CubicFarms Secures Exclusivity Agreement with Agrotopia Ireland Limited and Expands Presence into Middle East
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Vancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a leading agricultural technology company, announces that its ruminant livestock feed subsidiary company, HydroGreen Inc. ("HydroGreen"), has secured an exclusivity agreement with Agrotopia Ireland Limited, solidifying HydroGreen's influential role in the Irish market. The agreement commits Agrotopia to purchase four additional GLS 808 Units for the Irish market, complementing the single unit sale announced previously on January 3, 2024, culminating in a fleet of five machines dedicated to Ireland's first Feed as a Service ("FaaS") Centre.
Furthering its international expansion, HydroGreen has also established an exclusive sales agreement with Agrotopia for its Middle East operations. Agrotopia has committed to purchasing a minimum of 2 GLS 808 Units in 2024 for those additional markets, followed by a minimum of 5 units annually from 2025 through 2027.
This exclusive partnership emerges from Agrotopia's years of dedicated research and development in the cultivation of wheat and barley sprouts, setting a new standard for highly nutritional livestock feed. Agrotopia and HydroGreen are at the forefront of agricultural innovation, leveraging HydroGreen's patented hydroponic technology. By providing eco-friendly, nutrient-dense feed solutions derived from wheat and barley sprouts, this collaboration aims to transform farming practices, enhance livestock welfare, and significantly reduce environmental impact.
This initiative not only addresses Ireland and the UK's heavy reliance on imported feed, but also tackles the challenges posed by climate change, such as the decreasing viability of traditional silage cultivation and grazing.
The technology's potential will be showcased in a pilot program at Finnegans Farm in Balrath, Navan County Meath, Ireland, starting in May 2024. This initiative will serve as a model for livestock farmers in the beef, dairy, chicken, and equine sectors and will allow farmers to evaluate the benefits of hydroponic feed solutions firsthand.
Agrotopia's strategic vision includes the expansion of feed centres throughout Ireland and the UK, in addition to extending their reach into the Middle East, with the aim of enhancing global food security and sustainability.
This agreement marks another milestone for HydroGreen in its efforts to extend its market reach internationally in collaboration with strong qualified partners, with an immediate emphasis on the European Union. The EU has established a framework aimed at enhancing agricultural practices supported by strategic investment initiatives and government subsidies.
These initiatives are geared towards the adoption of new technologies and equipment in agriculture. This approach is facilitating a shift towards more efficient and sustainable methods in the EU's dairy and agriculture sectors.
"We are enthusiastic about establishing our technology in Ireland in collaboration with Agrotopia, and equally pleased to announce the extension of our partnership into the Middle East," said John de Jonge, President of HydroGreen. "These agreements represent important steps in our company's growth and in promoting more sustainable agricultural practices internationally."
The agreement also paves the way for future development and potential market growth in Ireland, the United Kingdom, and Middle East. Research and development trials in conjunction with local state agencies and universities will be conducted to further enhance and tailor HydroGreen's technology to meet the agricultural needs of these regions. HydroGreen's approach goes beyond merely fulfilling immediate feed demands; it's about fostering a sustainable, resilient agricultural landscape, characterized by reduced greenhouse gas emissions and improved animal health.
Contact info@cubicfarms.com for media or investors@cubicfarms.com for investor inquiries. Contact HGInfo@hydrogreenglobal.com to reach HydroGreen's Producer Education Team.
Forward-looking and other cautionary statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to: the estimated harvesting capabilities of the machines, nutritional benefits of feed produced by the machines and quality of the feed in general. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such statements can be identified by the use of words such as "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
About HydroGreen
HydroGreen produces Automated Vertical Pastures™, a type of smart farming equipment that uses a unique process to sprout grains such as wheat and barley, in a controlled growing environment to efficiently produce a high-performance feed ingredient for livestock 365 days a year. HydroGreen's equipment is simple and easy to operate and performs all growing functions automatically, including seeding, watering, lighting, harvesting, and re-seeding, which allows livestock businesses to feed consistent nutrition every day with minimal labour. When balanced correctly in the ration, HydroGreen sprouted grain modifies animal digestion which enhances productivity and reduces the amount of enteric methane emitted in ruminant livestock. The result also enables environmental benefits to the farm while helping to meet increasing demand for valuable farm-based inset and offset carbon credits. For more information, please visit www.hydrogreenglobal.com.
About CubicFarms
CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a subsidiary of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops on-site, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy. For more information, please visit www.cubicfarms.com.
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FAQ
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