Norwegian biotechnological company Hyperthermics announced the successful completion of a capital raise of NOK 18 million (USD 1.7 million) and has received pre-commitment for an additional NOK 20 million (USD 1.9 million) in Q2 from an existing investor. It will allow taking the next steps toward commercializing its technology.

Hyperthermics' technology utilizes sludge from land-based or closed aquaculture facilities to become valuable products, such as biogas and proteins.

“In the biogas area, we are close to the end of a successful test phase with a leading European biogas producer and are now working towards a large-scale facility for this customer,” said Erlend Haugsbø, CEO of Hyperthermics AS. “In the protein field, we have a test project with a large Norwegian fish breeder and LoIs with breeders in both Norway and the US.”

Haugsbø said that energy producers and fish farmers among the company's shareholder base have been key in this capital raise. “No one has a better ability to understand the potential and possibilities of our technology.”