Each year, millions of tonnes of agricultural residue like rice and wheat straw, corn stalks, husks, and grasses are either burned in fields or used for low-value purposes. Thisdoesn't just cause environmental damage, it's also a major economic loss for farmers. In India, the burning of crop residue has become an annual crisis, choking cities with smog while wasting a resource that could be put to better use. For two engineers who had spent years inside some of the world’s most advanced factories, it raised a larger question: could the same kind of industrial innovation that powers electric cars or clean fuels also transform agricultural waste?

That question led to the founding of altM in 2022 by Apoorv Garg and Yugal Raj Jain, both of whom saw an opportunity to apply their engineering experience to one of the biggest sustainability problems in agrarian economies. Their mission was clear — to build scalable, sustainable materials from agricultural residue and reduce industries’ dependence on traditional, carbon-heavy resources. Garg, who began his career at Maruti Suzuki before joining Tesla and later Prometheus Fuels, brought deep expertise in supply chains and climate technology. Jain, trained at MIT and NSIT, spent five years at Tesla managing large-scale production systems. Together, they saw how large-scale manufacturing could be reimagined to create value from waste.

They realised that while biomass is one of the most abundant renewable resources in the world, much of it remains unused. At the same time, biorefineries that aim to make sustainable fuels or materials often struggle to stay profitable due to high production costs. AltM was created to solve both problems. The company uses a biotech-driven process to convert different forms of biomass such as agricultural residue, industrial by-products, and grasses into high-value chemicals and biomaterials. Its proprietary low-severity thermochemical process ensures that every part of the biomass is utilised efficiently. By avoiding wood-based feedstocks and traditional fermentation, AltM offers an alternative that can serve multiple industries while drastically cutting waste.

At the centre of this process is their technology platform, altMORPH. It breaks down lignocellulosic residues into cellulose, lignin, hemicellulose, and silica, which can then be turned into industrial materials. Speaking to Inc42, Jain explained, “We follow a proprietary thermochemical fractionation process that is both energy-efficient and scalable. It operates at sub-200 °C, under no external pressure, and uses only mild chemicals.” Garg added in the same interview, “Often misunderstood as mere waste, agricultural residue has immense potential. Its two primary components are cellulose and lignin, both biopolymers.”

Because the process is designed to handle a range of feedstocks, it’s not dependent on a single crop or region. The resulting products —thermoset binders, silica, rheology modifiers, and cellulosic pulp can be used in industries like adhesives, coatings, textiles, and packaging. AltM’s goal is to help its customers create low-carbon product lines without compromising on performance or cost.

After meeting at Tesla, Garg and Jain turned their attention to biomaterials because they saw it as a way to create systemic change rather than incremental improvements. In September 2023, AltM raised US$3.5 million in seed funding led by Omnivore, with participation from several global investors. Their experience in engineering and scale-up was a major draw for investors who were looking for tangible progress in climate innovation.

AltM’s approach tackles several challenges at once. It offers farmers a financially viable alternative to burning their residue, gives industries access to sustainable raw materials that can compete with petrochemical ones, and brings large-scale ambition to a space that often remains stuck in lab experiments. The challenges, however, are clear: industries will need proof that these new materials can deliver on consistency, performance, and cost at scale.

With funding secured and a pilot plant underway, AltM is moving from concept to production. Its success will depend on how well it can bridge the gap between sustainability and industry-scale economics. The company’s belief is simple: waste biomass can become a valuable industrial feedstock when reimagined through technology and scale. In doing so, AltM is redefining how we think about waste, industry, and what sustainable innovation can look like in practice.

Check out AltM here.

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