NovoNutrients, an alternative proteins company that uses industrial carbon dioxide emissions, cheap hydrogen and naturally occurring microbes to create high-grade proteins for human and animal consumption, announced a $4.7 million raise led by Hong Kong-based global venture firm, Happiness Capital.

NovoNutrients previously raised $4.3 million in venture backing, as well as a multiple of that in non-dilutive, corporate project funding commitments. NovoNutrients will use the project funding to complete its industrial pilot program, which captures CO2 emissions, at an oil and gas and/or cement-related plant. Those projects position NovoNutrients to start raising a series A financing later this year.

Happiness Capital also invested in Beyond Meat, Redefine Meat, and Ynsect.

E2JDJ and Marinya Capital also joined the round, which included re-ups from SOSV's IndieBio and the Grantham Environmental Trust. Other, earlier investors include Stanford Graduate School of Business Impact Fund, Purple Orange Ventures, and Joyance Partners.

NovoNutrients plans to co-locate its bioreactors and systems at industrial sites that produce high-levels of the greenhouse gas CO2. At global scale, NovoNutrients plants have the potential to reduce those industrial CO2 emissions by gigatons.

NovoNutrients' technology is a kind of fermentation, akin to the process that turns grapes into wine or wheat into beer. Instead of wheat or grapes, NovoNutrients uses naturally occurring microbes that thrive on a diet that is mainly CO2 and hydrogen to produce a variety of highly nutritious protein flours, which can be used in foods like plant-based burgers or in otherwise expensive, protein-rich animal feeds. Whether for people, fish, or other carnivores and omnivores, the amino-acid profiles of NovoNutrients protein ingredients are superior to those from soy. In addition, NovoNutrients plans to make non-protein products needed for industries including cosmetics, chemicals, and materials.

NovoNutrients' current aim is to demonstrate its proprietary fermentation producing high-value proteins as that production scales to industrial levels.