Verde AgriTech Recent News
Recognized as One of the Top 100 Innovators in XPRIZE Carbon Removal (2024/04/30)
Verde AgriTech Ltd has been honored as one of the Top 100 most promising carbon removal innovators by the prestigious XPRIZE Carbon Removal. This recognition places Verde among a select group of companies poised to make significant contributions to the global effort to remove carbon dioxide from the atmosphere at gigatonne scale. Cristiano Veloso, the founder and CEO of Verde, expressed pride in the recognition and highlighted their commitment to leveraging resources for planetary benefit. As part of the Top 100, Verde has been invited to the Carbon Removal Capital Summit in San Francisco, an event that promises to connect the most promising companies with investors interested in funding carbon dioxide removal ventures. Located in São Gotardo, Minas Gerais, Brazil, Verde operates on one of the world’s largest potash resources, which significantly underpins its CO2 capture capabilities.
Verde Agritech Partners With WayCarbon (2024/03/29)
In FY 2023, Verde AgriTech faced a challenging year with a significant reduction in sales volume and revenue leading to a net loss of C$6.0 million. Despite the setbacks, the company remains committed to its growth trajectory and is focusing on regaining market share and enhancing operational efficiency. The company’s BAKS® and K Forte® products continue to contribute to carbon dioxide removal and avoidance, alongside reducing chloride application in agriculture.
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Partners With WayCarbon (2024/02/13)
Verde AgriTech Ltd (Company Profile) has entered into a strategic partnership with WayCarbon, a subsidiary of Banco Santander, and a frontrunner in carbon removal and climate change mitigation. This collaboration is set to enhance Verde’s carbon removal project, centered around its multi-nutrient potassium fertilizer, K Forte®. The partnership is a significant move towards monetizing Verde’s carbon removal capabilities and developing new sustainability projects in Brazil.
João Paulo Frez Appointed as CRO (2024/02/08)
Verde AgriTech Ltd announces João Paulo Frez as the new Chief Revenue Officer, aiming to harness his over two decades of experience in agribusiness, particularly with specialty fertilizers in Brazil, to drive growth and enhance the company’s market position. Frez’s proven track record, strategic focus on innovative market repositioning, and commitment to sustainability align with Verde’s mission to promote sustainable agriculture through high-performance, environmentally beneficial products. This leadership transition is set to capitalize on Frez’s extensive experience and innovative approaches to overcome market challenges and achieve sustainable returns and differentiate Verde’s products in the competitive agribusiness sector.
Marcus Ribeiro Appointed as VP of Sales (2024/02/05)
Marcus Ribeiro joins Verde AgriTech as Vice President of Sales, bringing over 20 years of agribusiness experience to spearhead growth through customer-centric strategies, aiming to expand the company’s market presence and meet Brazil’s significant demand for potash with a sustainable and innovative approach.
Renato Mendes as New VP Strategic Accounts (2024/01/31)
Verde AgriTech has appointed Renato Mendes as Vice President of Strategic Accounts, bringing his extensive agricultural experience to lead one of the world’s largest carbon removal projects, aiming to significantly reduce emissions by utilizing 12 million tons of the company’s mineral resources annually. This initiative, part of Verde’s commitment to sustainable agriculture and technological innovation, underscores its significant role in Brazil’s potash market, where the demand is high and mostly met through imports. Mendes’ diverse background in agronomy and business, including significant roles in farming consultancy and executive leadership, aligns with Verde’s vision to enhance agricultural productivity while advancing environmental sustainability.
Preliminary Results & 2024 Guidance (2024/01/29)
Verde AgriTech has unveiled its preliminary 2023 results, reporting sales of 427,750 tons of its potassium products and a revenue range of C$37.5 million to C$38.5 million, alongside a net loss between C$5.0 million and C$6.0 million. Looking ahead to 2024, the company has set ambitious targets, aiming for sales of 800,000 tons of its products, projected revenue of C$62.9 million, and a net profit of up to C$0.5 million. Verde is also committed to environmental impact, targeting the removal of 38,300 tons of carbon dioxide in 2024. The company plans a long-term strategy for carbon credits to maximize their value, reflecting its optimistic growth projections and dedication to sustainability.
Verde AgriTech Q3 2023: Sales Volume Decline (2023/11/15)
In Q3 2023, Verde Agritech experienced a significant decline in sales volume, dropping to 108,000 tons from 189,000 tons in the same quarter of the previous year, and a corresponding decrease in revenue from $27.3 million to $9.4 million. Despite these challenges, the company improved its cash position, increasing it to $9.3 million from $5.1 million, and saw a growth in non-current assets, indicating potential long-term stability. However, EBITDA before non-cash events declined to -$0.6 million from $8.1 million. Amidst these financial shifts, Verde is advancing in its carbon capture project, potentially generating carbon credits and aligning with global sustainability goals. The agricultural inputs market, influenced by oversupply due to initial panic buying during the Ukrainian conflict and subsequent fertilizer price declines, posed challenges. Additionally, Verde faced competitive disadvantages and the impact of exchange rate fluctuations. Looking forward, the company focuses on the carbon credit market and sustainable production, with hopes for stabilized fertilizer prices and a recovering Brazilian economy to boost demand for agricultural inputs.
Unveils Sustainable Life Cycle Analysis for K Forte (2023/10/31)
Verde AgriTech Ltd has released the results of its Life Cycle Analysis on its potassium fertilizer, K Forte®, which showed its low carbon footprint. The study revealed that for every ton of K Forte®, 112.56 kg of CO2 equivalent can be removed via rock weathering, and the product accounts for less than 10% of the total carbon captured. Verde is transitioning to railway transportation to further reduce its carbon footprint. K Forte® stands out in ERW carbon capture projects due to its rapid dissolving, plant macronutrients, and strict particle size control.
Wins Sustainable Financing from Brazil’s Top Banks (2023/10/24)
Verde AgriTech has secured C$16.2 million (R$60 million) in debt financing from Banco do Brasil and Banco Bradesco. The funds will allow the company to replace higher-interest debt with more favorable terms and provide financing solutions to its clients. The certification awarded by Banco recognizes the sustainability of Verde’s operations in Brazil. Verde is a trailblazer in the agricultural technology sector, focusing on sustainable potash fertilizer production.
Verde AgriTech Advances to Phase 2 of Musk-Backed $100M XPRIZE Carbon Removal Challenge (2023/10/17)
Verde AgriTech is moving forward to Phase 2 of the XPRIZE “100M Carbon Removal” Challenge, which aims to find innovative solutions for carbon dioxide extraction and sequestration. Verde’s proposal involves Enhanced Rock Weathering (ERW), which sequesters carbon dioxide by crushing and spreading reactive rock. The company has partnerships with British universities, and measured and indicated mineral resources of 1.47 billion tonnes and an inferred mineral resource of 1.85 billion tonnes, which puts them in a position to sequester up to 0.40 gigatons of CO2. Cristiano Veloso, Verde’s Founder and CEO, stated that the company has the potential to capture up to 0.36 million tonnes of CO2 annually, emphasizing the transformative potential of their technology.
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