CO2 GRO Inc. has announced its largest sales contract to date with El Salvador-based greenhouse pepper grower Hidroexpo S.A. de C.V. (Hidroexpo).
The agricultural tech company said the contract is based on a multi-year, Pay-for-Use model worth about C$800,000, in addition to the previously-announced sales contracts of approximately C$200,000, with Hidroexpo.
“Our multi-year Pay-for-Use contract option provides for recurring cash flow and allows more greenhouses to adopt our technology sooner and on a larger scale,” CO2 GRO CEO John Archibald said in a statement.
“Having closed this sales contract with Hidroexpo, we look forward to helping them continue to boost yields at more of their greenhouses as well as inspire more growers who have shown great interest in our technology's benefits to move forward,” he added.
Archibald noted the contract, combined with its recently announced C$500,000 sales contract with a Canadian greenhouse vegetable grower, brings the company’s total sales contracts since inception to approximately C$2.1 million.
CO2 GRO added that the sales contract is a result of its Technology Adaptation Trials (TAPs) with Hidroexpo, the first of which was initiated in September 2021 and delivered a 20% increase in pepper production; and the second in April 2022 which delivered a 30% increase after technology protocol optimization.
Hidroexpo's choice of the Pay-for-Use option that CO2 GRO offers will create a long-term partnership, which is expected to accelerate larger sales contracts with other customers, according to the company.
CO2 GRO is an innovative precision agricultural tech company focused on delivering CO2 Delivery Solutions to the global protected agricultural sector. Its patented technology helps growers increase crop yields and profits by enhancing plant growth, resilience, quality and water-use efficiency through aqueous CO2 misting.
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