- WasteX, an Indonesia-based climate tech startup, secures $450,000 to expand its biochar solution.
- The company’s technology transforms farm waste into biochar.
- WasteX aims to establish production facilities across Indonesia.
WasteX, a climate tech startup based in Indonesia and the Philippines, has secured US$450,000 from impact fund P4G Partnerships.
The company, which launched less than two years ago out of venture builder WasteX’s solution, transforms farm waste into biochar using its proprietary, small-scale, and semiautomated carbonizer.
Empowering farmers and reducing emissions
The funding will enable WasteX to establish biochar production facilities across Indonesia, collaborating with local mills and poultry farms.
Pawel Kuznicki, founder and CEO of WasteX, emphasized the importance of the deal in facilitating a favorable regulatory and commercial environment to support the growth and adoption of the innovation.
WasteX’s solution has already proven effective, resulting in a 95% increase in yield for its partner corn farmers in the Philippines and Indonesia, reducing fertilizer use by 50%.
Addressing fertilizer price volatility
The use of biochar comes at a crucial time for farmers, as fertilizer prices worldwide continue to fluctuate due to geopolitical tensions and rising inflation.
WasteX’s technology not only helps farmers mitigate the impact of price volatility but also enables them to sell carbon credits through the WasteX app, as using the equipment leads to reduced emissions.
In addition to Wavemaker Impact and P4G, WasteX has also attracted investment from Tokyo-based Norinchukin Bank.
To read the original article: https://www.techinasia.com/climate-tech-wastex-raises-450000-funding-expansion-indonesia
