Greentech Innovators found a solution where they are utilizing the valuable nutrients in food waste and converting it into omega 3-oil and protein rich microalgae for fish food.
To check their data and data room, check Greentech Innovators on DueDash.
The future of aquaculture
They are using biotechnology for production of a liquid growth media for production of microalgae. Food waste is a global environmental problem and all the commonly used waste management solutions like landfills, incineration, composting and biogas are leading to Green House Gas emission and polluting water and air.
With their solution they are upcycling food waste to aquaculture feed. Omega-3 oils are in global demand and our product may substitute fish oil and meal. Global fish stocks are utilized, and fish oil production cannot increase while aquaculture production is growing and considered to be one of the most promising solutions for increasing food production.
New ways to combat climate change
Both individuals and governments realize that we have to find new solutions to protect the environment. Reduction of Greenhouse gases and circular solutions is on the agenda for most people. The goals are ambitious, but the solutions are the same. Greentech can offer an innovative solution to waste problems and solve a problem with a vast global market potential.
Support from the industry and angels
The team has raised a total of 800K€ in Equity and 400K€ in soft funding, a total of 1.2M€.
Their first external round was the local waste management company BIR that they also see as a great strategic partner. In 2019 they contributed with 150K€ and in 2020 there was a new round with BIR and the local Technology Transfer office with a total of 300K€ raised.
In 2021 we were among 15 startups of 100 applicants that participated in an Angel Challenge competition together with 20 Angel investors. By the end of the program, 5 of the 15 companies got Angel Investors onboard including Greentech which received 200K€ from 13 Angel investors.
The deal terms
The board has a proxy to increase equity by 50 % during a period of 2 years. This means they can do equity transactions flexibly and in tranches. The first investors they come to an agreement with will get a pre- money of 6M€.
Their team, network, and advisors are international and with broad experience in the key skills that are needed: Fermentation, Microalgae, circular solutions, and aquaculture feed.
The Timing is perfect as they are offering sustainable solutions reducing greenhouse gases and feed security. The EU has ambitious goals of reducing food waste by 50 % within 2030 and like the rest of the world substantial reduction of GHG emission. The USA and China have goals of reducing Methane emissions set during the COP 26 conference and 70 times stronger GHG than CO2. Food waste in landfills is responsible for 11 % of global Methane emissions.
The TAM is 1.3 billion tons of food waste annually.
The Traction is strong. They have the second largest waste management company in Norway as strategic partner. And they have interest from several countries like Italy and China. Individuals and companies in Africa and India are contacting them to discuss how they can contribute in using their solutions locally.
Greentech has a good dialogue with some of the largest aquaculture feed producers interested in using our product as there is a demand for new feed ingrediencies substituting fish oil, meal and soy.