Grace Breeding's NFT Bio-Fertilizer Receives its First Product Registration Approval in Brazil Allowing the Commencement of Marketing and Commercial Activities in this Region
- Grace Breeding’s first territory approval of its NFT Bio-fertilizer is granted in the region of Brazil, a leader in agricultural commerce as the largest global exporter of corn and leading exporter of soybean -
- NFT can be used with a range of crops and significantly reduce the use of nitrogen to enable low-carbon emission –
- NFT is a sustainable agricultural solution aligned with environmental responsibility and reversing climate change -
REHOVOT, Israel, May 24, 2023 (GLOBE NEWSWIRE) -- Grace Breeding Ltd. (the "Company" or "Grace Breeding") (TASE: GRAC), a forward-thinking AgClimateTech company developing sustainable biological-based products to improve crop yield and vigor, today announced that it received the first approval for its NFT Bio-fertilizer registration in Brazil, the largest user of bio-based fertilizers and a leading agricultural exporter.
“We are thrilled to have our first product registration of NFT approved in Brazil, a strategic key market for agricultural staples such as corn and soybean and recently ranked as the number one country in the world in terms of adoption of biofertilizers1,” said Assaf Dotan, CEO of Grace Breeding. “The search for more sustainable technologies for agribusiness has been the focus of studies around the world, and our NFT technology offers a sustainable solution – both to reduce nitrogen use and curb the detrimental effects of urea – as well as increase carbon sequestration and improve corn growth. We look forward to the continued advancement of this program and priming the market in this territory to commercialize this product by year-end."
Grace Breeding’s NFT will allow farmers to significantly reduce their dependence on synthetic fertilizer, or urea, a nitrogen-based fertilizer, that is harmful to the environment, as well as provide them with an alternative that is more economically viable and increases the carbon sequestration. The use of NFT leads to reduced use of urea and consequently lower carbon emissions which is crucial for slowing damage to the environment.
Grace Breeding’s NFT has been undergoing field trials in this region on corn plants with partners at the University of Londrina (UEL) and Gaia AgroSolutions, both based in Brazil. Grace Breeding announced preliminary topline results from this field trial in January and expects complete results to be available this quarter.
About the Collaboration Between Grace Breeding and UEL
About Grace Breeding’s NFT
Grace Breeding’s NFT works in combination with a natural, non-pathogenic bacteria enabling crops to naturally increase its fertilizers efficiency and reduce the need for chemical fertilizers. As a result, the process reduces CO2 emissions and leads to a significantly lower environmental impact on soil and the ground water, while reducing synthetic nitrogen use by up to 50%. The global market for chemical nitrogen fertilizers reached a value of over $163.2 billion in 20212, but use of these fertilizers continues to come under great scrutiny with increased regulation due to their environmental impact on soil and ground water. As a result, sustainable alternatives that also are competitive for crop health are in demand by farmers and distributors. Grace Breeding’s NFT can be applied across a wide range of field crops including corn, wheat, soy and rice, and can be applied less frequently – once, during sowing versus three to four times during the season, which is otherwise the norm.
About Grace Breeding
Grace Breeding is an AgClimateTech company focused on developing environmentally sustainable products that are biologically based and provide efficient and natural solutions for farmers and distributors. Grace Breeding aims to disrupt crop agriculture – by providing solutions for crop Biofertilization and climate stress relief and offering innovative products and solutions that reduce the environmental damage caused by synthetic fertilizers. Grace Breeding has an R&D center in Israel and in parallel the company is developing its products with several leading research and development centers around the world. For more information, visit https://www.gracebreeding.com.
1Source: Jovem-pan-news, McKinsey & Company (4.2023)
2Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
This press release contains forward-looking statements concerning our business operations and future plans. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, he preliminary nature of the Company's business operations, the dependency on the success of future filed trials, the regulatory environment, the Company's financial position and other risk factors. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward-looking statements in this press release, please refer to our most recent annual report. The Company does not undertake any obligation to update forward-looking statements made herein.
Grace Breeding Ltd.