MEMBER PRESS RELEASE – N2 Applied raises NOK 74 million for next phase expansion
N2 Applied, the Norwegian technology company developing sustainable solutions for food production, has completed a fundraising of NOK 74.4 million from new and existing investors. New shareholders include NorgesGruppen and Joh. Johannson, – biggest grocery chain in Norway, who have committed a combined sum of over NOK 30 million. Additionally, the company 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, air and renewable energy.
Grete Sønsteby, founder and CEO of N2 Applied, states: “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. 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.”
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.
N2 Applied’s technology results in increased nitrogen levels in livestock manure, fewer ammonia and greenhouse emissions, and the removal of manure odour. The local production of environment-friendly nitrogen fertiliser provides a higher yield for the farmer and can be spread with the same equipment as currently used.
Ingrid Solberg Gundersen, Head of Communications, states, “NorgesGruppen has invested in N2 Applied as we believe the company holds an interesting technology with a 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.”
For additional information please contact
Kåre Gunnar Fløystad, tel: +47 951 80 221, email: firstname.lastname@example.org