What it does
It has two products on the market: Mevalone (a bio-fungicide) and Cedroz, which protects against soil-based pests called nematodes.
And it has partnerships with industry big hitters such as Eastman, Sipcam Oxon (which is also a major shareholder) and SumiAgro that have opened the doors to deals in Mexico, Portugal, Italy and the Benelux countries to name a few.
Sustaine encapsulation technology
Eden’s Sustaine encapsulation technology is free from plastics, is derived from a natural source, and is suitable for use with both sustainable biopesticides and conventional synthetic pesticides.
Indeed, it is this technology that has enabled the commercialisation of Eden’s own biopesticides which are used to protect grapevines and various other crops.
How it is doing
In April, Mevalone has received certification for use in organic farming in Italy and Spain.
Following the certification, the product can now also be used in organic vineyards which Eden said creates “a significant opportunity” to enter a new market.
Spain and Italy are in the list of top three EU countries with the largest organic farming areas, while Europe will account for 78% of the global organic wine market by 2022.
Research shows that UK consumers are willing to pay 38% more for organic wine as consumers are more conscious about sustainability.
In February it raised £10.1mln through a placing and subscription to help fund the commercialisation of its insecticide products.
In January, Eden signed a one-year exclusive evaluation agreement with Corteva Biosciences, the US giant worth more than US$20bn.
While the exact details of the evaluation haven’t been released, Eden's chief executive Sean Smith confirmed Sustaine would be used on a “significant crop”.
What the boss says: Sean Smith, chief executive
“We are pleased to begin selling our products to organic growers in Italy and Spain, a commercial development that will contribute to the enlargement of our addressable market in Europe and to the ongoing growth of sales in these important countries."
“Our products give organic growers an effective and sustainable solution comparable to conventional chemistry but in a way that is aligned with the fundamental elements of organic production.”
What the broker says
House broker Cenkos is predicting Eden will generate product sales of £3.6mln this year, rising to £6.6mln in 2021, at which point it will be profitable.
“We remain positive on Eden due to its appealing product sales profile, exposure to a high-growth market, supportive regulatory environment and path towards profitability,” said analyst Donnellan.
“Our forecasts represent a conservative approach based on visible opportunities with upside possible based upon regulatory approvals and milestones.”