By David Willey, Benzinga
Click here to download the latest research report on AgriFORCE.
AgriFORCE Growing Systems Ltd., (NASDAQ: AGRI) has signed a memorandum of understanding (MOU) with the government of the Caribbean island, Barbados, that will have the company providing a market evaluation and potentially developing its proprietary facilities to strengthen the island’s food supply.
The Caribbean Community (CARICOM) faces chronic food shortages, with food imports making up 20% of its imported merchandise – a percentage double that of the European Union. The tropical climate has traditionally presented challenges to local agricultural efforts, making food security a major concern, and with over half the CARICOM population currently facing moderate to severe food shortage.
This underscores the urgency of agricultural technology (AgTech) company AgriFORCE’s mission to bring controlled environment agriculture (CEA) to Barbados and the wider Caribbean region. The company hopes to improve food security in Barbados through the introduction of controlled environment agriculture. CEA harnesses tools like micropropagation, fertigation, and artificial intelligence to grow produce within monitored settings, meaning it can harvest more produce using less resources. AgriFORCE, set to be a leading company in the AgTech industry, has a robust intellectual property (IP) portfolio and proprietary facilities that it hopes this MOU will leverage for long-term solutions in Caribbean agriculture.
Harnessing Agri’s Expertise With The MOU
AgriFORCE will be working with Delphy, a scheduled acquisition of a premier agricultural consultancy, to conduct a feasibility and technical study by the summer of 2023 that will investigate CEA capabilities for fruit and vegetable growth in the region. After the study, it is expected that AgriFORCE will enter into a definitive agreement to establish its proprietary facilities for the growth of agricultural produce in the region.
This agreement is in addition to an earlier announced collaboration with Caribbean company Humboldt Bliss Ltd. to supply its proprietary design as well as its growth facility, the AgriFORCE “Grow House”. These combined announcements signal AgriFORCE’s international capabilities for providing modern agricultural solutions based on its IP specialty and sophisticated CEA facilities.
AgriFORCE believes it is well-equipped to bring CEA to Barbados and the wider Caribbean. The CEA solutions it will provide to Barbados are powered by its four pillars of facility and lighting design, automation and artificial intelligence, nutrients, micropropagation, and genetics. These pillars are built on firm IP foundations and a sophisticated strategy that has invested in research and development (R&D) and cutting-edge AgTech knowledge.
“We look forward to commencing this important feasibility and technical study with the Government of Barbados for CEA food production facilities,” said AgriFORCE CEO Ingo Mueller. “This collaboration is another significant step in what we hope to be a meaningful and long-term opportunity in Barbados. We look forward to working closely with the Government of Barbados and its agencies to address the challenges of nutrition, wellness, and food security in the region.”
Other companies in the AgTech space include FMC Corp. (NYSE: FMC), GP Solutions, Inc. (OTC: GWPD), and Hydrofarm Holdings Group Inc. (NASDAQ: HYFM).
Interested in learning more? Visit the company’s website for more info.
This article was originally published on Benzinga here.
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an agtech company focused on building an integrated agtech platform that combines the best technology, intellectual property and knowledge to solve an urgent problem – providing the best solutions to help drive sustainable crops and nutritious food for people around the world. Looking to serve the global market, the Company’s current focus is on North America, Europe and Asia. The AgriFORCE vision is to be a leader in delivering plant-based foods and products through an advanced and sustainable agtech platform that makes positive change in the world—from seed to table.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
TraDigital IR - Malaika Temu