AgTech Pulse

Featuring updates from Nutrien, Corteva, Bowery Farming, Greeneye Technology, and more on key funding, expansions, and technology breakthroughs

Author

Sepehr Achard
November 08, 2024

In partnership with Harnois Greenhouse

Welcome to this week’s AgTech Digest, brought to you in partnership with Harnois. In this edition, we cover major facility expansions, strategic acquisitions, and key funding updates, along with fresh insights into AgTech innovations and financial results.

Dive in for the latest trends and developments shaping modern agriculture.

What We Are Covering Today?

Estimated Reading Time: 7 - 8 minutes

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SPONSORED BY HARNOIS
Harnois Greenhouses: Low to High-TechPoly Greenhouse Solutions for Berries 

Greenhouse-grown berries offer numerous benefits over traditional open-field cultivation, including extended growing seasons, better crop protection, and increased yields.

At Harnois, we provide a full range of greenhouse structures for berry production, from cost-effective open-field solutions like TunnelPro Plus to advanced high-tech gutter-connected greenhouses like Luminosa.

We offer turnkey solutions, backed by a team of agronomists and equipment experts, ensuring growers get tailored systems that fit their needs and budgets. As technology evolves, greenhouse berry production will continue to play a crucial role in sustainable, year-round farming.

EXPANSION ANNOUNCEMENTS
This Week’s Expansion Updates: Key Facility Openings and Upgrades

ADAMA's New Chloralkali Facility

  • What? ADAMA Ltd. opened a chloralkali production facility to support fungicide production.

  • Where? Facility location not specified.

  • Why? To increase chlorine supply for products like Captan and Folpet.

  • Key Features:

    • Advanced technology reduces energy use and eliminates mercury risks.

    • Produces 40,000 metric tons of chlorine per year, scalable to 50,000 tons.

    • Hydrogen byproduct fuels air emission treatment, with plans for solar energy integration.

ReFarm Global and IGS Begin Work on Dubai’s GigaFarm

  • What? GigaFarm project launched in Dubai’s Food Tech Valley.

  • Why? Supports UAE’s food security and decarbonization goals.

  • Key Features: 

    • Spanning 900,000 sq. ft., the closed-loop ecosystem integrates six technologies to optimize resource use and reduce waste.

    • Expected to produce over three million kilograms of food per year starting in 2025, process 50,000 tonnes of food waste annually, and offset 1% of UAE’s fresh produce imports.

  • Support: The UK government backs GigaFarm, underscoring its commitment to regenerative farming.

Mastronardi Produce’s Canadian Greenhouse Expansion

  • What? Mastronardi Produce expanded its greenhouse operations in Ontario.

  • Where? Kingsville and Leamington, Ontario.

  • Why? To enhance local, year-round supply of SUNSET® branded produce.

  • Key Features:

    • Total Canadian footprint now 91 acres.

    • New 27-acre winter-lit glass greenhouse in Kingsville.

    • Additional 64 acres from partnerships with J.C. Fresh Farms and Orangeline Farms.

    • Advanced tech supports sustainable, local production.

Oberland Agriscience’s Black Soldier Fly Facility in Nova Scotia

  • What? Nova Scotia’s largest black soldier fly larvae (BSFL) production facility.

  • Where? Halifax, Nova Scotia.

  • Why? To transform food waste into sustainable animal feed and soil nutrition.

  • Key Features:

    • 108,000-square-foot facility using AI, robotics, and machine learning.

    • Expected output: 3,500 tons of dry protein, 9,000 tons of frass per year.

    • Diverts 36,000 tons of pre-consumer waste from landfills.

    • Supports a closed-loop agriculture model, reducing reliance on traditional inputs.

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ACQUISITIONS
Key Acquisitions: Expanding Investments in Solar and Sustainable Agriculture

Cube Green Energy Acquires Majority Stake in German Agri-PV Leader SUNfarming

  • Who? Cube Green Energy, managed by I Squared Capital.

  • Acquisition Target: SUNfarming, a German leader in Agri-PV (Agricultural Photovoltaic).

  • Why? To advance solar energy and agricultural land synergy in Germany.

  • Investment Plans: €500 million allocated to SUNfarming’s project pipeline by 2028.

  • Completion Timeline: Expected by Q1 2025, pending regulatory approvals.

H.I.G. Capital Acquires Majority Stake in Brazil’s Life Agro

  • Who? H.I.G. Capital, an alternative investment firm.

  • Acquisition Target: Life Agro, Brazilian agricultural input specialist.

  • Why? To expand in Latin America’s agricultural sector with sustainable products.

  • Key Products: Adjuvants, biostimulants, micro fertilizers, and eco-friendly crop protection.

  • Leadership Continuity: Life Agro’s founder, Matias Ezequiel Tiecher, to remain CEO with a significant ownership stake.

  • Strategic Goal: Strengthen sustainable agricultural solutions and expand regional presence in Latin America.

THIS WEEK’S SPOTLIGHT
Bowery Farming Ceases Operations Amid Financial Challenges

  • What Happened? Bowery Farming, a vertical farming company, has ceased operations after struggling to secure additional funding or a buyer, as reported by Pitchbook.

  • Company Focus: Specialized in controlled-environment agriculture to transform fresh produce production.

  • Retail Partnerships: Collaborated with major retailers including Whole Foods, Amazon Fresh, and Albertsons, supplying produce to over 2,600 stores.

  • Technological Innovations: Developed BoweryOS, advanced robotics, and water quality management systems to enhance efficiency.

  • Signs of Strain: Multiple layoffs, project delays, and financial challenges impacted Bowery's ability to scale, leading to its eventual closure.

THIS WEEK’S FUNDING
Funding Highlights: Investments Fuel AgTech Innovation and Global Food Security

Pymwymic Healthy Food Systems Impact Fund II Closes at €71.5M

  • What? Pymwymic's Healthy Food Systems Impact Fund II closed at €71.5 million, exceeding its €70 million goal.

  • Focus: Supports AgriFood companies advancing sustainable agriculture, crop intelligence, food waste reduction, and soil health.

  • Investor Base: Backed by over 250 private and institutional investors committed to a regenerative food system.

  • Environmental Goals: Addresses biodiversity loss and soil degradation.

Albotherm Receives £500K Innovate UK Grant for Temperature-Controlled Polytunnel Technology

  • What? UK startup Albotherm received a £500,000 Innovate UK grant.

  • Innovation: Temperature-sensitive additive for polytunnels that reflects sunlight at high temperatures and turns transparent when cooler.

  • Partners: Collaborating with Billington Farm and Lumiforte for real-world testing.

  • Potential Benefits: Aims to stabilize temperatures in polytunnels, boosting crop yield and revenue.

Aphea.Bio Secures €1.9M to Advance INITIΛ for Maize Expansion

  • What? Aphea.Bio obtained €1.9 million from VLAIO to expand INITIΛ, its maize biostimulant.

  • Purpose: Enhance soil health and nutrient efficiency, with a focus on US and Brazilian markets.

  • Next Steps: Funding supports refining INITIΛ as a maize seed coating and exploring its use on other broad-acre crops.

  • Strategic Goal: Strengthen Aphea.Bio's position in the agrobiologicals sector.

USAID Commits $57.4M to Enhance Food Security and Climate-Smart Agriculture Globally

  • What? USAID has allocated $57.4 million to improve global food security and climate-resilient agriculture.

  • Funding Breakdown: Over $38 million directed toward climate-smart initiatives, disease resistance, and resilient food systems.

  • Key Initiatives: Includes new Innovation Labs focused on sustainable intensification and vaccine delivery, alongside support for Disease-Resistant Wheat and Crop Diversity.

  • Global Impact: Aims to reduce hunger and strengthen agricultural policy, especially in vulnerable regions.

FINANCIAL RESULTS
Quarterly Financial Highlights: Key Companies Report Q3 2024 Results

Nutrien Ltd. Reports Q3 2024 Results

  • Financial Performance: Achieved net earnings of $25 million and adjusted EBITDA of $1.0 billion.

  • Highlights: Potash sector success due to optimized costs and record sales volumes.

  • Retail Sector: Adjusted EBITDA rose to $1.4 billion, though full-year guidance was adjusted downward due to lower pest pressures.

  • Outlook: Potash shipments projected at 71-74 million tonnes by 2025, with a focus on cost savings and growth in fertilizer and retail sectors.

Corteva Reports Q3 2024 Results and 2025 Outlook

  • Financial Performance: Net sales of $2.33 billion, a 10% decrease, with a $519 million loss from continuing operations.

  • Cost Control: Achieved cost savings on track to reach $400 million by year-end.

  • Crop Protection: Earnings and margin growth due to strong demand and deflationary trends.

  • Guidance: 2024 net sales expected between $17.0 and $17.2 billion, with EBITDA between $3.35 and $3.45 billion.

AGCO Reports 24.8% Decline in Q3 2024 Net Sales

  • Financial Performance: Net sales declined by 24.8%, driven by low commodity prices, high input costs, and reduced demand.

  • Strategic Initiatives: Focus on "Farmer-First" strategy and launched OutRun, an autonomous grain cart solution.

  • Divestment: Sold Grain & Protein business to prioritize higher-margin products.

  • Regional Sales: Largest declines in South America, followed by North America, Europe/Middle East, and Asia/Pacific/Africa.

CNH Industrial Reports Q3 2024 Amid Industry Challenges

  • Financial Performance: Net income of $310 million, with a 22% year-over-year revenue decline to $4.65 billion.

  • Agriculture Segment: Net sales dropped 24% due to decreased demand and high dealer inventories.

  • Construction Segment: Sales fell by 28%, with adjusted EBIT down 33%.

  • Financial Services: Slight 1% revenue increase to $659 million.

OTHER NEWS
Other AgTech Updates: New Partnerships, Trials, and Research Insights

HudsonAlpha Institute and gener8tor Launch Fall 2024 AgTech Accelerator

  • Program Overview: Six AgTech startups joined the HudsonAlpha and gener8tor AgTech Accelerator cohort.

  • Location: Huntsville, Alabama.

Greeneye Technology Announces First Field Trials in Australia

  • Partnership: Collaborating with Croplands, an Australian spray equipment leader.

  • Objective: Test AI-enabled precision spraying technology for crops like canola and cereals.

Report Highlights Decline in EU Plant Breeding Funding

  • Initiative: Report from Plants for the Future, a European research initiative.

  • Findings: Despite a 42% budget increase in Horizon Europe, plant breeding R&I funding has decreased.

Vertiberry Selects Sollum Technologies for Indoor Strawberry Farming

La Salle Bajío University and Verde Compacto Launch Huvster Vertical Farm

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