A Canadian-based agriculture firm that has created technology to repurpose nutrients from water treatment plants to make fertilizer has closed on a $70 million funding round that will help finance its expansion to St. Louis.
Ostara Nutrient Recovery Technologies Inc. said Friday it has raised $70 million in a Series C funding round, with plans to use the capital to finish construction on a new facility it will soon begin operating in north St. Louis. Investors in the financing include Carica Sustainable Investments, Forage Capital Partners, Cibus Funds and Grosvenor Food and AgTech.
Founded in 2005 in Vancouver, Canada, Ostara developed technology to recover nutrients such as phosphorus and nitrogen from municipal and internal water treatment plants to create eco-friendly fertilizers. It sells its fertilizers, branded as Crystal Green, to agriculture, turf and landscaping customers.
In August 2021, Ostara announced plans to build a new $25 million fertilizer production facility at 39 Bremen Ave. in the city’s Near North Riverfront neighborhood. It said Friday its fresh funding will be used to wrap up construction and begin operations at that facility, with plans to make 200,000 tons of fertilizer in St. Louis annually. It expects fertilizer from its St. Louis facility will be ready to sell for the 2024 growing season.
“Growers are looking for more tools that increase the efficiency of applied nutrients, and reduce their required application rates, operational hassles, and environmental impacts. As a result, more and more growers and retailers are turning to Crystal Green’s innovative, highly efficient, phosphate fertilizers,” Kerry Cebul, CEO of Ostara, said in a statement. “Ostara is excited to rapidly increase our North American manufacturing base, enabling us to serve more U.S. and Canadian farmers.”
Ostara said last year that its St. Louis facility is projected to create 40 new jobs.
