Secures Additional Financing for Provectus Algae to Expand Methane Reduction Seaweed Technology
Provectus Algae, a pioneering biotech company, has raised $10.1 million in a Series A round to scale up production of their 'Surf 'n' Turf' feed additive, a seaweed-based solution designed to significantly reduce methane emissions from livestock. The funding round was led by At One Ventures, with participation from Methane Mitigation Ventures, Mort & Co, and Hitachi Ventures.
The funding will be used to expand production, conduct large-scale trials, and supply large quantities of the feed additive to farms. Provectus Algae's innovative approach to growing seaweed, using a closed-system automated bioreactor, contributes to reducing livestock methane production and improving the economics of seaweed cultivation.
Precision Photosynthesis Technology and Modular Bioreactors
Provectus Algae's technology employs precision photosynthesis, a proprietary technique that controls gene expression in Asparagopsis by regulating light exposure. This allows for consistent production of bioactive compounds like bromoform, which reduce methane emissions in ruminants. The modular, closed bioreactor system, consisting of isolated, recirculating bioreactors, minimises contamination risks and ensures high yield and consistent quality of Asparagopsis biomass every day.
Cost Reduction and Scalability
The precise control over growth and bioactive expression leads to a significant reduction in the cost of goods produced, making Asparagopsis cultivation economically viable and scalable. This undercuts challenges such as slow growth rates and bioactive fluctuations seen in conventional aquaculture, helping Asparagopsis compete with synthetic methane inhibitors.
End-to-End Manufacturing
Provectus Algae integrates discovery, biomanufacturing, and commercialization in a cloud-optimized, automated platform. This seamless workflow increases efficiency, product consistency, and speed to market.
Partnerships and Expansion Plans
Mort & Co, a leading Australian beef cattle lot, will partner with Provectus Algae to conduct trials of their product. The target is to supply their product to 30-50,000 animals daily by early next year, with plans to deliver significant industrial volumes into the Australian market by the end of 2023 and global expansion thereafter.
The Future of Carbon Credits
The potential for carbon credits is enormous, given the ability to measure the abatement in real-time and the opaque nature of the current carbon credit market. However, the creation of high-value credits requires a bulletproof monitoring and verification process, which Provectus Algae is working on.
Methane Reduction and Performance Gains
Methane is produced in the rumen, a stomach compartment, by microbes called methanogens. Provectus Algae's system can produce Asparagopsis more rapidly than other land-based growing systems while consistently controlling the expression of the bioactives that can tackle methane. The company believes that Asparagopsis is the right solution for significant methane reduction and potential performance gains in animals.
A Promising Market
The feedlot beef market in Australia deals with about 1.2-1.5 million animals annually, indicating a large potential market for Provectus Algae's product. Several feed supplements that interfere with the production of methane in ruminants are already commercially available, but Provectus Algae's approach offers a more sustainable and potentially more effective solution.
Provectus Algae has secured a license from Future Feed, which holds the global IP rights to Asparagopsis seaweed technology. The company is working on a monitoring and verification process to generate confidence in the carbon market regarding their methane abatement claims.
With this funding, Provectus Algae is well-positioned to scale up production and validate the efficacy of their product in real-world conditions, paving the way for a more sustainable future in livestock farming.
[1] Provectus Algae [2] Methane Mitigation Ventures [3] Mort & Co [4] Hitachi Ventures [5] At One Ventures
- As Provectus Algae scales up production with the secured funding, they aim to not only reduce methane emissions from livestock but also revolutionize the food-and-drink industry by providing a sustainable feed additive, contributing to a greener lifestyle.
- The partnership between Provectus Algae and technology giants such as Hitachi Ventures and Mort & Co, will further drive the integration of precision photosynthesis technology and modular bioreactors, enhancing the scalability and cost-effectiveness of food-and-drink production using their innovative seaweed-based solutions.
