Deep Branch, a carbon dioxide recycling company, has completed an €8M Series A investment round. The investment complements a combined €4M in non-dilutive funding secured from UK and EU grant-funded projects. Novo Holdings and DSM Venturing led the round, with participation from Total Carbon Neutrality Ventures and Barclays Sustainable Impact Capital.
The money will enable the completion of Deep Branch’s Scale-Up Hub at the Brightlands Chemelot Campus in Geleen, the Netherlands.
Deep Branch addresses both the sustainability of animal farming and the reduction of carbon dioxide emissions with their CO2-to-protein technology, creating a scalable path for a sustainable protein generation process from a waste product. Their ingredient, named Proton™, is expected to provide a regular supply of a price-stable, price-competitive, and nutritionally optimal bulk protein.
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“A key objective of the Novo Holdings strategy is to grow our investment in biotechnology companies that can demonstrate scalability and long-term value generation,” says Johan Hueffer, Senior Partner at Novo Holdings. “Decarbonisation is fundamental to reaching net-zero emissions targets, and Deep Branch is positioned to be a leading technology as demand for innovative solutions increases.”
Pieter Wolters, Managing Director of DSM Venturing, echoes these words: “Protein is vital for good health yet producing it is one of the largest greenhouse gas contributors. At DSM, we’re applying our scientific know-how to feed the world more sustainably, such as reducing the carbon footprint of animal farming and creating alternatives to wild-caught fish for feed. Deep Branch has potentially transformational technology and we’re excited to become an investor.”
The financial support and expertise this investment round brings Deep Branch will accelerate the execution of its vision, CEO Peter Rowe says. “It reflects our heavy emphasis on collaboration, complementing our existing partnerships by bringing in new aspects of the value chain, including hydrogen, scaling bioprocesses, and commercial finance. We regard our technology as a platform that we will leverage to address new markets with Proton, as well as expanding our product line to more CO2-based products.”
From Geleen, Deep Branch’s journey may well take Rowe to Norway. “We are concluding a mapping exercise to determine the optimal location for our first Proton commercial production facility. Norway’s world-leading position in both the salmon industry and production of low-carbon hydrogen make it ideal from an offtake and input perspective, putting it high on our list. To meet our goal of commercial production by 2023, we have already begun engaging the necessary partners to make this a reality.”
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