N2 Applied raises NOK 74 million for expansion phase
N2 Applied, the Norwegian technology company developing sustainable solutions for food production, has announced that it has recently completed fundraising of NOK 74.4 million (≈ EUR 6.1 million) from new and existing investors.
"The calibre of the investors demonstrates the commercial potential of N2 Applied and the need to provide sustainable agriculture with reduced emissions and improved food production,” said Grete Sønsteby, founder and CEO of N2 Applied.
New shareholders include NorgesGruppen and Joh. Johannson, the biggest grocery chain in Norway, who have committed a combined sum of over NOK 30 million (≈ EUR 2.5 million). Additionally, N2 Applied has received further investment from existing shareholders, including Rasmussengruppen, Holta Invest, and Blue River Invest.
N2 Applied’s solution enables farmers and those working across agriculture to produce their own environment-friendly fertiliser by using livestock manure or digestate from biogas plants, air, and renewable energy.
Our solution will contribute to increased food production, with lower emissions and without expanding land use. We are now entering a pilot phase and are installing units at farms in several of our markets to prove the attractiveness of N2’s platform said Grete Sønsteby, Founder and CEO of N2 Applied.
N2 Applied’s solution enables its users to recycle, keeping the nutrients in the farm-cycle and converting them to an efficient fertiliser. The solution contributes to lower emissions, increased resource efficiency and reduces the need for fossil-based chemical fertiliser. The installation of machines on site will subsequently use air and renewable energy to process livestock manure and other biological waste.
NorgesGruppen has invested in N2 Applied as we believe the company holds an interesting technology with major potential for Norwegian farmers to make food production less resource demanding and more environmentally friendly. Our aim is to contribute to more sustainable agriculture and this solution enables farmers to produce environmentally friendly fertiliser locally by using livestock manure, air, and renewable energy, said Ingrid Solberg Gundersen, Head of Communications, NorgesGruppen.