The American company Nitricity has closed a Series B financing round in the amount of $50 million. The funds received will be used to scale up the production technology of low-emission organic nitrogen fertilizers. This is stated in the company's message.
Nitricity has developed organic nitrogen fertilizers. Its flagship product Ash Tea is made using air, water, renewable energy sources and almond shells. According to the company, its organic fertilizers reduce emissions by 92% compared to conventional fertilizers.
The company received the financing ahead of the planned groundbreaking of a new organic fertilizer plant in Delhi, California. The plant is to be put into operation in 2026. This will increase production capacity by 100 times and achieve commercial scale volumes.
All production facilities of the new plant have already been sold out until 2028 in accordance with binding purchase agreements with local organic producers.
The company plans to use the funds raised to scale its environmentally friendly technology in the United States and Europe, expand its team, and invest in research and development.
Nitricity is an American startup from Silicon Valley, founded in 2018. The company specializes in the development of technologies for the production of nitrogen fertilizers with a minimum carbon footprint.
