Back to Results

Nova Extraction

Problem

The majority of the high value ingredients market is still using the same extraction method as was used by ancient Egyptians. It requires extensive boiling of plants in vast amounts of fresh water, in the process the heat destroys the scent. Some use chemical solvents, like hexane, which are flammable, toxic and harmful for the environment. The most advanced method is to use compressed carbon dioxide (CO2) as a solvent, which is safe and gives high quality products but because of equipment cost and complexity, it is only being used by a few large corporations.

Solution

Designed and built using proprietary engineering solutions, Nova Extraction has created a new state-of-the-art mobile CO2 extraction technology. The equipment can work off the grid, enabling it to travel from farm to farm and be easily deployed on client’s land and process their plants into high value ingredients in situ. For smaller clients, our innovative ‘Equipment as a Service’ business model provides capital efficient access to high-tech; while larger clients benefit from agility, flexibility and consistency across their supply chains.

Uniqueness, Technology overview, barriers to competition

Our unique differentiation point is being able to operate off-the-grid and being mobile. These features are possible due to proprietary engineering designs of our equipment and the fact that we fabricate it ourself. Not only we achieved outstanding efficiency in comparison to all Western world competition, but we can offer our equipment as a service on demand.

Market size and analysis

The market for high-value flavours and fragrances is growing ($26bn with 7% annual growth) and so too is the demand for natural ingredients with a transparent origin. Indeed, the number of niche perfume makers quadrupled in the last 10 years with the focus on personalised, natural and exotic aromas. This growth has driven a strong need for a technology that can:

1. Produce high quality ingredients without traces of harmful solvents.
2. Be flexible in the feedstock choice and allow experimenting with various products.
3. Be available to a wide range of larger and smaller companies.

We will target hemp market too both for CBD and THC extraction, the market is $2bn with 700% growth projection.

Traction

We have a strong traction with the industry, already secured 2 committed partners for field trials in 2019 in UK. We speak to market leaders in Flavours and Fragrance market as well as users of these products. We secured partnership with London based perfume maker to test the products of 2019 field trials. There is a number of companies that are waiting for the pilot to be completed and for us to test their feedstock. We also received several quotation requests for our machinery.

Core Team

We are a strong team of committed professionals. Alexander has been operating and designing high pressure equipment during his PhD at the University of Nottingham. His mentor is Professor Martyn Poliakoff, one of the pioneers of underlying technology. He then spent over 7 years in financial sector working with financial risks, corporate governance and business model analysis of UK insurance market. He is now leading a data science team at the UK central bank, the Bank of England. Sergey is a mechanical engineer with deep knowledge of hydraulics and fabrication of high pressure machinery. With over 10 years of hands-on experience in building high pressure industrial equipment he is leading technological development and will ensure we are at the forefront of innovation. We are part and supported by a number of business networks: Climate KIC, Royal Society of Chemistry, High value chemicals from plants, Circular Economy Club, Enterprise Europe Network. We are supported by mentors with 10+ years in business and engineering.
First Name Last Name Job Title Impressive Facts
Alexander Novitskiy Managing Director PhD in chemical engineering 7+ years in financial sector Hands-on project management
Sergey Soshin Technical Director PhD engineering 10+ years of mechanical engineering 10+ years of inventing high pressure equipment

Ask, use of proceeds, milestones

We are seeking a seed round of EUR 420k (for UK private investors: SEIS/EIS eligible) of which we raised EUR 60k by end of Q3 2018. It will be used for construction of the pilot and performing field tests in Europe with completion by end of Q3 2019. This is an important milestone, because it will validate the technology in real life environment (under the rain in the middle of the field). Also it will produce enough extracts to engage with the industry and secure first clients for 2020. We remain flexible about the amount of the investment and encourage to engage in conversation is you feel that the project is interesting to you. Pre-money valuation EUR 2.7mn.

Get in touch

You need to log in or register to contact this startup.

Log in

Register