NovoNutrients signs technology development agreement with Woodside Energy

SUNNYVALE, Calif., April 17, 2023 /PRNewswire/ -- NovoNutrients announced the signing of a technology development agreement under which Woodside Energy would contribute up to US$3 million to NovoNutrients, subject to the completion of certain milestones by NovoNutrients.

NovoNutrients' technology converts industrial CO2 emissions into high-quality protein, with the potential to abate greenhouse gas emissions and contribute to the world's food and feed supply. The collaboration with NovoNutrients is aligned with Woodside's view of carbon capture and utilization (CCU) as an emerging field offering alternative lower-carbon solutions.

NovoNutrients' technology has been operating at a lab-scale. This agreement supports the construction and operation of a larger pilot-scale system. The pilot-scale system will seek to both advance the design of commercial-scale plants and deliver increased sample product volume for further validation by NovoNutrients' strategic partners, including Woodside.

"Our agreement with Woodside means, together, we can deliver meaningful carbon benefits sooner, while also tackling the world's need for protein," said David Tze, CEO of NovoNutrients.

About NovoNutrients : By turning CO2 into protein, NovoNutrients is tackling the world's urgent need to reduce carbon emissions and fast-expanding hunger for high-quality protein. The company continues its march to commercial scale, in concert with carbon, hydrogen, and nutrition partners, worldwide. For more information, visit www.novonutrients.com.

About Woodside Energy

Woodside is a global energy company, proudly Australian with a spirit of innovation and determination. Woodside provides energy that the world needs to heat homes, keep lights on, and support industry. The company aims to thrive through the global energy transition with a low-cost, lower-carbon, profitable, resilient and diversified portfolio.

Woodside has a growing portfolio of carbon management solutions (offsets, carbon capture and storage, and carbon capture and utilization), hydrogen, ammonia, and renewable power opportunities in Australia and internationally. Our new energy opportunities include proposed hydrogen and ammonia projects H2Perth and H2TAS in Australia and a proposed hydrogen project H2OK in North America.

Website: www.woodside.com

NovoNutrients Media Contact: David Tze, [email protected], 415-236-2455

SOURCE NovoNutrients