by low blended-cost, massive-scale feedstocks: waste CO₂, as well as hydrogen. The gases feed our fast-doubling bacterial strains, which can be natural, have 70%+ protein, and, optionally, integrated additives.”About NovoNutrients:Focused on food and feed from carbon capture, NovoNutrients is the protein behind the protein™. Through proprietary microbial biotech, NovoNutrients transforms industrial waste carbon dioxide (from cement plants and the like) into alternative protein ingredients and food/feed additives. Its products will initially serve fast-growing, compound feed markets: aquaculture and the broader one for all animals ($450 billion, 1.1 billion tons in 2018). NovoNutrients is a pre-revenue, venture-funded company that is moving to commercialization.About Chevron Technology VenturesFormed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy. Visit www.chevron.com/technology/technology-ventures.
