Jupiter Ionics raises $9m for green agri technology
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The news: Victoria startup Jupiter Ionics has closed a $9 million Series A round to progress its green ammonia technology.
The numbers: Breakthrough Victoria contributed $4 million to the round, and joined Wesfarmers Chemicals, Energy & Fertilisers and CIMIC Group as new investors in Jupiter. All of the startup's original investors, including Tenacious Ventures, Monash Investment Holdings, JCVC and Olabella, also participated in the $9 million round.
The Victorian government’s investment company Breakthrough Victoria said the funding will create up to 19 new jobs in the state.
The context: Jupiter's technology uses carbon-neutral electrolysis to make ammonia, which plays a critical role in the agricultural industry as a base ingredient for fertiliser.
The startup said the new funding will go towards accelerating the scale up of a self-contained system that takes in water, air and renewable energy to produce ammonia, which is usually made using carbon intensive processes.
Last year, Jupiter’s technology was recognised by a range of leading international bodies, including the Royal Society of Chemistry and the Nature Awards spinoff prize.
What they said: Breakthrough Victoria CEO Grant Dooley said: "We are excited to invest in Jupiter Ionics and their mission to make ammonia production more sustainable and decarbonise agricultural production systems".
"This investment aligns with our commitment to supporting innovative solutions that address both environmental and economic challenges and represents an important sovereign capability for Australian agriculture," Dooley said.
Jupiter Ionics CEO Charles Day said: "Jupiter Ionics is proud of its origins in one of Victoria’s world-class universities, and energised by the impact we can deliver both within Australia and globally. We are therefore delighted that Breakthrough Victoria has decided to support our ongoing mission to accelerate the transition to a net-zero future".
The source: Breakthrough Victoria media release
