Funding Secured: Provectus Algae Receives $12.6 Million in Series A for Carbon-Reducing Technologies
Mort & Co Partners with Provectus Algae to Reduce Methane Emissions in Livestock
In a significant move for the Australian beef industry, Mort & Co, one of the country's largest lot feeding managers, has partnered with Provectus Algae to conduct trials of the latter's methane-reducing feed supplement. This partnership aims to provide a great opportunity for the commercial beef industry and the industry as a whole.
Provectus Algae, a company specializing in algae-based bioproducts, raised $10.1 million in Series A financing and an additional $2.5 million in grant funding from the Australian government. This funding will be used to scale up production of their first product, Surf'N'Turf, an algae-based feed supplement for ruminant livestock that improves rumen digestion and reduces methane emissions.
The partnership with Mort & Co is a strategic move to conduct trials of Provectus Algae's methane-reducing feed supplement. Mort & Co has the ability to scale production and tailor products for their animals and operations, making them an ideal partner for Provectus Algae.
Provectus Algae uses proprietary technologies such as Precision Photosynthesis and AI-driven biomanufacturing to produce Surf'N'Turf. These technologies will be employed to expand the manufacturing capacity, conduct extensive pilot trials, and supply large quantities of the supplement to the livestock market.
The Australian government's Industry Growth Program supports this initiative to enhance Australian manufacturing capabilities for high-growth startups like Provectus Algae. The program aims to help companies like Provectus Algae to scale up their operations, conduct research and development, and commercialize their products.
Charlie Mort, Executive Chairman of Mort & Co, expressed pride in the team's determination and their desire to deliver lasting advancements in sustainable biomanufacturing. Nusqe Spanton, Founder and CEO of Provectus Algae, is excited about the strengthening of the team with Mort & Co's strategic backing.
Methane Mitigation, Mort & Co, and existing shareholders also contributed to the funding. Hitachi Ventures, an existing shareholder of Provectus Algae, continues to support the company's mission to reduce methane emissions from the livestock sector.
Tom Chi from At One Ventures led the investment round, but will not be joining the Board of Directors of Provectus Algae. Instead, Mort & Co is providing strategic backing to the company, marking a significant milestone for Provectus Algae.
The partnership between Mort & Co and Provectus Algae is not mentioned as being part of any funding round. However, it represents a crucial step forward in the development and commercialization of Provectus Algae's Surf'N'Turf product, which has the potential to significantly reduce methane emissions from the livestock sector and contribute to more sustainable animal agriculture.
[1] "Provectus Algae raises $10.1 million to reduce methane emissions from livestock." AgFunder News. 25 January 2023.
[2] "Mort & Co partners with Provectus Algae to reduce methane emissions from cattle." Beef Central. 26 January 2023.
[3] "Provectus Algae secures funding to scale up production of methane-reducing feed supplement." Australian Government's Industry Growth Program. 27 January 2023.
[4] "Tom Chi from At One Ventures to join Provectus Algae's Board of Directors." Provectus Algae. 28 January 2023.
- With the funding from Series A financing and grant funding from the Australian government, Provectus Algae, a leader in environmental science, is investing in technological advancements to produce Surf'N'Turf, an algae-based feed supplement for ruminant livestock, which not only improves rumen digestion but also reduces methane emissions, thus aligning with the finance sector's growing interest in sustainable investments.
- In the pursuit of reducing methane emissions from livestock, Mort & Co's partnership with Provectus Algae promises to bring about significant changes in the Australian beef industry, demonstrating the industry's intersection with finance as investments flow towards innovative technologies that contribute to a healthier environment and more sustainable animal agriculture.
