Volta Greentech raises 32 million SEK to bring cost-efficient & scalable solutions to agriculture
Volta Greentech announces a pivotal shift towards their groundbreaking 2nd generation Lome™ feed additive, cutting the cost for GHG reductions by 10x. With nearly 100 million SEK already secured in total for development and commercialization, Volta Greentech aims to deliver Lome™ (gen2) at scale to customers by 2026, pending EU regulatory approval. With global cow emissions totaling 4 billion tons of CO2e annually, demand is soaring. Built on new R&D breakthroughs, Lome™ offers a low-cost, scalable solution, vastly outperforming Volta Greentech’s previously algae-based product.
With only a 2% reduction in agricultural emissions in Europe over the past two decades, the industry faces significant challenges in reaching its climate goals. To address this urgent need, Volta Greentech’s feed additive offers a straight-forward solution in reducing methane emissions from cows, thereby supporting some of the largest food companies in curbing their GHG emissions. Volta Greentech provides feed additives and emission-reduction services taking full responsibility of measurements, reporting, and verification assisting customers in attaining sustainability goals cost-effectively. Multiple successful pilots have been completed with customers such as Coop, Orkla, Hemköp, Protos, and Martin & Servera.
After launching Volta Greentech with an initial focus on utilizing the red algae Asparagopsis as an ingredient to reduce methane emissions, Volta Greentech has achieved a breakthrough in developing a 2nd generation additive, sharply reducing the cost for methane abatement. The company has now fully transitioned to this new additive, driven by very promising R&D outcomes. The enthusiasm surrounding the new additive stems from its reduced cost and potential for scalability, enabling greater methane reduction and contributing significantly to meeting climate goals.
“We founded Volta Greentech with the mission to battle global warming. This is a very ambitious and challenging project and we always knew that reducing cost would be paramount to making an impact at scale. With the combination of our team’s R&D breakthroughs and our owners’ and customers’ commitments we are approaching a scalable and cost-effective solution to reach climate targets in agriculture. The successful fundraising demonstrates the confidence placed in Volta Greentech’s trajectory and its products and services” — says Fredrik Åkerman, Volta Greentech’s CEO.
In a recent financing round, Volta has secured 32 million SEK bringing the company’s total funding to nearly 100 million SEK. Volta Greentech’s major investors include two of Sweden’s leading food companies, the Axel Johnson group (owner of Axfood and Martin & Servera) and KFS (owner of Coop Sverige) who together have a combined market share of 40% of the Swedish food retail market.
“Axel Johnson and Novax are dedicated to supporting companies that make a positive impact on the world, and Volta Greentech is a great example of this commitment. We are proud to be a part of their remarkable journey and look forward to contributing to the positive impact of Lome. For a group with ambitious climate targets and a massive footprint in food, this product has the potential to be truly game-changing. It is one of the most promising endeavours in curbing the notoriously hard-to-abate bovine emissions”, says Pär Warnström, Senior Investment Manager and responsible for the Future of Food Sector at Novax (Axel Johnson)
“Our newest product is crafted for seamless integration into established agricultural routines, ensuring simplicity and ease of use for farmers. With the use of new ingredients, the production of our new additive is scalable and low-cost, reaching high performance.” — says Angelo Demeter, Volta Greentech’s Chief Product Officer.
About Volta Greentech
Volta Greentech is a Swedish biotechnology company on a mission to battle global warming by reducing methane emissions from cows. Founded in 2019, the company develops and produces innovative feed additives for cows that effectively reduce their production of enteric methane.
Visit voltagreentech.com to learn more.
For further inquiries, please contact:
Cora Taylor
Volta Greentech
+46 79 357 72 45
cora@voltagreentech.com
