Grace Breeding Ltd. has made significant strides in advancing its NFT and WDS programs in 2022 and 2023, bringing them closer to their goal of providing sustainable solutions for the crop life cycle. The company has made notable progress in its NFT bio-fertilizer program, with the support of its collaborators at the University of Londrina and Gaia AgroSolutions in Brazil. As a result, they are now closer to bringing their NFT technology to the commercial markets as a sustainable solution to reduce the detrimental effects of urea and improve corn growth in Brazil.
In February 2022, Grace Breeding completed an initial public offering on the Tel-Aviv Stock Exchange (TASE), raising $5,224 in thousands. In addition, the company announced results from field trials of NFT in Israel in September 2022, showing an 18% yield increase in wheat production. In November 2022, the company announced a strategic research and development collaboration with the University of Londrina in Brazil, investigating NFT technology related to improving nutrient absorption from the soil and increasing the efficiency of nitrogenous feeding.
A study in collaboration with the University of Londrina in January 2023 showed that Grace Breeding’s NFT bio-fertilizer demonstrated superior growth results in Brazilian corn that outperformed standard nitrogen fertilizers while reducing carbon emissions. This study is essential as it provides farmers with an alternative to synthetic fertilizer that is harmful to the environment and more economically viable. Furthermore, in March 2023, the company announced a partnership with Evolva Holding AG to develop a bio-fertilizer alternative to reduce chemical nitrogen crop fertilizers use.
Grace Breeding plans to complete product registration for their NFT bio-fertilizer and their WDS stress-tolerance enhancer in preparation for commercialization. In addition, the company plans to establish a foundation to run field trials in additional key markets throughout North America, Europe, and Israel for future market expansion. They also plan to create strategic and marketing content to help the company in the Brazilian market. Research and development expenses increased in 2022, reflecting the progress made by the company.
The cash and cash equivalents balance and short-term deposits as of December 31, 2022, were $1,059 and $1,040 in thousands, respectively. Grace Breeding is committed to developing sustainable solutions for the crop life cycle and continues to make significant progress in their NFT and WDS programs. The company is well-positioned for continued growth and success with its collaborations and partnerships.