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Phospholutions, Inc. Attracts Additional Capital from Global Ag Companies
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Phospholutions Inc., a sustainable fertilizer technology leader, has secured additional funding from Ospraie Ag Sciences, Bunge Ventures (NYSE:BG), and UPL Ltd. to support the commercialization of RhizoSorb®. This patented fertilizer additive reduces phosphorus fertilizer usage by 50% without sacrificing crop yield. As global fertilizer demand rises, RhizoSorb® aims to enhance nutrient efficiency for cash crops. The recent investment follows a $10.3M Series A round and will help execute commercial trials in 2023, bolstering sustainable agricultural practices.
Positive
Secured funding from major investors including Bunge Ventures, indicating strong market support.
RhizoSorb® can reduce phosphorus fertilizer applications by 50%, enhancing sustainability.
The company has a proven track record with extensive trials on various crops.
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None.
STATE COLLEGE, Pa.--(BUSINESS WIRE)--
Phospholutions Inc., a leader in sustainable fertilizer technology, has announced additional investment from leading global agricultural companies to support commercialization of RhizoSorb® in the US row crop market. The recent funding includes investment from Ospraie Ag Sciences (OAS),Bunge Ventures, the for-profit, global investment arm of Bunge (NYSE:BG), and UPL Ltd. (NSE: UPL, BSE: 512070, LSE GDR: UPLL).
Phosphorus is the second largest nutrient needed for food production worldwide, yet 90% is lost from mine to fork. The global phosphatic fertilizer market is expected to reach $78B by 2025. Phosphate is a finite resource and excessive use is contributing to greenhouse gas emissions and freshwater pollution globally. After extensive on-farm testing and almost 30 years of academic research, RhizoSorb® is the first patented fertilizer additive proven to reduce phosphorus fertilizer applications by 50% without compromising yield. RhizoSorb® increases the efficiency of applied and native soil phosphorus by releasing nutrients based on a chemical gradient in the soil, leading to better availability throughout the season. RhizoSorb® has been tested on row crops including corn, soybean, wheat, barley, sunflower, chickpea, rice, and turfgrass.
“RhizoSorb® is proven to deliver the same amount of phosphorus to the plant with half the amount of applied fertilizer,” said Founder and Chief Executive Officer, Hunter Swisher. “Conventional fertilizers are inefficient as less than 25% of phosphorus is taken up by the crop during the growing season. With recent increases in fertilizer prices and supply constraints in key global markets, farmers urgently need proven solutions to help maximize the return on input costs. This investment helps accelerate our commercial launch by supporting this year’s commercial trial program, strategic development partnerships, and enables product to be delivered to the US row crop market for the 2023 growing season.”
In addition to this new investment series, Phospholutions announces that Stephan Levitsky joined the team as Chief Operating Officer and Vice President of Sustainability. Levitsky has more than 20 years of senior executive experience in leading food and agricultural companies. “The support for our shared global vision of a more sustainable future for agriculture has us aligning strategically with our investors who are looking to bring science-backed solutions to the market to make meaningful impact,” said Levitsky.
Utilizing its extensive network and 25 years of experience investing in agriculture, OAS is positioned to help farmers achieve a sustainable future. Carl Casale from OAS commented, “RhizoSorb® technology aligns closely to our venture firm’s mission to do more with less. The technology promotes increased grower profitability and reduces environmental impact to contribute to a more sustainable future for farming.”
Late last year, Phospholutions was also chosen as one of the first five companies selected for the Farm2050 Nutrient Technology Trialing Platform in New Zealand, organized by Finistere Ventures and Innovations Endeavors. New Zealand will join Canada, US, Turkey, India, Brazil and Africa on the list of global RhizoSorb® trial locations planned for 2022.
In the United States, Phospholutions will continue their partnership with St. Louis, Missouri digital ag company, IN10T, as they expand their field trial reach to up to 130 additional corn fields across 12 states in the United States in 2022. Dr. Aaron Waltz, Phospholutions’ Chief Technical Officer, said, “The 2021 trial program through IN10T was a great first-season test of RhizoSorb on the farm. RhizoSorb was successful in reducing phosphorus use by up to half across soil types, application methods, and fertilizer sources without compromising yield.” Randy Barker, CEO of IN10T commented, "our continued partnership with Phospholutions signals confidence in our data driven platform to bring new ag technologies to farmers. After our first year of on-farm trials RhizoSorb exhibited real benefits to farmers by improving phosphorus use efficiency, and we look forward to our IN10T/RhizoSorb commercial trials in 2022 with corn farmers across the entire Midwest market."
At Phospholutions, our mission is to enhance global phosphorus use. We believe sustainable production and responsible use of phosphorus is critical to support global food demands. RhizoSorb was developed to cut costs and reduce the environmental impact of fertilizer use by releasing nutrients in the soil more efficiently. Our patented fertilizer additive is incorporated into production to create higher efficiency products that maximize the use of phosphate resources.
About Ospraie Ag Sciences
Ospraie Ag Science LLC (OAS) identifies solutions to help farmers “Do More With Less.” By increasing profitability, improving quality-adjusted yield, and reducing environmental impact, our companies not only benefit producers but generate smarter, healthier, and more efficient food for consumers globally. Utilizing their extensive network and 25 years of experience investing in agriculture, OAS is positioned to help farmers achieve a sustainable future.
About IN10T
IN10T is a digital agriculture company founded in 2016 to solve farmer adoption challenges in agriculture. IN10T creates end-to-end, custom digital and data science solutions for customers in the agriculture and those investing in agriculture. IN10T has experience solving for: adoption (product and platform), product commercialization, startups, strategy, sentiment, customer journey, grain marketing, predictive modeling, agronomy, data analytics, business development, and signal processing.
About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world's leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they're grown to where they're consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.
About UPL
UPL Ltd. is a global provider of sustainable agriculture products and solutions, with annual revenue exceeding $5.2 billion. We are a purpose-led company. Through OpenAg™, UPL is focused on accelerating progress for the food system. We are building a network that is reimagining sustainability, redefining the way an entire industry thinks and works – open to fresh ideas, innovation, and new answers as we strive towards our mission to make every single food product more sustainable. As one of the largest agriculture solutions companies worldwide, our robust portfolio consists of biologicals and traditional crop protection solutions with more than 14,000 registrations.
About Radicle Growth
Radicle Growth selects innovative, early-stage companies for investment, ensuring that disruptive Agtech & Food Tech companies reach their full potential. In addition to providing seed-stage capital, Radicle Growth provides a fertile environment for visionaries in agriculture and food space to flourish. Their proprietary platform is one of a kind in the agriculture and food industry, filling a huge void in the market by identifying the most innovative technologies and accelerating them with a range of value-creation initiatives.
