We are thrilled to announce the completion of a NZ$12.2m equity capital raise for Ruminant BioTech, a New Zealand-based company that is developing a slow-release, methane-inhibiting bolus. Currently focused on dairy and beef cattle, the bolus aims to deliver at least a 70% reduction in methane emissions for up to six months.
Almost half of New Zealand’s greenhouse gas emissions come from agricultural sources and we will need to materially reduce agricultural methane emissions to achieve the 2030 reduction targets of 10% below 2017 levels. Ruminant BioTech’s unique solution can be used across all farming systems globally and has the potential to deliver significant climate change impacts.
The funding round, led by US-based Regeneration.VC and its NZ affiliate Sturgess Holdings Ltd, will support ongoing research and development, the completion of regulatory requirements for market entry in New Zealand and abroad, as well as building initial production capacity. Other investors included New Zealand Green Investment Finance, Centre for Climate Action Joint Venture and a range of international strategic investors.
The Company’s on-going R&D program is also being co-funded by a $7.8m grant announced by the New Zealand Government in November 2022 (link below), as one of the first recipients under the new CERF (Climate Emergency Response Fund) programme administered by MPI.
For more information:
https://www.ruminantbiotech.com/
Image Source: CHRISTEL YARDLEY/STUFF
