Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) has received regulatory approval to use its biofungicide Mevalone in Germany - its fourth major regulatory approval in 12 months.
The product has been authorised for professional use on grapevines and apples to control Botrytis on grapes and prevent apple storage diseases.
Germany, known for its wine production, particularly Riesling, faces challenges from fungal diseases due to its cooler climate, which Mevalone effectively combats.
The country is also a significant apple producer, with over 1.1 million tonnes harvested annually.
Mevalone helps prolong apple storage periods without the need for additional conventional fungicides.
Germany ranks third in pesticide sales within the EU, but there is a growing shift towards sustainable farming due to the EU’s Green Deal and Farm to Fork Strategy, which aims to reduce pesticide use by 2030.
With this approval, Eden Research, in partnership with Sumi Agro Europe, aims to capture a significant share of Germany’s biopesticide market by offering a sustainable alternative to conventional pesticides.
"Today's news marks the fourth significant regulatory announcement over the past 12 months," CEO Sean Smith.
"It is another sign of real progress for our corporate growth strategy that we are able to deliver an additional market entry opportunity for an existing product which will add meaningful revenue within three years of product launch. In the context of our EU addressable market, Germany is a particularly notable territory gain for Eden and Mevalone given the prevalence of fungal disease in the cooler conditions in which wine grapes and apples are grown.
"It is also encouraging to note the German regulator's support for products such as Mevalone as, like growers across Europe and the UK, German farmers are increasingly challenged by the removal of conventional pesticides from the market."