The Carbon Credit Market was valued at USD 87.9 billion in 2022; US Congress passed a special act to invest $20 billion to support climate-smart agriculture to address climate changes
Neve Yarak, Israel, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD), an agri-food tech leader, previously entered the carbon credit and greenhouse gas emissions markets, following its acquisition of a majority stake in the newly-formed Nitrousink Ltd.("Nitrousink") a research and development company using technologies developed at the Agricultural Research Organization - Volcani Institute (the “Volcani Institute”), under the leadership of Dr. Dror Minz, PhD in Environmental Microbiology, and the Director of the Institute of Soil, Water and Environmental Sciences at the Volcani Institute.
Nitrousink’s research is based on a deep understanding of plant root microbiome structure and function. Its solution tailors the natural root microbiome, to improve the abundance and function of naturally occurring novel nitrous oxide and reduce bacteria to minimize the emission of this highly potent greenhouse gas, also involved in ozone depletion from agricultural soils. Nitrousink's solution is based on active microorganisms which are completely natural (no GMO) and safe to humans, animals, plants and the environment.
According to Global Market Insight, the Carbon Credit Market was valued at $87.9 billion in 2022 and is set to grow at a CAGR of 14.2% from 2023 to 2032.
Furthermore, the US Congress passed the Energy Security and Climate Change Investments in the Inflation Reduction Act of 2022, which provides a budget of $20 billion that will be invested in climate-smart agriculture practices.
Nitrous oxide is a chemical compound, an oxide of nitrogen with the formula N2O. Nitrous oxide has significant global warming potential as a greenhouse gas as it is 265 times more harmful to the climate than carbon dioxide (CO2). On a per-molecule basis, considered over a 100-year period, nitrous oxide has 265 times the atmospheric heat-trapping ability of carbon dioxide (CO2).
Nitrousink's R&D demonstrated positive results identifying and isolating two bacteria species from wheat roots. In a novel discovery, Dr. Minz found these bacteria are naturally capable of reducing N2O emissions under various environmental conditions. One of the bacteria is active under oxygen conditions and reduces emissions by 44%, while the other reduces emissions by 39% under oxygen-depleted conditions. The two bacteria species were grown in a lab and later successfully introduced to greenhouse wheat samples. The implications of these findings appear to be profound and offer a potential way to cut N2O emissions given that approximately 73% of man-made N2O emissions entering the atmosphere are a result of agricultural soil management.
Save Foods will fund Nitrousink’s research and development and commercialization efforts in an amount of up to $1.2 million over three years, primarily to allow for the expansion and widespread implementation of this innovative technology.
About Save Foods:
Save Foods Inc. is an innovative agri-food tech company that through its three operational arms delivers integrated solutions for improved safety, quality, and sustainability every step of the way from field to fork. Save Foods Ltd., Save Foods' majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination, significantly reduce the use of hazardous chemicals, and prolong fresh produce’s shelf life. Nitrousink, Ltd., Save Foods' majority-owned Israeli subsidiary, contributes to tackling greenhouse gas emissions, offering a pioneering solution to mitigate N2O (nitrous oxide) emissions, a potent greenhouse gas with 265 times the global warming impact of carbon dioxide. Nitrousink Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. Plantify Foods, Inc., Save Foods' minority-owned Canadian subsidiary listed on the TSXV, offers a wide range of clean-label healthy food options that are nutritious, gluten free, non-allergenic, use whole natural ingredients, and are easy to prepare.
For more information on Save Foods Ltd. and Nitrousink Ltd. visit our website: https://savefoods.co/
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties. including the possibility of securing additional business opportunities and pursuing new pilot programs and commercial sales opportunities Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions as well as those discussed under the heading “Risk Factors” in Save Foods' registration statement on Form S-1 filed with the SEC on October 26, 2023, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
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