To enable commercial production, the company has built a land-based algae production prototype in Lysekil, Sweden. The new capital contribution will be invested into establishing its pilot facility during 2021, preparing for a large-scale factory supplying enough seaweed to eliminate a significant portion of methane emissions from Swedish cattle.
"There are more than 1bn cows on the planet, and the emissions from these continue to increase. Despite that, there are no widespread solutions to decrease the emissions, and research in the field is progressing far too slow. However, we are now on track to implement a solution that can reduce a large part of the emissions, and it feels exciting that such competent investors want to join our journey,” said Fredrik Åkerman, the CEO and co-founder of Volta Greentech.
Claes Dinkelspiel, founder of Nordnet bank, invested in the current round. He said, "I own a farm with cattle myself, and am well aware of the problems with methane emissions. Here is a solution that can make a substantial difference. It feels both inspiring and meaningful to participate in decreasing methane emissions both in Sweden and potentially internationally.”
The company's first pilot factory has a small footprint of 500 square meters, but Åkerman said, "By constructing a closed system, we make sure that we retain constant production and quality over time, regardless of environmental factors such as water quality or weather. The approach also enables drastically improved efficiency and productivity over time by continuous iterations of the cultivation recipe in our laboratory."