REL Press Release - Anuvia
REL Co-Leads Anuvia's $65.5M Series D Round
6 May 2022 - Riverstone Energy Limited is pleased to announce a $20 million investment in Anuvia™ Plant Nutrients' $65.5 million in Series D funding. REL co-led the round with associated Riverstone Entities and Piva Capital, which contributed $4 million and $10 million, respectively. Anuvia will use the financing to increase production capacity at its U.S.-based eco-friendly manufacturing facility and expand commercialisation of its SymTRX™ XP line of field-ready bio-based fertilizers for large-scale agriculture. Also joining the Series D round are Morgan Stanley Investment Management, LK Advisers Limited (Mittal Family Office), along with existing investor Pontifax Global Food and Agriculture Technology Fund.
The funding announcement comes at a time when the U.S. Department of Agriculture (USDA) has pledged $250 million to support "innovative American-made fertilisers," underscoring the need to reduce dependence on traditional fertilisers sourced internationally.
"With consumers, regulators, and the public pushing for more sustainable food production methods, Anuvia is focused on rapidly increasing manufacturing capacity of our field-ready bio-based plant nutrient system," said Amy Yoder, CEO, Anuvia Plant Nutrients. "Anuvia's production is entirely U.S. based, ensuring supply-chain security for North American growers."
Recently, Anuvia completed the expansion of its facility in Plant City, Florida. The facility has the capacity to expand to 1.2 million tons per year, enough to service over 20 million acres of agricultural crops and meet the growing demand for sustainable products. This production facility represents a novel, sustainable approach to repurposing and extending the useful life of idled fertiliser manufacturing facilities. Its manufacturing forms a closed loop in which no waste stream is created-only clean air and finished product. For every ton of organic material used, approximately a ton of fertilizer is produced.
"We believe Anuvia occupies a unique niche in the fertiliser value chain by delivering a sustainable product that decarbonises existing on-farm practices while improving yields at attractive ROIs for row crop growers," said Cynthia Kueppers, Managing Director at Riverstone Holdings LLC. "Through its waste-to-value production process and reduced reliance on traditional nutrition derived from fossil fuels, Anuvia is positioned to become a key player in transitioning the industry to more sustainable growing practices."
According to an environmental audit conducted by Environmental Resources Management [ERM], Anuvia's impact is substantial: for every million acres of crops that use Anuvia's products, the reduction of greenhouse gases is the equivalent of removing up to 30,000 cars from the roads.
This investment, along with the recent decarbonisation investments in T-REX Group, Infinitum Electric Motors, and Tritium Pty, among others, demonstrates REL's continued efforts to increase its exposure to the global energy transition thematic while also providing the opportunity to create value for its shareholders.
Anuvia Plant Nutrients manufactures high-efficiency, sustainable field-ready fertilisers for the agriculture, turf, and lawncare industries. Located in Winter Garden, Florida, the company developed and uses a unique technology that not only optimises nutrient availability and efficiency for plants, but also improves soil health, preserves natural resources, and reduces greenhouse gas emissions. Founded in 2008 and first commercialised in 2014, Anuvia was recently recognised by the Financial Times as one of the Americas' fastest growing companies for the second consecutive year. Anuvia is committed to offering easily adoptable, profitable, and sustainable solutions to customers, their communities, and global agriculture. To learn more about Anuvia Plant Nutrients - GreenTRX for Turf and Lawn, SymTRX for Agriculture - visit www.anuviaplantnutrients.com.
About Riverstone Energy Limited:
REL is a closed-ended investment company that has since 2020 been exclusively focussed on pursuing and has committed $185 million to a global strategy across decarbonisation sectors presented by Riverstone's investment platform. REL's ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. REL has 18 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S., Western Canada, Gulf of Mexico and Europe.
About Piva Capital:
Piva Capital is a San Francisco-based venture capital firm investing in visionary entrepreneurs who are solving the world's critical industrial challenges with breakthrough technologies and innovative business models. For more information, visit Piva.vc.