Jooules raises NZ$1m to produce protein from CO2 emissions

New Zealand-based alt-protein startup Jooules is beginning its next steps to commercialise its novel gaseous fermentation technology with a NZ$1 million capital raise by Sprout Agritech LP. The company 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.

Jooules’ production techniques are claimed to consume around 600 times less water and 99% less land compared to traditional protein production. The startup is also said to be the only one in New Zealand harnessing microbes to produce high-quality protein ingredients from CO₂ on a potentially large scale.

Jooules Founder David McLellan said the company is motivated by a vision to power the future of protein by converting carbon dioxide emission streams into ingredients-based protein.

“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.  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,” McLellan said.

This is the seventh investment of NZ$1 million Sprout has made having joined forces with partners US-based Finistere Ventures, Kiwi dairy giant Fonterra and venture builder OurCrowd, as well as the Callaghan Innovation’s Deep Tech Incubator program designed to support the commercialisation of early-stage deep tech ventures in New Zealand.

The APAC region is the initial target for launch of the ingredient, following regulatory approval as a ‘novel food’ over the next financial year.