Spanish start-up Ekonoke has closed a €4.2 million investment round led by the agricultural innovation “powerhouse” of Corporación Hijos de Rivera, Cosecha de Galicia.
The investment is part of Cosecha de Galicia’s commitment to innovation and sustainable regeneration. The round also included Leanox Impact Ventures, a German impact investment fund, and Alazady España, the family office of Spanish businessman José María Castellano.
An alumni of one of Eatable Adventures’ acceleration programmes, Ekonoke has developed a unique method to hydroponically grow hops indoors, that it says brings climate resilience and sustainability to a crop that is threatened by global warming.
A key ingredient in beer making, hops contribute bitterness and aromas to brews. Production is currently concentrated in a few regions – primarily the US and Germany – and the growing process usually requires specific climatic conditions, including an abundance of water and light as well as moderate temperatures.
According to Ekoneke, the increase in extreme weather events as a result of climate change is leading to reductions in productivity per hectare of up to 30%.
Ekoneke is combining the knowledge of its agronomists, chemists and biotechnologists with the traditional cultivation experience of the Cosecha de Galicia team. The company’s growing method does not involve pesticides, herbicides or fungicides and uses only renewable energy, with a water footprint 20 times smaller than traditional methods.
Ekonoke has plans to build a 1,000-square-metre pilot plant in Galicia, before scaling up commercially with a 10,000-square-metre facility in 2024.
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