FBN Will Sell Greeneye Systems with New Customized Crop Protection and Nutrition Packages to Reduce Costs and Drive ROI for Growers
In 2022 Comprehensive FBN On-Farm Field Trials, Greeneye’s Precision Spraying System Reduced Herbicide Use By An Average of 86%
TEL AVIV, Israel and SAN CARLOS, Calif., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Greeneye Technology, the pioneer of AI precision ag spraying technology, and Farmers Business Network (FBN®), the global AgTech platform and farmer-to-farmer network, today announced they have entered into a long-term strategic collaboration agreement to help farmers reduce weed control costs and drive profitability by combining Greeneye’s retrofit precision spraying systems and FBN’s Precision Spraying Packs–customized crop protection and nutrition plans which FBN is developing for use specifically with the Greeneye technology–and financing offerings. The program will launch first in the U.S for the 2024 growing season.
Also as part of the agreement announced today, FBN has led Greeneye’s current investment round through a significant investment which will fuel Greeneye’s growth and expansion in the U.S. market and beyond.
Last year, as a participant in FBN’s Innovators Research League, one of the largest on-farm field trial programs in North America, the Greeneye system reduced non-residual herbicide use by an average of 86%, while achieving the same weed control efficacy and crop yield as traditional broadcast spraying. FBN will continue robust on-farm trials and data gathering to develop Precision Spraying Packs – combinations of crop protection, biologicals, and adjuvants – for use with the Greeneye system to optimize both efficacy and cost saving. FBN will also offer financing for both the Greeneye system and its Precision Spraying Packs.
A field trial undertaken by the University of Nebraska-Lincoln’s Agricultural Research Division (ARD) last summer also found that the Greeneye system offered 94% reduction in burndown herbicide use during pre-emergence spraying compared to broadcast application along with an 87% reduction in non-residual herbicide use during post-emergence spraying compared to broadcast application – representing an overall cost saving to farmers of more than 60% – while achieving the same, or similar, levels of efficacy compared to broadcast spraying.
“The core mission of FBN is to drive farmer ROI potential. Whether that is through transparent list pricing, analytics, financing, direct to farm eCommerce or R&D - FBN is at its core a technology company that solves problems for our farmer members," said Matt Meisner, Vice President of R&D and Data Science at FBN. "Our Innovators Research League on-farm field trial program rigorously tests the best new ag technologies in real world conditions. Our trial results showed that Greeneye’s technology offers truly game changing potential for cost reduction and ROI. We’re very excited to invest in and formalize our commercial relationship with Greeneye Technology. This marks a new era for combining precision spraying with intelligent input crop protection & commerce.”
The partnership with FBN opens up an important new sales channel for Greeneye, and is expected to accelerate the company’s leadership in the U.S. precision spraying market, following its commercial launch last year. Greeneye has allocated dozens of systems for sale to FBN farmers in 2024, with the intention to significantly increase availability in the following season.
The Greeneye system harnesses proprietary AI technology in combination with cutting-edge hardware to unlock the advantages of precision spraying for farmers by overcoming previous barriers to adoption, including cost, speed and efficacy (see video). It is suitable for both pre- and post-emergence applications, and it is designed to seamlessly integrate with any brand or size of commercial sprayer, removing the need for farmers to invest in costly new machines. In addition, its unique dual line/tank configuration enables precision and broadcast spraying to be carried out simultaneously, significantly increasing both productivity and efficacy. Demand for the Greeneye system has been so high that all available units for 2023 were allocated by the end of last year.
Nadav Bocher, Co-founder and CEO of Greeneye Technology, added: “Today’s announcement marks a major milestone in Greeneye and FBN’s shared mission to unlock the profit potential precision spraying offers growers. At Greeneye, we passionately believe the true value of precision spraying lies in the intersection between chemical reduction / cost savings and the improvements in efficacy and yield that are achieved by precisely applying the best product to ensure ultimate weed control. For that we could not have asked for a better partner than FBN.”
Find more information about the FBN - Greeneye Precision Spraying Program here.
About Greeneye Technology
Greeneye Technology was founded in 2017 in Tel Aviv, Israel. Its mission is to develop alternative and sustainable solutions to current crop protection practices that meet the growing global demand for food production, while also increasing productivity and profitability for farmers. The company is pioneering the use of precision spraying technology by harnessing AI and deep machine learning to enable intelligent, real-time decisions in the field that are proven to reduce chemical use by 87% on average. Greeneye has a multidisciplinary team with expertise in computer vision, AI, agronomy, mechanical engineering, and business. In November 2021, the company closed a $22m funding round led by international venture capital firm JVP, KDT and including investment from agriculture industry leaders, Syngenta and AGCO. In April 2022, it announced the commercial launch of its technology in North America, signaling a major milestone in unlocking mainstream adoption of precision spraying by overcoming previous barriers of efficacy, speed of delivery, and cost. For more information see: www.greeneye.ag.
About FBN
Farmers Business Network® (FBN®) is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First® promise has attracted over 55,000 members to the network with a common goal of helping farmers maximize their farm’s profit potential with data and technology-enabled direct-to farmer commerce, community and sustainability offerings.
FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. The FBN network has grown to cover more than 117 million acres of member farms in the US, Canada, and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has over 900 personnel and principal offices in San Carlos, CA, Chicago, IL, Sioux Falls, SD, a Canadian Headquarters in High River, Alberta, and an Australian Headquarters in Perth with significant warehouse and logistics, remote and field employees across the US, Canada and Australia. To learn more, visit: www.fbn.com
Media Contacts
For FBN
Amy Wolfcale
Head of Corporate Communications & Media Relations
E: awolfcale@farmersbusinessnetwork.com
T: 917-576-8767
For Greeneye Technology
Emma Jenkinson
Account Director
E: emma.jenkinson@incus-media.com
T: +44 (0) 1737 215 200
Suzan Niksarlioglu
Account Manager
E: suzan.niksarlioglu@incus-media.com
T: +44 (0) 1737 215 200
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/905cdc2f-0d52-49ab-bd39-87f4943d0ac6
https://www.globenewswire.com/NewsRoom/AttachmentNg/8041cf70-0536-444c-94e2-3c4d1622e47c
