Tuscon, Arizona based Grannus closed a $2 million Series A round from an undisclosed investor, the company announced on April 15th. The company produces nitrogen fertilizer.
Grannus was formed in 2012 to commercialize their process of developing nitrogen fertilzer. Grannus’ Eureka™ process plant design combines traditional fertilizer manufacturing technology with innovations in power generation technology to develop the first ever zero-emissions combined fertilizer and thermal power plant, according to the company’s website.
Grannus claims Eureka™ is more cost effective and produces less green house gas emissions than other processes, in some cases eliminating them entirely. According to the company, the distributable and scalable size of the Eureka™ process increases its “cleantech credentials” by reducing shipping needs for their fertilizer, and thereby lowering the company’s carbon foot print.
Grannus will use this round of funding in part to commercialize the Eureka™ process, but the company also plans to conduct feasibility studies on whether they can build a commercial scale demonstration plant in the state of California, the company said in a statement.
The company points to the environmentally friendly aspects of its process as of particular interest to farmers in the state of California, a state with some of the strictest environmental protection standards in the world.
AgFunder Co-Investment Fund III is now open for investment. Closing June 15, Spots are limited.
“As cleantech entrepreneurs, we strive to find innovations that are simultaneously good for people, the planet, and investors,” said Matthew Cox, Grannus’ Chief Executive Officer, in a statement. “This funding for the Eureaka™ Process is a validation of the years of research and effort Grannus has invested in developing a new process technology that does all three.”
Nitrogen fertilizer has become an essential part of worldwide agriculture, with an average of 183 million tons used every year. That’s about a $60 billion market share globally, playing a part in about half of the world’s food supply.
In 2013, Grannus was a finalist at the national level of the Cleantech Open, the world’s largest accelerator for Cleantech startups.
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Photo Courtesy of Grannus.