New Zealand start-up Jooules has received an NZ $1m (approximately USD $600,000) investment from Sprout Agritech LP to commercialise its novel gaseous fermentation technology.
Jooules’ Founder David McLellan says the company’s aim is to power the future of protein by converting CO2 emission streams into ingredients-based protein to feed a hungry world.
“In laboratory settings, we have proved the ability to harness the power of ancient microbes through gaseous fermentation to produce functional food-grade protein from carbon dioxide,” said McLellan. “Our ingredients-based protein will be nutritionally dense and resilient with major ethical benefits when you consider that we will be able to carbon capture emissions streams from other industries.”
Jooules’ claims that its production techniques are expected to consume around 600 times less water and 99% less land compared to traditional protein production. The start-up also says it is currently the only company in New Zealand harnessing microbes to produce high-quality protein ingredients from CO2 on a potentially huge scale.
Jooules said it will use the funding round to expand its technical team and is working with the Crown research entity SCION via specialist equipment to help fast-track product development.
It added that early testing has established that proteins produced by gaseous fermentation meet Food Agriculture Organization of the United Nations standards for the nutritional density of complete proteins, including having all nine essential amino acids.
“Our protein is designed specifically for food manufacturers around the world seeking a more sustainable protein source and will be ideal for both human and high-value companion animal diets,” said McLellan. “Through the recent advancements in fermentation technology, we are able to produce a new source of nutritionally complete foods.
“Change isn’t necessarily about disrupting what we currently have, but being able to produce significant new export revenues from brand new technology.”
Investment Manager for Sprout Warren Bebb says Jooules is turning the food production challenge on its head.
“They’ve invented a way to address a global challenge that uses the problem – carbon dioxide – as a pathway to food,” said Bebb. “The team’s approach leapfrogs other solutions in both innovation and ambition and we’re hugely excited to see what the team is able to achieve as it accelerates its investment into product development and testing.”
Sprout said that this is the seventh investment of NZ$1 million the foodtech accelerator has made, having joined forces with partners US-based Finistere Ventures, Fonterra, and venture builder OurCrowd, as well as the Callaghan Innovation’s Deep Tech Incubator programme.
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