TORONTO, ON / ACCESSWIRE / September 22, 2020 / Toronto based CO2 GRO Inc. (“GROW“) (TSXV:GROW)(OTCQB:BLONF)(Frankfurt:4021) is pleased to announce that it has signed an exclusive Marketing Agreement with UK based Rika Biofuel Developments Limited (“Rika“) to market and sell GROW’s aqueous CO2 Delivery Solutions™ systems into the United Kingdom (UK), Netherlands and Belgium greenhouse markets.
Highlights of Rika Agreement:
Rika will help drive the marketing, sales, installation and customer service for CO2 Delivery Solutions™ systems within the three geographic markets.
Rika has a one-year rolling exclusivity in the UK, Netherlands and Belgium based on minimum sales targets achieved.
Rika will purchase CO2 Delivery Solutions™ system components from GROW with pricing on a project-by-project basis for resale to Rika customers.
The UK, Netherlands and Belgium Markets
The Agreement between GROW and Rika covers a territory of nearly 800 million square feet of greenhouse space. The UK government estimates the annual revenue of greenhouse grown vegetables to be nearly £340 million grown in 50 million square feet of greenhouse space. The Netherlands greenhouse market is far bigger with an estimated revenue of €1 billion by 2024 from 500 million square feet of cultivation space. 75% of this area is for floriculture and about 125 million square feet grow vegetables. The greenhouse market in Belgium is over 250 million square feet of cultivation space with tomatoes, strawberries and bell peppers accounting for a combined annual revenue of nearly €340 million.
Gregory Krupnikovs, a principal of Rika, commented, “We began exploring how we could work together with GROW in early 2020. Biogas is typically 40% CO2, so that CO2 goes back into the air once the biogas is burned. We see a business model to cleanly capture CO2 from biogas using innovative methods and providing that CO2 for use in greenhouses through GROW’s highly efficient aqueous CO2 Delivery Solutions™.”
According to John Archibald, GROW’s CEO, “One of our 2020 Goals was to find an Agri-Industrial Partner to represent our aqueous CO2 Delivery Solutions™ misting systems into select EU markets. Rika’s engineering-based sustainability business model and EU market penetration to date is an ideal fit to represent our first commercial efforts into the vast EU greenhouse market.”
About Rika Biofuel
s Developments Limited
Rika develops large scale anaerobic digesters (AD) for UK, Belgium and Dutch AD markets. Tightening of manure and agri-waste regulations across the EU are leading to new growth in AD requirements. Rika is implementing leading biogas technologies tailored to large volumes of waste material containing high nitrate such as in chicken manure and other hard to digest materials such as straw. For more information, visit rikabiofuels.com
About CO2 GRO Inc.
GROW’s target markets are focused on the 50 billion square feet of global greenhouse and covered cultivation space (USDA). Atmospheric enrichment of CO2 by gassing has been practiced in indoor and expensive sealed greenhouses for decades resulting in enhance crop yields of up to 30%. However, 85% of the world’s greenhouses are unsealed and have open-venting designs for heat ventilation which makes CO2 gassing uneconomical and impractical since the CO2 gas easily escapes.
GROW’s CO2 Delivery Solutions™ naturally and safely dissolves CO2 gas into water creating an aqueous CO2 solution which is then misted directly on plant leaves. GROW has demonstrated its technology to be as effective as CO2 gassing by improving crop yields up to 30%, while using a fraction of the CO2 gas. The CO2 solution’s micro droplets create an aqueous film around the entire leaf surface, isolating the leaf from the atmosphere. This creates a diffusion gradient favoring CO2 transport into the leaf and other gases out of the leaf. Increased carbon availability enhances photosynthesis resulting in faster and larger plant growth. CO2 Delivery Solutions™ has been demonstrated on crops including Cannabis, hemp, lettuce, kale, microgreens, peppers and flowers. In addition, aqueous CO2 misting offers Perimeter Protection™ for plants by slowing the spread of micro pathogens such as E. coli and powdery mildew. Greenhouse growers everywhere can now supplement CO2 to their crops using CO2 Delivery Solutions™, increasing plant yields and profits.
Forward-Looking Statements This news release may contain forward-looking statements that are based on CO2 GRO’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.co2gro.ca or contact Sam Kanes, VP Communications at 416-315-7477 or Michael O’Connor, Manager of Investor Relations at 604-317-6197.
SOURCE: CO2 Gro Inc.
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