Acelera Latam invests in Nina Energy, a startup turning biomass into sustainable energy

Its name, Nina, means “fire” in Quechua, and according to its CEO, Andrés Novillo, the founders drew inspiration from their roots when naming this Ecuadorian startup, which transforms agro-industrial waste into sustainable products in Latin America.

Nina Energy was recently selected for the accelerator Acelera Latam’s program, called Geodesic, in recognition of its outstanding commitment to innovation in clean energy and to developing technology that transforms residual biomass into biochar.

The startup is led by Novillo, who describes himself as persistent. The startup has been selected by several accelerators, which have provided capital, training, and expertise.

Since 2016, he has been involved in the technology-based entrepreneurship sector. But it wasn’t until 2021 that he connected with an old university friend. They combined their expertise and founded what is now a startup in the Climatech sector. Mario Heredia contributes all the technology, technical expertise, and scientific knowledge, while Andrés Novillohandles operations, financing, and the commercial side.

Learn all about Geodesic and apply before April 14.

What sets Nina Energy apart from other startups?

We like to say and emphasize that we’re a science-based startup. Everything we do stems from doctoral research by our other co-founder, Mario Heredia. In his research, he envisioned and imagined what we do: technology to transform residual biomass into biochar. With this, we capture, remove, and store carbon (CO₂) from the atmosphere.

What sets us apart is our belief that high-quality technology can be developed in South America, and that it isn’t only affordable for European and North American countries. This technology can be accessible across South America and parts of Africa, both in terms of price and quality.

Acelera Latam created the Geodesic program to support pre-seed startups in Latin America, and you were selected. What was the process like for this accelerator to invest capital in your company?

It was hard, because I tried to get into the program twice before we were accepted on the third attempt. The other times, we were missing a requirement, but we made it in on the third try. At first, I was very excited, because this is about persistence and continuing to try. It was a moment of happiness and great pride, because we hadn’t made it before and felt we were missing something.

The program is very demanding, but it’s extremely disruptive in the region because not many programs are investing in Climatech and Deeptech. So they set the bar quite high, because above all, they’re looking for quality and technology that can scale across the region. They really value a scientific foundation and, ultimately, a business model.

Because they want to create value, they’re looking for the best in the region. Yes, they set the bar high and ask a lot of questions and cover a lot of topics before you can qualify.

What do you think finally convinced them to accelerate Nina Energy?

Perseverance. They ended up witnessing our progress and seeing that we didn’t stand still, but kept moving forward. Despite the initial rejections, I think they realized we were persevering. With every application we submitted to secure capital, they saw progress and improvement.

What have you benefited most from in the Geodesicprogram, promoted by Acelera Latam?

The strategy. In my case, they taught me a lot about being strategic with every action related to fundraising. Before joining, my approach was not very holistic, but they have a much broader vision and a good way of doing things.

What experience can you share from the Geodesic?

program?

It’s not just about getting into the program; it’s about following a training and class schedule. At the same time, you keep working toward milestones the company needs to meet. Then the two things come together: completing the program and hitting those milestones. That’s when the investment happens.

What will you use this investment/round for?

We’re growing the team and expanding commercially into different South American countries. Right now, we’re working with Colombia and Chile. In Colombia, we’re working with a company that develops carbon removal projects; we’re practically riding on its shoulders to enter the market. And in Chile, Acelera Latam is introducing us to its network of contacts.

Aren’t you planning to explore other countries in Latin America?

Yes, I’ll let you in on a secret: I’m still looking for a partner in Mexico, because it’s an agricultural country. There would be a lot to do in Mexico, but it’s very large, and if we don’t go in prepared, we could hit a wall. But as soon as we find a partner, we’ll fly in. And I won’t give up until I make it happen.

Acelera Latam is opening another accelerator cohort for startups through its Geodesic program. Would you recommend the program?

Yes, I recommend it. They provide guidance, teach you, offer a network of contacts, and support you for four very intense months. But a lot still falls on the founder’s shoulders.

And that’s true not just of their program, but of any accelerator. We’ve been fortunate to take part in accelerator programs in Chile and, most of all, in Europe, and they all follow the same approach. They can help, provide frameworks and tools, and offer classes, but if the founder doesn’t take action, nothing happens.