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Ostara will use the funds to support expansion into industrial applications for its technology
Ostara Nutrient Recovery Technologies Inc., a clean water company that recovers phosphorus and nitrogen from waste and process water streams and transforms them into a premium, slow-release fertilizer, announced that it has secured $13 million (USD) in equity financing.
Led by Wheatsheaf Investments, part of the Grosvenor Estate, this round of funding also included Ostara Board Chairman Fredric “Fritz” Corrigan and existing investors, VantagePoint Capital Partners and Frog Capital.
“We are extremely pleased to have closed this round with both existing and new investors, including Wheatsheaf Investments ” said Phillip Abrary, Ostara president and CEO. “Their focus on agriculture and resource efficiency, coupled with the international contacts derived from the Grosvenor Group, aligns well with Ostara’s plans for future growth and success.”
Wheatsheaf targets investments that support its goal of building a commercial presence with solutions that are making a significant contribution to the growing global demand for food, energy and water.
“Essential to our mandate is to seek out and enable innovative technologies that meet the demands for resource efficiency,” said Graham Ramsbottom, Wheatsheaf’s Chief Executive Officer. “Ostara embodies this spirit in actual practice. Its leadership in nutrient recovery, and its work in forging a new slow-release phosphorus fertilizer technology hold the promise of a truly global impact that is both environmentally responsible and economically sound. We look forward to playing an active, long-term role in the company’s success.”
Ostara will use the funds to support expansion into industrial applications for its technology while continuing to grow and support ongoing development of applications and markets for its Crystal Green fertilizer. With five municipal facilities in operation throughout North America and two more set to come online, Ostara plans to focus on commercializing its first industrial project, having successfully launched a demonstration facility in 2012.
“The industrial expansion of our technology allows us to recover ever-greater volumes of phosphorus from renewable sources which we transform into Crystal Green fertilizer, the most efficient form of phosphorus fertilizer available,” said Abrary.