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Biofuel industry, Company News, Finance, India

Company recorded FY 23 revenue at Rs. 35,280.378 million and PAT (Profit After Tax) at Rs. 2,398.182 million.

Pune based Praj Industries (Praj), announced its audited financial results for the quarter and full year ended March 31, 2023.

Performance Review for Q4 FY23 – Consolidated:

• Income from operations stood at Rs 10,039.845 million (Q4 FY22: Rs. 8309.643 million; Q3 FY23: Rs.9114.647 million)

• PBT is at Rs. 1,128.133 million (Q4 FY22: Rs. 780.636 million; Q3 FY23: Rs. 858.997 million)

• PAT is at Rs. 881.151 million (Q4 FY22: Rs. 576.507 million; Q3 FY23: Rs. 623.113 million)

• Order intake during the quarter Rs. 10,380 million

Performance Review for FY23 – Consolidated:

• Income from operations stood at Rs. 35,280.378 million (FY22: Rs. 23,432.744 million)

• PBT is at Rs. 3,187.249 million (FY22: Rs. 2,048.772 million)

• PAT is at Rs. 2,398.182 million (FY22: Rs. 1,502.420 million)

• The consolidated order backlog as on March 31, 2023 stood at Rs. 34,140 million (FY22 order backlog at

Rs. 28,780 million).

Commenting on the Company’s performance, Mr. Shishir Joshipura, CEO & MD, Praj Industries said, “We delivered a healthy and consistent performance throughout FY23 by leveraging our technology edge and strong delivery capabilities. Energy transition and climate action (ETCA) agenda has opened new opportunities for our engineering businesses. Expansion of mobility solutions beyond surface mobility which includes SAF are expanding horizons of opportunity for our business. We are confident of meeting expectations of all our stakeholders, as we move forward on our sustainable journey.”

Company recorded FY 23 revenue at Rs.

Company News, Finance, India, Sugar industry

Company recorded total Sugar volumes up by 41%, Refinery Exports up by 19% and Ethanol Sales up by 20%

Shree Renuka Sugars Limited – one of India’s largest sugar and green energy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore – has reported its financial performance for the quarter and year ended March 31, 2023.

Highlights of the results for the quarter and Annual are summarized below –

Highlights – Q4 & Annual Performance FY23

Annual Revenue for FY23 up by 40 per cent over the previous year from Rs 62,091 Mn to Rs 86,862 Mn. Refinery contributed 67 per cent of the top line.

EBITDA for the year stood at Rs 7,197Mn, an increase of 51 per cent over the last year of Rs 4,781 Mn.

Distillery produced during the year, 19.6 Crores litres recording a growth of 19 per cent. Despatches up by 20 per cent to a record 19 Crore litres.

Expanded ethanol production capacity from 720KLPD to 1250 KLPD was commissioned in March 2023. The full impact of the expanded capacity would be available in the ensuing financial year.

Loss before exceptional items narrowed down from Rs (1,299 Mn) to Rs (1,227 Mn) decrease of 6 per cent, despite finance cost going up by 49 per cent.

At Consolidated level for the FY23, the total income went up by 40 per cent over the previous year from Rs 65,016 Mn to Rs 91,065Mn. The overall EBITDA stood at Rs 7,196 Mn up by 45 per cent as compared to Rs 4,971 Mn during the previous year.

Atul Chaturvedi, Executive Chairman said, “The company performance displayed strong momentum, anchored by domestic sugar and ethanol businesses despite early closure of crushing season. Domestic demand growth, improved capacity utilization and higher net realization, especially in sugar and refinery businesses, resulted in stable Q4 performance. Our total income has increased by 40% over the previous year. The expanded ethanol production capacity from 720KLPD to 1250 KLPD was commissioned in March 2023 and its full benefit is expected to be visible from the next financial year onwards. The company resilience is driven by its business model and strategy with improving capacity expansion and utilization.”

 Sunil Ranka, Chief Financial Officer commented, “Shree Renuka Sugars has delivered a stable financial performance driven by the highest ever strong topline and EBITDA growth of about 51 per cent. Though our Company’s EBITDA is better amongst the peers, stress in US & European Banks adversely influenced the domestic interest rates and kept the Rupee weak, thus resulting in higher interest burden and impacting the profitability of the Company. Our new bioethanol capacity expansions and increased market share of branded sugar are rebuilding our business to rejuvenate our growth story. We reaffirm our commitment to maximizing our growth and profitability.”

Company recorded total Sugar volumes up by

Biofuel industry, Supply Chain, Sustainability, Trade, World

The shipment consists of 850 tons of cellulosic ethanol made from agricultural waste primarily corn cobs

EcoCeres, Inc., an Asia-based innovative bio-refinery company announced the first shipment of 100 per cent agricultural waste-produced cellulosic ethanol to the European markets, a milestone the company achieved after commissioning yet another ground-breaking facility in China. Cellulosic ethanol is an important renewable blend substitute for gasoline.

This milestone distinguishes EcoCeres as a company capable of producing a diverse range of renewable biofuels, covering Sustainable Aviation Fuel (SAF), Hydro-treated Vegetable Oil (HVO) and Cellulosic Ethanol. This achievement is made possible through its in-house developed technology and own biomass refinery platform positioned to meet the growing market demand and regulatory requirements for renewable transportation fuels.

The shipment consists of 850 tons of cellulosic ethanol made from agricultural waste primarily corn cobs, which reduces greenhouse gas emissions by over 80 per cent compared to traditional fossil fuels and is in alignment with the European Union’s Renewable Energy Directive as an advanced biofuel.

“As one of the few companies globally with the capacity to produce cellulosic ethanol at an industrial scale, EcoCeres is well positioned to meet the growing demand for advanced biofuels,” said Philip Siu, Co-Founder and CEO of EcoCeres.  “This shipment of cellulosic ethanol signifies EcoCeres’ breakthrough success to reverse the lignocellulosic agricultural waste back to its original sugar forms, paving the way for sustainable aviation fuel to be produced through further alcohol-to-jet conversion,” he added.

“Our innovative approach to producing cellulosic ethanol entirely from agricultural waste not only supports a sustainable future but also strengthens our position in the renewable fuels market,” said Dr Bin Xu, COO of the Company’s Agricultural Waste Business. “Our unique differentiator is being able to effectively separate hemicellulose, cellulose and lignin, using each in high-value processes or end products, economically and sustainably.”

EcoCeres develops a proprietary technology path to convert agricultural waste, such as corn cob and straw, into valuable waste-based biofuels and biopolymers which drive the energy and material transitions for attaining carbon neutrality.

The shipment consists of 850 tons of

India, Sugar industry, Supply Chain, Sustainability

Nearly 500 mills have closed their operations, while 37 factories are still continuing with crushing, including 16 mills in Tamil Nadu and 15 units in Uttar Pradesh

The Indian Sugar Mills Association has cut the estimate to 32.8 metric tonnes from the earlier estimate Of 34 metric tonnes.

Nearly 500 mills have closed their operations, while 37 factories are still continuing with crushing, including 16 mills in Tamil Nadu and 15 units in Uttar Pradesh, against 116 mills that were in operation during the same period last year, indicating lower sugar production  Sugar production in the country dipped over 8 per cent to 32.1 million tonnes until May 15 in the current sugar season (October 2022-September 2023) against 34.92 metric tonnes in the previous season.

Nearly 500 mills have closed their operations,

Foodgrains, India, Supply Chain, Trade

To keep prices down last year India banned wheat and broken rice exports and imposed a 20 per cent export duty on non-basmati rice varieties

India will export around 1.05 million tonnes of food grains to Nepal, Indonesia, Senegal and the Gambia as part of economic diplomacy in 2023.

Last year to keep prices down, India banned wheat and broken rice exports and imposed a 20 per cent export duty on non-basmati rice varieties.

The Department of Food and public distribution has allowed exports of 300,000 tonnes of wheat to Nepal, 200,000 tonnes of broken rice to Indonesia, 500,000 tonnes of broken rice to Senegal, and 50,000 tonnes of broken rice to Gambia on a request by the external affairs ministry. 

The Food Corp of India (FCI) so far has procured a little over 26 metric tonnes of wheat in the 2023-24 (October-March) rabi marketing year against a target of 34.5 metric tonnes. A hot February and heavy rains in March and April lowered wheat production to below the agriculture ministry’s second estimate of 112.2 metric tonnes.

In the case of rice, FCI had procured 77.2 metric tonnes of paddy in the ongoing 2022-23 (April-September) kharif marketing season and 3.2 metric tonnes of paddy in the current 2023-24 rabi marketing season against an estimated target of 15.7 metric tonnes. 

Last year, India exported 1.8 metric tonnes of wheat, including 33,000 tonnes of 50,000 tonnes committed to Afghanistan as part of humanitarian assistance.

To keep prices down last year India

Acquaculture, Animal Health, Live Stock, Supply Chain, Sustainability, World

The congress explores how the European feed industry can assist the livestock and aquaculture sector to meet relevant EU Green Deal and sustainable food

European Feed Manufacturers’ Federation (FEFAC) will hold the 30th Congress ‘Resilience of Sustainable EU food production systems – Role of Circular feed’ during 14-16 June 2023 in Ystad, Sweden.

FEFAC, DAKOFO and FS, representing respectively the European, Danish and Swedish feed industries, will co-host the 30th FEFAC Congress

In the context of the current EU and global debate on EU food security and resilience of the EU agri-food chain, the congress explores how the European feed industry can assist the livestock and aquaculture sector to meet relevant EU Green Deal and sustainable food systems targets while providing affordable foodstuffs of animal origin to citizens.

EU, livestock and aquaculture as well as food and feed industry experts will discuss with experts from the European Commission and EU Swedish Council Presidency, the opportunities and challenges of circular feed and sustainable feeding techniques to facilitate the transformation of EU livestock and aquaculture systems. This takes place in the context of 1st implementation year of the new CAP reform and the announced publication of the EU legislative framework for sustainable food systems.

“The upcycling of nutrients through farm animals, converting secondary raw materials to highly bioavailable nutrients for human consumption, is an important part of our license to produce as European feed manufacturers,” said Asbjørn Børsting, President of FEFAC. “We can provide many concrete examples of advanced feeding techniques as highlighted in our new FEFAC publication, allowing us to increase the share in feed formulations of circular feed, not competing with direct human food use. We, therefore, invite the EU and Member States to encourage the uptake of advanced feeding systems via respective National Strategic Plan incentives (Eco-schemes etc.) to strengthen the livestock sector transition and contribution to a more resilient and sustainable agri-food system.”

“The European feed industry has an important role to play in the overall ambition for sustainability and resilience. In this transition, we need to find the right balance and coherence of EU policy measures allowing the increase of circular flows in the food chain for which feed plays a pivotal role,” said Jan Rundqvist, President of FS. “We share the EU Swedish Presidency’s priorities to foster the EU Circular Economy seeking to increase both EU’s feed & food and renewable energy autonomy. In these challenging times, we need each other more than ever and our cross-sectoral collaboration through FEFAC is of great importance to us all.”

The congress explores how the European feed

AgroPolicy, Foodgrains, Oilseeds, Pulses

The production of wheat and rice is estimated to increase by 5 and 6 metric tonnes respectively

The food grain production of India in 2023 is estimated to reach a record 330.5 million tonnes from 315.6 MT with a record production of wheat, rice, maize, oilseeds and sugarcane, according to the third advance estimate of the Ministry of Agriculture & Farmers Welfare.

The production of wheat during 2023 is estimated at 112.7 metric tonnes, up by 5 metric tonnes from a year ago. The production of rice is estimated at 135.5 metric tonnes which is increased by 6 metric tonnes as compared to the previous year. 

The production of maize during 2023 is estimated at 35.9 metric tonnes, which is up by 2.1 metric tonnes from the previous year.

The production of nutri and coarse cereals is estimated at 54.7 metric tonnes, 3.6 metric tonnes higher than the previous year’s production. Production of sugarcane is estimated at 494.2 metric tonnes, 54.8 metric tonnes higher than the previous year. Production of pulses is estimated at 27.5 metric tonnes in 2023.  

The production of soybean and mustard is estimated at 14.9 metric tonnes and 12.4 metric tonnes respectively, which is increased by 1.9 metric tonnes and 0.5 metric tonnes respectively than the last year’s production. The oilseeds production of India during 2023 is estimated at 40.9 metric tonnes. Cotton production is estimated at 34.3 million bales (170 kg each).

The production of wheat and rice is

Agrotech, Company News, India, Live Stock, Poultry

 Company facilitates traceability of their eggs at every stage of the supply chain, from the farm to the end consumer.

To bring in trust and transparency for the benefit of consumers, OVO Farm, the largest egg producing company of East India is taking the lead in disrupting the egg industry of India with its product and process innovation. The Egg major has recently launched its unique blockchain technology that facilitates traceability of their eggs at every stage of the supply chain, from the farm to the end consumer. OVO Farm, under its flagship brand ‘Kenko’ caters high quality fresh and hygienic eggs whose authenticity could be traced by scanning the QR code available on each product.

Speaking on the vision behind introducing blockchain technology, Samarendra Mishra, Co-Founder & Director of OVO Farm said, “Through our blockchain technology we want to ensure quality and make sure that right products are reaching to our customers. Each of our products has a unique scan code on its label which gives information about the journey of the product right from the producing unit till it reaches customers.”

Kenko, the flagship brand of OVO Farm caters products of 6 varieties including Hi-Pro, Brown, Immuno, MoreOVOr and On-Day which are available in packs of 6, 10 and 20 eggs. Each of its products has its own unique nutritional value, straight from the farm with zero human touch.

Recently, OVO Farm launched its one-of-its-kind flagship store, KENKO AGSTRA, in Nayapalli Bhubaneswar which is Odisha’s first exclusive egg store, catering customers directly from the farm, with a range of nutritious eggs and more. The company has planned to open up stores in every locality of Bhubaneswar in near future.

Apart from the exclusive store, the KENKO products are available to consumers in Bhubaneswar and Kolkata through a wide network of retail shops like general trade retail units and modern trade stores in both cities.

Known for its global standard products, the eggs from OVO Farm have been continuously exported globally including Middle East countries and Africa.

 Company facilitates traceability of their eggs at

Agrotech, Company News, Finance, India, Supply Chain

Enabling smoother financing and advanced technology for food and agri businesses.

 Ayekart, India’s First Integrated tech platform in the food and agri value chain and UBFC (Unnayan Bharat Finance Corporation) has announced their plan to join forces to empower the food and agriculture value chain with technology and finance. The respective managements of both companies have approved the acquisition of a majority stake in UBFC by Ayekart, subject to regulatory approvals.

This strategic acquisition between the two companies will help them ramp up their growth ladder and support each other in enhancing their food and agriculture value chain business with their expertise and services.

Ayekart is known for offering market access, digitising the Agri-value chain, and providing trade credit. Meanwhile, UBFC works in dairy value chain and provides small loans to borrowers who own livestock. The combined strengths of Ayekart and UBFC will help create a more equitable ecosystem for the food and agriculture value chain, providing improved market access, advanced technology, and simplified financing to underserved communities involved in the food and agriculture sector.

Delighted to partner with UBFC and strengthen the overall food and supply ecosystem,  Debarshi Dutta, Founder and CEO of Ayekart, said, “Our vision at Ayekart is to strengthen traditional businesses in the Agri-value chain through finance, technology, and supply chain management. We are excited about this collaboration with UBFC, which will help us propel our efforts in enabling the MSMEs and FPOs, the important pillars of India’s resilient story.”

Together, the two companies will leverage their expertise to enable the food and agriculture value chain with technology and finance, making it easier for businesses to access markets, scale their operations, increase income, and create more job opportunities.

Further to the collaboration with Ayekart, Avneesh Trivedi, Co-founder of UBFC, added, “UBFC has always aimed to adopt a more dynamic approach through a phygital model to address the problems faced by micro and nano businesses in smaller towns and cities. We found synergy with Ayekart, which operates in similar geographies, to fulfil the needs of small businesses across the nation. This partnership will help us achieve mutual objectives.”

Enabling smoother financing and advanced technology for

Agrotech, Company News, India, Sustainable Energy

 Ecofy is targeting 100 Cr financing for rooftop solar during FY24.

 Ecofy, India’s green-only NBFC that is committed to resolving the climate finance gap in the Indian retail sector, joins forces with Tata Power Solar Systems Ltd, India’s largest integrated solar energy company that is on a mission to usher a comprehensive solar revolution across the country. The partnership will help in financing solar solutions like solar rooftops, EPC services, and other innovative solar products for new-age customers that are consciously adopting sustainable and natural modes of energy.

This partnership aims to pave the way for widespread adoption of clean energy throughout the country, while also facilitating a seamless transition to solar energy. In pursuit of this goal, Ecofy will lend to individuals and small businesses that seek to procure various state-of-the-art solar services from the nation’s leading solar energy pioneers, thereby laying the roadmap for a net zero-carbon nation. In addition, this collaboration will enable Ecofy to establish 1500+ installations and reach out to 400+ dealers, distributors, households, commercial spaces, and industries in 7 states namely Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Karnataka, Telangana, and Goa.

Speaking on the partnership, Govind Sankaranarayanan, Co-Founder & COO of Ecofy, said, “The current capacity of Rooftop Solar stands at approximately 9 GW, projected to grow at a 15% CAGR over the next 5 years. Given the thriving solar rooftop market and the government’s robust backing for sustainable energy adoption, this partnership is set to have a substantial impact. Tata Power Solar Systems Ltd is a veritable giant in the industry, and we look forward to working together to drive the extensive adoption of solar energy.”

 Ecofy is targeting 100 Cr financing for

Company News, Foodgrains, India, Sustainability

Dhanuka announces its entry into the agri-biological segment of crop care and crop nutrition products by launching BiologiQ

Dhanuka Agritech announced its entry into the agri-biological segment with the launch of its BiologiQ range of products. BiologiQ is a unique range of sustainable solutions developed with the fusion of traditional science and new-age agriculture practices.

 BiologiQ represents a broad category of crop protection, soil health, and plant nutrition products that are derived from nature. BiologiQ products can be used individually or in combination with conventional chemical products under an Integrated Pest & Nutrition Management (IPNM) plan to produce powerful results for the crop and the soil. BiologiQ portfolio supports the 4Rs – Resistance, Residue, Resurgence, and Soil Rejuvenation management with different action modes, resulting in increased crop yield and farm productivity.

Three introductory products in the BiologiQ range are Whiteaxe biological insecticide, Downil biological fungicide, and Sporenil biological wilticide.

Speaking about BiologiQ, M K Dhanuka, Managing Director of Dhanuka Group said, “We are launching three biological products Whiteaxe, Downil, and Spornil in the bio-agri segment. This segment is increasing globally, and we see good demand for these products in India as well. We hope that in times to come we will be introducing some more biological products in our BiologiQ range.”

‘’BiologiQ will help in filling the gaps that are currently being created by the use of chemical solutions alone. We have seen that our biological products when used alone or alternately with chemical solutions under an integrated plan can produce impactful results. It also helps in addressing resistance building among pests due to regular use of chemicals.’’ said Manoj Varshney, National Marketing Head of Dhanuka Agritech. 

Dhanuka Agritech further strengthened its herbicide portfolio by introducing two selective herbicides Implode and Mesotrax.

With these new introductions, Dhanuka Agritech is optimistic to strengthen its position in the crop care product segment. Dhanuka Agritech has a positive outlook for the agricultural sector in India for FY 2023-24 with new growth plans and a robust product pipeline. Dhanuka will be launching 2 to 3 new 9 (3) molecules for the first time in India. Apart from these, the company will also introduce 3 to 4 molecules under section 9 (4) or co-market them. Dhanuka’s growth story remains strong and consistent as we focus our efforts on serving the needs of Indian farmers.

Dhanuka announces its entry into the agri-biological

Agrotech, Company News, Start ups, Sustainable Energy, World

Combining the versatile capabilities of the Iridium Edge Solar and Laird Connectivity IoT sensors caters to multiple markets

Iridium Communications Inc. has announced a partnership with Laird Connectivity, a global leader in wireless technology, to integrate its low-powered sensors with the self-charging Iridium Edge Solar. Laird Connectivity’s Sentrius BT610 I/O and BT510+ IoT sensors connect to the Iridium Edge Solar over Bluetooth Low Energy (LE), adding a wealth of new capabilities and use cases for wireless, long-lasting remote operations anywhere in the world. As part of this partnership, Laird Connectivity is also now an Iridium Value Added Developer (VAD).

Combining the versatile capabilities of the Iridium Edge Solar and Laird Connectivity IoT sensors caters to multiple markets and use cases ranging from telematics, security and safety, Supervisory Control and Data Acquisition (SCADA), sensor-based applications for industrial purposes, remote IoT applications, maritime applications, and infrastructure. The combination can be adapted to suit almost any application ranging from tank level monitoring, asset tracking, monitoring temperature, detecting motion, sensing a door opening or closing, engine status monitoring, or remote management of fixed assets.

“By leveraging each other’s strengths, Iridium and Laird Connectivity are bringing best-in-class, cutting edge, cost-effective, and scalable capabilities to the market,” said Tim Last, vice president and general manager of IoT, Iridium. “We are excited to offer customers this innovative solution that unlocks the full potential of IoT applications.”

“We are delighted to partner with Iridium to deliver innovative solutions in wireless connectivity,” said Bill Steinike, CEO, of Laird Connectivity. “This partnership helps bring our products and offerings to a larger and more diverse group of customers while accelerating their time to market and improving overall RoI.”

With an easy-to-use mobile application, users can perform over-the-air firmware updates and pair the Iridium Edge Solar with Laird Connectivity’s Bluetooth sensors by simply scanning QR codes. Data from the Laird Connectivity IoT sensors is transmitted to the Iridium Edge Solar and can be sent back to customers securely via Iridium CloudConnect. The ease of use, flexibility and long lifespan of the Iridium Edge Solar and Laird Connectivity IoT sensors provides a streamlined experience for users into the future.

Combining the versatile capabilities of the Iridium

Company News, Finance, World

As a Program Supporter, Ceres joins the Leading Harvest membership that includes farmland managers, suppliers and retailers

Ceres Imaging announced a commitment to increasing the adoption of sustainable agricultural practices by enrolling as a Program Supporter of Leading Harvest, an industry leader in sustainable agriculture. As a Program Supporter, Ceres joins the Leading Harvest membership that includes farmland managers, suppliers, retailers, consumer product companies, investors, and tech innovators with a shared vision of advancing the rigorously vetted and third-party verified Leading Harvest Farmland Management Standard.

Ceres Imaging’s expertise in AI-driven agricultural insights supports the sustainability auditing process for agricultural producers. By streamlining data collection and reporting across entire portfolios of fields, Ceres Imaging can offer a comprehensive body of evidence to support producers’ claims and demonstrate conformance with Leading Harvest’s rigorous standards. By leveraging its AI data platform, Ceres Imaging empowers producers to undergo audits in a cost-effective and consistent manner, while also offering valuable data to substantiate sustainability claims and improve governance. This can streamline the assessment process, reduce internal resource usage, and ultimately, lower costs for producers while maintaining the highest level of integrity and accuracy.

Furthermore, Ceres Imaging’s Portfolio dashboard and in-depth AI provide valuable agronomic insights. The platform can also enable producers to track and optimise their resource management, monitor crop health, and identify opportunities for improved sustainability. The combination of capabilities can contribute to the overall environmental and economic health of the ag sector.

“We are happy to welcome Ceres Imaging as a Program Supporter,” said Kenny Fahey, President & CEO at Leading Harvest. “By bringing together producers, suppliers, retailers, consumer product companies, investors, and tech innovators, our membership drives continuous improvement for sustainability outcomes across the agricultural supply chain.”

“We are thrilled to enrol as a Leading Harvest Program Supporter,” said Ramsey Masri, CEO at Ceres Imaging. “Our crop verification process can be leveraged to help support the goals and initiatives of the program, improving sustainable best practices and building transparent governance within agriculture. Our goal is to empower producers with the capabilities they need to make informed decisions and drive positive change for a healthier world.”

As a Program Supporter, Ceres joins the

Agro chems – Pesticides, Company News, Finance, World

The funding will accelerate the development of Pluton’s flagship product

Pluton Biosciences, a startup leveraging the power of microbes to create cost-effective innovative solutions that address agriculture’s sustainability challenges, announces the close of a $16.5 M Series A funding round. The round was co-led by Illumina Ventures and RA Capital, with participation from existing investors Fall Line Capital, The Grantham Foundation, and First In Ventures, as well as new investors Wollemi, Radicle Growth (first investment from their second fund), and iSelect.

“The funding will accelerate the development of Pluton’s flagship product, the Microbial Cover Crop, through field trials and towards commercial partnerships,” remarked Elizabeth Gallegos, CEO of Pluton. “It will also enable us to expand our team, advance a microbial-derived pesticide to combat the fall armyworm, and harness the full potential of our Micromining platform to swiftly identify tailored solutions for agriculture.”

Illumina Ventures’ Charles Lin, PhD, who has joined Pluton’s Board of Directors, expressed his excitement about the fund’s first AgBio investment, “In the past two decades, we have witnessed how genomics revolutionised the landscape of human diagnostics and therapeutics. We expect genomics also to enable breakthroughs in agriculture. Pluton’s Micromining approach, combining genomics with rigorous data science, can unlock the potential of soil microbes for more sustainable agriculture and beyond.”

“Pluton’s technology will benefit farmers’ bottom lines as well as our environment,” said Michael Gillespie, RA Capital’s, MD, who has also joined Pluton’s Board of Directors. “Microbial Cover Crops will enrich the soil with nitrogen to increase crop yields while reducing fertiliser costs, improving profits and sustainability, limiting erosion, and boosting both soil quality and carbon sequestration. We are proud to support Pluton in their work to improve nature’s toolkit and revolutionise agriculture.”

Concurrent with this investment, agricultural industry veterans Jerry Steiner and Neal Gutterson, Ph.D. also joined Pluton’s Board of Directors. Steiner, Board Executive Chair, is enthusiastic about Pluton’s promise to utilise discoveries to make a positive impact on both agriculture and climate, “Pluton’s vision of using the vast potential of microbial genetic diversity to make agriculture carbon-negative is inspiring. Our Micromining platform enables the vision, with field-level proof for the Microbial Cover Crop product building over the next few years.  This product will complement many other innovations growers can use to improve their farms’ profitability while helping the planet.”

The funding will accelerate the development of