Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) announced its first sales commitment in the Controlled Environment Agriculture market. This key customer is a leading industry innovator in vertical farming with multiple US locations and will be conducting a paid pilot of the BVT system as a crop productivity tool.
CEA involves growing crops indoors in a highly conditioned environment as the most common forms are greenhouse and vertical farming. Entering this sector is a significant growth opportunity for BVT given the global CEA market was valued at over US$74 billion in 2021 and is estimated to reach US$125 billion by 2027. (1)
“CEA is the future of agriculture, in particular for fresh produce,” said Ian Collinson, Sales Manager at BVT. “Growing crops vertically means we can grow more efficiently with greater yield and can be closer to urban centers where the bulk of fresh produce is consumed. It also means growers are no longer dependent on weather conditions and therefore can operate 365 days a year with far less risk from external factors than traditional farming.”
This innovative agriculture method has several planet-friendly benefits. Farming vertically means 4-6 acres’ worth of crops can be grown in a single indoor acre.(2) The ability to grow food closer to major population centers limits the carbon footprint that results from transportation across great distances. Plus, this process uses 70-90% less water than conventional outdoor methods, and requires significantly fewer pesticides, fertilizers and far less heavy machinery.
“BVT is committed to helping farmers of all circumstances,” said Mr. Collinson. “We are pleased and excited to enter the growing CEA market. BVT’s natural precision agriculture system, which is OMRI-listed for organic use, can help indoor growers’ productivity by helping them produce better quality fruits and vegetables – and provide consumers with premium products.”
Separately, the Company is announcing the resignation of Mr. Mark Kohler from the Company’s board of directors, effective October 7th, 2022. Mr. Kohler has stepped down for personal reasons. However, Mr. Kohler will continue in a limited capacity as an advisor in assisting the Company meet its milestones. The Company would like to thank Mr. Kohler for his board contributions to the Company and wishes him well with his future endeavors and looks forward to working with him in this new capacity. Management of the Company will undertake to find a replacement board member for Mr. Kohler; a subsequent announcement will be made in due course.
(1)(2) Source: Maximize Market Research, 2022
Image provided by Bee Vectoring Technologies.