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Agriculture Technology Weekly Wrap-Up: Q3 2023 Financial Results and Strategic Partnerships
From Regulatory Approvals to Funding Rounds: Key Developments in Soil Nutrition, Precision Agriculture, and Sustainable Farming
Welcome to this week's Agriculture Technology Wrap-Up! As we navigate through the third quarter of 2023, the industry is buzzing with financial updates, strategic partnerships, and groundbreaking innovations.
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From Earth Alive's expansion into Greece to tackle soil challenges to FarmInsect's successful funding round for sustainable animal feed, we've got you covered on all the key developments.
Dive in to get the latest insights!
Earth Alive Clean Technologies Expands to Greece Amid Agricultural Challenges
Earth Alive Clean Technologies has secured regulatory approval to introduce its Soil Activator™ in Greece. The product, certified organic by two international bodies, aims to enhance soil nutrition. Greece is grappling with severe agricultural challenges due to extreme weather conditions, making soil rehabilitation a priority. As part of their global expansion strategy, Earth Alive will participate in Agrotica Thessaloniki, one of the world's largest agricultural shows, to introduce their product to the Greek and Balkan markets. The Soil Activator™ is already popular in North and South America, as well as parts of Africa.
Valmont Industries Q3 2023: Sales Dip and Organizational Realignment
Valmont Industries reveals a 4.3% dip in Q3 2023 net sales compared to the same period last year. The company experienced an impairment of goodwill and intangible assets in the Agriculture Technology reporting unit, mainly due to slower growth in Prospera's agronomy technology solutions. While EMEA project sales and Brazil led international sales growth in Agriculture, North America saw a decline. To streamline administrative support and reduce costs, Valmont has announced an organizational realignment program. The company has also revised its full-year financial outlook.
Orbia’s Precision Agriculture Shows Resilience Amid Q3 Decline
Orbia's Precision Agriculture segment, operating under the Netafim brand, bucks the trend with a 12% revenue increase in Q3 2023. The division's EBITDA margin improved by 202 basis points to 7.4%. Despite weaker economic conditions and weather-related events affecting demand in the US, the division managed to achieve positive results, primarily due to strong performance in certain Asian and Latin American markets.
Protix and Tyson Foods Forge Strategic Partnership
Protix and Tyson Foods enter a strategic partnership, with Tyson acquiring a minority stake in Protix. The joint venture aims to establish the first large-scale insect ingredient facility in the U.S., focusing on upcycling food manufacturing byproducts. The facility will primarily serve the pet food, aquaculture, and livestock industries, aiming to create sustainable proteins and lipids of high quality.
Alveo Technologies and Corteva Agriscience Collaborate
Alveo Technologies and Corteva Agriscience have launched a new diagnostic tool for crop diseases. The tool is based on Alveo’s medical-grade platform, adapted for agricultural use. Corteva will develop crop-specific assays for real-time field detection. Both companies are committed to cross-sector innovation and advocate for a collaborative open-source approach.
ADM Q3 2023 Financial Results: Earnings Decline
ADM's earnings per share (EPS) for Q3 2023 were $1.52, down from $1.83 in Q3 2022. Despite strong performance in South American origination, there was a decline in North American origination due to a shift of exports to South America. The Nutrition segment saw lower results than in Q3 2022, but Flavors showed substantial growth.
FarmInsect Secures €8M for Protein-Rich Animal Feed
FarmInsect has successfully raised €8 million in a Series A funding round. The startup aims to provide an alternative protein-rich feed to farmers using insect larvae. With the fresh capital, the company plans to expand its sales activities and increase production capacity.
CropX Technologies Releases Inaugural Sustainability Report
CropX Technologies has published its first-ever Sustainability Report, focusing on sustainable farming practices, environmental stewardship, and business operations. The report outlines CropX's efforts to reduce its corporate carbon footprint and establish a sustainable work environment.
Doktar Secures Investment for Global Expansion
Doktar, a startup specializing in digital transformation in agriculture, has secured an undisclosed investment in its Series A funding round led by Diffusion Capital Partners. The new funding will strengthen Doktar's international structure and expand its global reach.
BASF Introduces Seed Treatment for Nematodes in Soybeans
BASF Agricultural Solutions has launched Poncho Votivo Precise, a seed treatment designed to combat nematode-induced soybean yield loss. The treatment creates a living biological barrier that grows along with the plant roots, offering protection against multiple nematode species.
€4.8M AgTech Facility Opens at UCD Lyons Farm
A new €4.8 million facility dedicated to agritech has been launched at UCD Lyons Farm. The facility aims to support early-stage startups and SMEs in the agri, agtech, agrifood, and veterinary sectors.