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PlasmaLeap Technologies has raised approximately A$30 million (US$20 million) in a Series A funding round led by the Gates Foundation and Yara Growth Ventures. The funding will be used to develop fertiliser hubs in New South Wales and Tasmania and to expand field trials of its zero-emissions production technology for ammonia and nitric acid.

PlasmaLeap's patented reactor technology utilizes air, water, and renewable electricity, aiming to transform the $69 billion global ammonia market. The initiative aims to enhance food security and reduce costs for farmers while generating carbon credits through emissions reductions.