Welcome back, listeners! In today’s episode, we’ll explore innovative greenhouse solutions for berry production, highlight key investments in sustainable AgTech, and discuss exciting expansions in local food supply. Let’s dive in!

Here’s a Quick Snapshot of What’s Making Headlines:

1. This Week’s Expansion Updates: Key Facility Openings and Upgrades
2. Key Acquisitions: Expanding Investments in Solar and Sustainable Agriculture
3. New Releases: Soil Health In Europe, A Self-Fertile Nonpareil Almond Variety, New Grain Innovation Center & More!
4. Funding Highlights: Investments Fuel AgTech Innovation and Global Food Security
5. Quarterly Financial Highlights: Key Companies Report Q3 2024 Results
6. Other AgTech Updates: New Partnerships, Trials, and Research Insights
7. Upcoming AgTech Events, Conferences & Webinars

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Welcome to another episode of AgTech Digest, your go-to source for the latest in agricultural technology.Today, we’re exploring versatile greenhouse solutions advancing berry production, new facilities enhancing sustainable crop protection, and major expansions in local food supply. We’ll cover fresh investments driving sustainable AgTech, from climate-smart funding to innovations in indoor farming, along with key financial updates from top agricultural players. Plus, we spotlight exciting global partnerships and research trials aimed at reshaping agriculture. Let’s dive in!

Harnois Greenhouses provides a range of greenhouse solutions for berry production, offering benefits like extended growing seasons, better crop protection, and higher yields compared to open-field farming. Their options range from cost-effective structures like TunnelPro Plus to advanced high-tech systems such as Luminosa, all supported by agronomists and equipment experts to deliver tailored, turnkey solutions for growers. As technology advances, these greenhouse solutions will support sustainable, year-round berry farming.

In this week’s Expansion Announcements, we cover key facility openings and upgrades from ADAMA, Mastronardi Produce, and Oberland Agriscience. ADAMA has opened a new chloralkali production facility to support fungicide production, increasing the chlorine supply for products like Captan and Folpet. The facility features advanced technology that reduces energy use, eliminates mercury risks, and produces 40,000 metric tons of chlorine per year, with the ability to scale to 50,000 tons. The hydrogen byproduct is used to fuel air emission treatment, and there are plans for solar energy integration in the future. Mastronardi Produce has expanded its greenhouse operations in Ontario, increasing its Canadian footprint to 91 acres. This includes a new 27-acre winter-lit glass greenhouse in Kingsville and an additional 64 acres through partnerships with J.C. Fresh Farms and Orangeline Farms. This expansion aims to enhance the local, year-round supply of SUNSET branded produce, with advanced technology supporting sustainable and local production. Lastly, Oberland Agriscience has launched Nova Scotia’s largest black soldier fly larvae (BSFL) production facility in Halifax. The 108,000-square-foot facility uses AI, robotics, and machine learning to transform 36,000 tons of pre-consumer waste into sustainable animal feed and soil nutrition. The facility is expected to produce 3,500 tons of dry protein and 9,000 tons of frass annually, supporting a closed-loop agriculture model that reduces reliance on traditional agricultural inputs. These expansions from ADAMA, Mastronardi Produce, and Oberland Agriscience are driving forward sustainability and technological innovation in agriculture.

Moving on to significant acquisitions in the agricultural sector, Cube Green Energy, managed by I Squared Capital, is set to acquire a majority stake in SUNfarming, a German leader in Agricultural Photovoltaic solutions. This strategic move aims to advance the synergy between solar energy and agricultural land use in Germany. The deal includes a substantial investment plan, with 500 million euros allocated to SUNfarming's project pipeline through 2028. The acquisition is expected to be completed by the first quarter of 2025, pending regulatory approvals. In another notable transaction, H.I.G. Capital has acquired a majority stake in Life Agro, a Brazilian agricultural input specialist. This acquisition strengthens H.I.G.'s presence in Latin America's agricultural sector, particularly in sustainable products. Life Agro's portfolio includes adjuvants, biostimulants, micro fertilizers, and eco-friendly crop protection solutions. The company's founder, Matias Ezequiel Tiecher, will continue as CEO and maintain a significant ownership stake, ensuring leadership continuity while pursuing regional expansion and advancing sustainable agricultural solutions throughout Latin America.

In notable industry news, Bowery Farming, a prominent vertical farming company, has ceased its operations after unsuccessful attempts to secure additional funding or find a buyer. This development, reported by Pitchbook, marks a significant shift in the controlled-environment agriculture sector. The company had established strong retail partnerships, supplying fresh produce to over 2,600 stores through major retailers including Whole Foods, Amazon Fresh, and Albertsons. Bowery Farming had distinguished itself through technological innovation, particularly with its development of BoweryOS and advanced robotics systems. Their water quality management systems were designed to enhance operational efficiency in controlled environment agriculture. However, the company faced mounting challenges in recent months, with multiple rounds of layoffs and project delays indicating financial strain. These difficulties ultimately impacted Bowery's ability to maintain sustainable operations and achieve the scale necessary for continued growth, leading to the company's closure.

Several significant funding announcements have shaped the agricultural technology landscape this week. Pymwymic's Healthy Food Systems Impact Fund II has exceeded its 70 million euro goal, closing at 71.5 million euros. This fund, backed by over 250 private and institutional investors, aims to support companies advancing sustainable agriculture, crop intelligence, and solutions for food waste reduction and soil health. It also aligns with environmental goals, addressing biodiversity loss and soil degradation, further contributing to a regenerative food system. In the United Kingdom, startup Albotherm has secured a 500,000 pound grant from Innovate UK for their innovative polytunnel technology. Their temperature-sensitive additive reflects sunlight during high temperatures and becomes transparent in cooler conditions, aiming to stabilize temperatures in polytunnels and ultimately boost crop yield and revenue. The company is now collaborating with Billington Farm and Lumiforte to test this technology in real-world conditions. Aphea Bio has obtained 1.9 million euros from VLAIO to expand their maize biostimulant, INITIA. This funding will support their efforts to refine the product as a maize seed coating and explore its potential use in other broad-acre crops, particularly targeting the US and Brazilian markets, with the strategic goal of strengthening Aphea Bio's position in the agrobiologicals sector.In a broader commitment to global food security, USAID has allocated 57.4 million dollars to enhance climate-smart agriculture worldwide. Over 38 million of this funding will support climate-smart initiatives, disease resistance programs, and resilient food systems. The investment includes new Innovation Labs focused on sustainable intensification and vaccine delivery, alongside support for Disease-Resistant Wheat and Crop Diversity initiatives, with a global impact aimed at reducing hunger and strengthening agricultural policy, especially in vulnerable regions.

Looking at the third quarter financial results, several major agricultural companies have reported challenging market conditions. Nutrien achieved net earnings of 25 million dollars and adjusted EBITDA of 1 billion dollars, with their potash sector showing strong performance due to optimized costs and record sales volumes. The company also expects Potash shipments to reach 71 to 74 million tonnes by 2025, driven by a focus on cost savings and growth in both the fertilizer and retail sectors. Their retail sector's adjusted EBITDA rose to 1.4 billion dollars, though they've adjusted their full-year guidance downward due to reduced pest pressures. Corteva reported net sales of 2.33 dollars, marking a 10 percent decrease, with a 519 million dollar loss from continuing operations. However, they remain on track to achieve 400 million dollars in cost savings by year-end. Their crop protection segment showed earnings and margin growth driven by strong demand and deflationary trends. Looking ahead, they expect 2024 net sales to be between 17 and 17.2 billion dollars, with EBITDA between 3.33 and 3.45 five billion dollars. AGCO faced significant challenges with a 24.8 percent decline in net sales, attributed to low commodity prices, high input costs, and reduced demand. The company has responded by focusing on their Farmer-First strategy and launching OutRun, an autonomous grain cart solution. They've also divested their Grain & Protein business to concentrate on higher-margin products. The decline was most pronounced in South America, followed by North America and other regions.Lastly, CNH Industrial reported net income of 310 million dollars, with overall revenue declining 22 percent to 4.65 billion dollars. Their agriculture segment saw a 24 percent drop in net sales due to decreased demand and high dealer inventories, while their construction segment experienced a 28 percent sales decline, with adjusted EBIT down 33%. Their financial services division showed modest growth with a 1 percent revenue increase to 659 million dollars.

In other industry developments, HudsonAlpha Institute and gener8tor have launched their fall 2024 AgTech Accelerator program in Huntsville, Alabama, welcoming six promising agricultural technology startups. Meanwhile, Greeneye Technology has announced its first field trials in Australia, partnering with spray equipment leader Croplands to test their AI-enabled precision spraying technology on canola and cereal crops. A recent report from Plants for the Future, a European research initiative, has revealed a concerning trend in plant breeding funding. Despite Horizon Europe's 42 percent budget increase, funding for plant breeding research and innovation has seen a decline. In Quebec, Vertiberry is advancing indoor farming capabilities by selecting Sollum Technologies for their new facility in L'Assomption, aiming to achieve year-round, pesticide-free strawberry production in a fully controlled environment. Finally, La Salle Bajío University has partnered with Verde Compacto to launch the Huvster Vertical Farm, featuring a 30-square-meter container farm using hydroponic and vertical farming technology.

Looking ahead, the industry calendar is filled with significant events, including the Inhouse Farming Feed & Food Show in Hanover from November 12th to 15th, 2024, the AgriNext Conference in Dubai on November 13th and 14th, and the Asia-Pacific Agri-Food Innovation Summit from November 19th to 21st, 2024. Additionally, the World Agri-Tech Middle East 2024 will take place in Dubai, followed by the World Agri-Tech San Francisco 2025.

That wraps up this episode of AgTech Digest, from greenhouse innovations and major facility expansions to significant funding developments and financial results, we've seen how the industry continues to evolve. While some companies face challenges, others are expanding their operations and advancing sustainable farming solutions. The sector's commitment to innovation remains strong, as evidenced by new partnerships, research initiatives, and technological advancements across the globe. Thanks for joining me, I'm Anna, signing off. Stay inspired and keep pushing the boundaries of what's possible!