EQT Foundation invests in NitroVolt, revolutionizing green ammonia production

EQT Foundation has participated in a €3.5 million seed round in NitroVolt, a Danish startup that is pioneering a novel approach to generating green ammonia directly at farm sites. This investment round, which follows NitroVolt’s recognition as a Breakthrough Energy Fellow, brings together investors including BackingMinds, EIFO, Satgana, Breakthrough Energy Fellowship and Division Q. NitroVolt’s electrochemical ammonia synthesis process offers a transformative approach to the environmental and logistical issues associated with traditional ammonia production. By providing a means for farmers to produce ammonia directly on-site using only air, water, and renewable electricity, NitroVolt reduces dependance on centralized production and extensive supply chains while simultaneously making ammonia production carbon-free and cost competitive. This round of seed funding will support the development of NitroVolt’s first on-farm demonstration unit and scaling of the technology.

Ammonia is essential to global agriculture, supporting the production of nearly half the world’s food supply. However, conventional production using the Haber-Bosch process accounts for ~2% of global CO2 emissions, and relies heavily on global distribution networks. The company’s “Nitrolyzer” technology directly addresses these challenges by offering farmers a means to produce zero-emission ammonia on the farm, allowing for a more consistent and sustainable fertilizer solution.

The EQT Deal Team, consisting of Emil Sylvest Christiansen, Anjum Rangwala and Eric Joubert will support NitroVolt on the scaling and business development fronts, by leveraging EQT’s commercial and sustainability expertise and helping with connections to the broader agricultural and chemical network within EQT.

"A transition to green ammonia is essential to shift chemical, agricultural, energy and transport sectors towards net zero by 2050. NitroVolt’s novel technology has the potential to decarbonize conventional ammonia production and has wide-ranging applicability in both developed and emerging markets. As strong scientific founders, Suzanne and Mattia are great examples of the type of entrepreneurs we want to support."
Anjum Rangwala, Investor, EQT Foundation

"This financing round enables us to follow our ambition to make a lasting positive impact by decarbonizing the nitrogenous fertilizer industry. The climate crisis demands action today, and by providing small modular units, we can do a fast implementation of a green solution, and give resiliency towards a burdensome supply chain. We’re so excited to have the broader EQT community join us in this journey, and we have already leveraged their phenomenal network to help us accelerate faster."
Suzanne Zamany Andersen, CEO NitroVolt

"From our first interaction, Suzanne and Mattia have consistently impressed us with their great vision, the speed of NitroVolt's technological and commercial advancements, and their dedication to creating impact at scale. We are excited to support them on this journey."
Emil Sylvest Christiansen, EQT Deal Team