TUCSON, Ariz., April 20, 2015 (GLOBE NEWSWIRE) -- Grannus, LLC, has closed a $2 million Series A financing round with an undisclosed strategic investor.
The investment will fund key engineering required for the commercialization of Grannus' Eureaka™ Process, an innovative and cost-effective system for the production of ammonia, urea and other nitrogen fertilizer products. Grannus will also conduct feasibility and pre-development work on a potential commercial-scale demonstration plant to be built in the state of California. "As cleantech entrepreneurs, we strive to find innovations that are simultaneously good for people, the planet, and investors," said Matthew Cox, Grannus' Chief Executive Officer. "This funding for the Eureaka™ Process is a validation of the years of research and effort Grannus has invested in developing a new process technology that does all three."
In addition to being more cost effective, Grannus' manufacturing process has substantial environmental advantages because it reduces – and in some cases eliminates - greenhouse gas emissions from traditional fertilizer production methods. The cleantech credentials of the process are further multiplied due to its distributed and scalable size, reducing the need for the extensive transportation of fertilizer. This is a particular benefit for farmers in California, a state with some of the strongest environmental protection standards in the world.
Nitrogen fertilizer is an essential resource for worldwide agriculture with an average of 183 million tons used annually around the world and a market value of more than $60 billion. Nitrogenous fertilizer produces half of the world's food supply. Utilization of the Eureaka™ Process will continue to help feed the world's ever increasing population, while reducing or eliminating the greenhouse gas emissions associated with traditional production technologies.
ABOUT GRANNUS
Grannus, LLC was formed in 2012 to commercialize an innovation in the production of nitrogen fertilizer (ammonia and urea). Grannus' "Eureaka™ Process" plant design combines traditional fertilizer manufacturing technology with innovations in power generation technology to develop the first ever zero-emissions combined fertilizer and thermal power plant. Eureaka™ plants have reduced capital cost, higher efficiency, and a greatly reduced environmental footprint due to Grannus' patent pending process. In 2013, Grannus was a finalist at the national level of the Cleantech Open, the world's largest accelerator for Cleantech startups. Grannus, LLC is a Tucson, Arizona based company. For more information, visit www.grannusllc.com.