Norway’s N2 Applied bags €10M to help farmers improve production, reduce emissions

Oslo-based N2 Applied, an agritech company that aims to improve global food production by increasing yield and reducing emissions, announced that it has raised €10M in a fresh round of funding.

The Norwegian startup says it will use the funds to further develop its fertiliser technology and expand its commercial use.

Investors in this round

In 2022, N2 Applied qualified to receive  €15M from the EU’s European Innovation Council (EIC). Now, the company has secured €5M of equity investment from the EIC and a further €5M from existing investors Blue River Invest, Holta Invest, NorgesGruppen and Ramussengruppen, among others.

N2 Applied has received a further commitment for €10M in equity from the EIC and it plans to match this amount in a wider private placement funding round later this year.

“Improved food production with reduced emissions”

Founded in 2010 by Grete Sønsteby and Rune Ingels, and currently led by CEO Carl Hansson, N2 Applied helps farmers to be self-sufficient with fertilisers produced locally on the farm without emissions. 

According to the company, its technology can produce reactive nitrogen from the air and fix it into organic or inorganic substances to provide vital plant nutrients. This  can replace conventional chemical fertilisers made from fossil fuels.

It can be spread using existing farm equipment, enabling farmers to improve their own food production, reduce the need for chemical fertiliser, and make farming more circular.

Through independent tests, N2 Applied has shown that treating animal slurry produces an enhanced fertiliser that is up to three times more effective than untreated livestock slurry and performs on par with existing options. 

Additionally the N2 solution also “locks in” methane and ammonia emissions, which cause serious environmental issues related to cattle production.

Capital utilisation

Carl Hansson, CEO of N2 Applied, says, “The ability to make farmers more self-sufficient is a crucial part of tackling food security concerns. N2 Applied will now accelerate the adoption of our fertiliser technology across a broader spectrum of uses as part of our drive to contribute to more sustainable food production globally.”

N2 Applied has also recently signed a strategic manufacturing and distribution partnership with GEA, a global provider of equipment to the beef and dairy industry. 

The company says it will now continue to improve its technology to boost its acceptance within the industry as well as expand its reach to other types of fertilisers and market segments.