Liquium raises NZD $2m to boost cleaner ammonia output

Liquium, a Wellington start-up developing catalysts for industrial ammonia production, has raised more than NZ$2 million in venture capital funding as it moves from laboratory work into larger-scale trials with international partners.

Climate Venture Capital Fund 2 led the round, with participation from existing investors. The investment is the first deployment from the fund's second vehicle. Across its two funds, Climate Venture Capital Fund now holds about a 17% stake in Liquium.

Ammonia is a core input to fertiliser production and a building block for modern agriculture. It is also attracting attention as a potential low-carbon fuel in some shipping and industrial applications. More than 180 million tonnes are produced globally each year.

Hard-to-abate sector

Ammonia production contributes roughly 2% of global carbon dioxide emissions, according to figures cited by Liquium and its investors. This reflects both high energy demand and the use of fossil fuels to supply hydrogen in the dominant manufacturing route.

Most industrial ammonia is produced via the Haber-Bosch process, in use for more than a century. It requires high temperature and pressure and relies on catalysts to speed chemical reactions and improve throughput.

Liquium is positioning its work as an upgrade to that approach rather than a replacement for ammonia plants. It has developed a "family of proprietary catalysts" aimed at improving Haber-Bosch efficiency. The catalysts are designed to retrofit into existing plants, reducing the equipment changes required for deployment.

Early validation work indicates the catalysts could deliver more than a two-fold increase in ammonia productivity compared with incumbent commercial catalysts under relevant operating conditions. Liquium did not disclose the benchmark catalyst or full test results.

Liquium has been engaging with industrial organisations across Europe, Australia and North America, including work under structured agreements to validate performance in conditions that reflect real-world production. It is also exploring additional, larger-scale trials with international market participants over the coming year.

Use of proceeds

Liquium plans to use the funding to expand its technical team and scale catalyst manufacturing capacity. It also intends to run larger and longer validation campaigns with international partners. The company is preparing for another investment campaign planned to begin later in 2026.

In comments accompanying the announcement, chief executive Dr Paul Geraghty framed Liquium's go-to-market strategy around compatibility with existing assets and the pace of change in heavy industry.

"Ammonia production is a conservative, capital-intensive industry, and for good reason," said Dr Paul Geraghty, Chief Executive Officer, Liquium.

"Our focus has always been on working with that industry. Our results suggest we could deliver very large efficiency gains, with the aim of being a drop-in solution that doesn't require producers to rebuild their plants from scratch. That combination is what makes adoption of our technology so appealing and impactful at global scale. Importantly, given the size of the clean energy market, lowering green premiums and improving ammonia productivity is likely one of the fastest and most effective ways to help reduce global energy emissions," Geraghty said.

Chair John Worth linked the next phase of work to industrial expectations around evidence and oversight.

"Deep industrial technologies succeed or fail on credibility," said John Worth, Chair, Liquium. "This round supports the next phase of proof, while maintaining the standards of governance and validation required by global industrial partners."

Investor view

For Climate Venture Capital Fund 2, the investment builds on an earlier position taken through its first fund. The manager described the round as a follow-on, citing continued conviction in Liquium's approach to reducing emissions in heavy industry.

"Ammonia is one of the largest, least-discussed climate problems. It's hiding in plain sight," said Dr Jez Weston, Partner, Climate Fund. "Liquium stands out because it tackles the existing system rather than hoping to replace it. The science is strong, the pathway to adoption is short, and the potential emissions savings are enormous."

The market for improved catalysts sits at the intersection of emissions policy, energy prices and fertiliser economics. Even modest efficiency gains can matter when applied across a large installed base of plants that run for decades. Liquium and its backers argue this offers a pragmatic route for operators unwilling to take on the risks of major plant redesigns.

The next stage will focus on manufacturing scale-up and extended trials with overseas partners, with additional pilot and validation work expected over the coming year.