TORONTO, ON / ACCESSWIRE / April 8, 2024 / Toronto based CO2 GRO Inc. ("CO2 GRO" or the "Company") (TSXV:GROW)(OTCQB:BLONF)(Frankfurt:4021) CO2 GRO Inc., an innovation driven enterprise in agricultural technology, proudly announces the successful installation and commissioning of its largest commercial project to date at Hidroexpo's greenhouse complex in El Salvador.
This 6-hectare (642,000 sq ft) block expansion marks a major milestone in scaling our state-of-the-art aqueous CO₂ enrichment technology. It will enrich the yield and quality of the production of red, orange, and yellow bell peppers.
Valued at approximately CAD $1 million, this project was finalized under a PFU (Pay-For-Use) contract announced earlier on June 20, 2023, evidencing Hidroexpo's confidence in CO2 GRO's aqueous CO₂ enrichment technology.
The system integrates advanced features such as misting and infusion system, and a Dynamic Monitoring & Control System, all controlled via an online digital dashboard for unparalleled efficiency and ease of use.
This partnership has been fortified by a commercial contract after previous seasons' data showcased a 20%-30% increase in production. The enhanced yield is destined for sale across the United States.
Rodrigo Martínez, General Manager of Hidroexpo shared his enthusiasm for the project:
"We are very excited to begin using CO2 GRO's C-stainable™ Crop Enhancement technology on a wider scale than we have the past two seasons. The installation, undertaken by our maintenance crew with CO2 GRO's project management team's support, exemplifies the high-tech evolution of the system. Its continual development impresses us, instilling confidence in the promised benefits and future optimization through increasingly valuable real-time data."
Aaron Archibald, CO2 GRO's VP Sales, reflected on the partnership:
"Hidroexpo has been a fantastic customer and partner, contributing significantly to our development. Their expertise in greenhouse irrigation systems has been invaluable in refining our technology's installation processes. This supportive customer-partner relationship is crucial for our growth as we aim to continue scaling our technology's application within Hidroexpo's greenhouse complex and leveraging this scale-up experience in other commercial projects."
The completion of this project not only underscores CO2 GRO's technological leadership but also reinforces its commitment to sustainable agriculture and productivity enhancement. It stands as a testament to the potential for our innovative precision ag technology to revolutionize the protected agricultural industry, promising increased yields, profitability, and environmental sustainability."
For more information and to explore how CO2 GRO is contributing to a greener future in agriculture, visit https://co2gro.ca (English) or https://es.co2gro.ca (Spanish)
About CO2 GRO Inc.
CO2 GRO Inc. is a precision ag-tech, clean-tech company with a focus on People, the Planet and Prosperity. Our vision is to become one of the leading companies enhancing global food production from protected agriculture. By helping our customers sustainably increase yield and profitability, we could help feed up to half a billion people worldwide while reducing our customers' ecological footprint. Check out our webinar, corporate updates, and ESG report.
About 300 million MT of fruit and vegetables are grown annually from about 5 million hectares of protected vegetable facilities globally (6 kg/m2/year of average production). A 30% yield increase using our technology could add up to 100 million MT of fruits and vegetables per year. The US Centers for Disease Control and Prevention recommends annual fruit and vegetable consumption of up to 200 kg per year per adult.
Our Target Market: The estimated 800 billion square foot global protected grower market is comprised of 700 billion square feet of fruits & vegetables (Cuesta Roble 2019 estimate), and an estimated 100 billion square feet of protected floriculture and other medicinal plants and non-food varieties.
Our Technology: CO2 Delivery Solutions™ enriches plants with CO 2 by misting an aqueous CO2 solution directly onto plants grown in greenhouses and other protected grow facilities globally.
Value Proposition: Approximately 98% of protected grow facilities globally cannot add CO 2 by atmospheric gassing, missing out on up to 30% increased yield potential and 100% more gross profit. CO2 GRO's technology enables all protected growers regardless of facility or location to enrich their plants with CO2 to realize up to 30% yield increases. In addition, our technology suppresses the growth of micro-pathogens such as E.coli and powdery mildew, leading to healthier crops. Growers currently employing CO2 gassing can save up to 90% of CO2 gas used, reducing their ecological footprint and production costs.
Patent Protection: CO2 GRO's CO2 Delivery Solutions™ technology is protected by a suite of patents and patents pending.
Business Model: Our technology is sold to growers based on the cultivation area installed at prices that provide a high return on their investment and high margins for our shareholders.
Global Expansion: CO2 GRO's management is rapidly expanding its international marketing partner relationships into Mexico, Spain, the EU, the UK, South Africa, the Middle East, Southeast Asia and Latin America as well as in its US and Canadian base.
Environmental Social and Governance ESG: CO2 GRO is committed to good Environmental, Social and Governance (ESG) policies and practices. We are an equal opportunity employer of choice and opportunity. Read copies of past reports here.
Forward-Looking Statements and Disclaimer
This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; successful completion of the Offering; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available on SEDAR+ at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
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Contact:
Soumik Roy, Director of Marketing, Communications, and Investor Relations
[email protected]
SOURCE: CO2 Gro Inc.