- Grace Breeding’s bio-fertilizer will be marketed under the brand name “Addir™” as a ‘soil improver’–
- This represents the Company’s first product registration in the European Union and enables mutual recognition registrations in various other EU countries –
REHOVOT, Israel, June 29, 2023 (GLOBE NEWSWIRE) -- Grace Breeding Ltd. (the "Company" or "Grace Breeding") (TASE: GRAC), a forward-thinking AgClimateTech company developing sustainable biological-based products to improve crop yield and vigor, today announced that it received product registration approval in Austria by the Austrian Federal Office for Food Safety (BAES) for its innovative NFT bio-fertilizer, to be marketed as a “soil improver” product, for use in wheat and corn under the brand name “Addir™.” This represents the Company’s first product registration approval in the European Union (EU) and enables Grace Breeding to obtain rapid Mutual Recognition registrations in other EU countries, including Belgium, the Czech Republic, Germany, Greece, Portugal, Slovakia, and Spain.
“We are extremely proud to receive our first product registration for our proprietary bio-fertilizer, Addir, in Europe, which comes not long after our initial product registration in Brazil last month,” said Assaf Dotan, CEO of Grace Breeding. “In Hebrew, ‘Addir’ means ‘strong one’, which is a testament to how our product works as a bio-fertilizer to grow hearty plants and to strengthen root systems and other parts of the plant. However, our natural fertilizer does so by relying on less amounts of urea, the byproducts of which are harmful to the environment. Being able to apply our bio-fertilizer technology to wheat, one of the largest staples in Europe, as well as corn, is an important market addition for this product.”
Mr. Dotan continued, “This first registration approval in a European member state will provide a prototype for registration of Addir in other additional member states of the European Union. The regulatory process in Europe is very complex so we are particularly pleased to have this foundation in place for registration in other territories – including the United States and elsewhere.”
Addir™ will allow farmers to significantly reduce their dependence on synthetic fertilizer, or urea, a nitrogen-based fertilizer that is harmful to the environment, as well as provide them with an alternative that is more economically viable and increases carbon sequestration. The use of a bio-fertilizer like Addir, which makes use of nitrogen fixation, leads to reduced use of urea and consequently lower carbon emissions, which is crucial for slowing damage to the environment.
About Grace Breeding’s Addir Bio-Fertilizer
Grace Breeding’s Addir proprietary bio-fertilizer works in combination with a natural, non-pathogenic bacteria reducing the need for chemical fertilizers. As a result, the process reduces CO2 emissions and leads to a significantly lower environmental impact on soil and the ground water, while reducing synthetic nitrogen use by up to 50%. The global market for chemical nitrogen fertilizers reached a value of over $170 billion in 20221, but use of these fertilizers continues to come under great scrutiny with increased regulation due to their environmental impact on soil and ground water. As a result, sustainable alternatives that also are competitive for crop health are in demand by farmers and distributors. Grace Breeding’s bio-fertilizer can be applied across a wide range of field crops including corn, wheat, soy and rice, and can be applied less frequently – once, during sowing versus three to four times during the season, which is otherwise the norm.
About Grace Breeding
Grace Breeding is an AgClimateTech company focused on developing environmentally sustainable products that are biologically based and provide efficient and natural solutions for farmers and distributors. Grace Breeding aims to disrupt crop agriculture – by providing solutions for crop bio-fertilization and climate stress relief and offering innovative products and solutions that reduce the environmental damage caused by synthetic fertilizers. Grace Breeding has an R&D center in Israel and in parallel the company is developing its products with several leading research and development centers around the world. For more information, visit https://www.gracebreeding.com.
References:
1Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Forward-Looking Statements
This press release contains forward-looking statements concerning our business operations and future plans. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, he preliminary nature of the Company's business operations, the dependency on the success of future filed trials, the regulatory environment, the Company's financial position and other risk factors. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward-looking statements in this press release, please refer to our most recent annual report. The Company does not undertake any obligation to update forward-looking statements made herein.
Contacts
Grace Breeding Ltd.
Investors
Jeremy Feffer
LifeSci Advisors LLC
jfeffer@lifesciadvisors.com
Media
Inbar Kneller
ReBlonde Public Relations
inbar@reblonde.com
