Neve Yarak, Israel, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W), a pioneer in sustainable solutions for agriculture, announced today that its majority-owned subsidiary, Nitrousink Ltd., has filed a patent application with the United States Patent and Trademark Office for its solution in reducing greenhouse gas emissions in wheat. The patent application aims to assist Nitrousink with its mission to target nitrous oxide (N2O), which is a potent greenhouse gas and contributor to ozone depletion.
Nitrousink has identified and isolated two naturally occurring bacteria species that can reduce N2O emissions under various environmental conditions from wheat roots. Nitrousink’s R&D team is currently testing its technology under greenhouse conditions with the aim of finding the optimal formula for reducing N2O emission in wheat crops. Nitrousink intends to continue its testing in micro field plots using different soils, dosages, and formulations for a variety of crops.
According to Our World in Data, N2O, Known as the “forgotten greenhouse gas", is 265 times more powerful at warming the planet than carbon dioxide. Nitrousink’s mission is to create a solution that can mitigate agriculture’s environmental impact through its innovative technology.
Its majority stake in Nitrousink allows Save Foods to penetrate the carbon credit market. According to The International Market Analysis Research and Consulting Group (IMARC Group), the global wheat seed market size reached US$ 5.3 billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.6 billion by 2032, exhibiting a growth rate (CAGR) of 3.84% during 2024-2032.
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 that the patent application discussed in this press release will not be approved by the US Patent and Trademark Office and, even if approved, that Nitrousink’s solution may not exact the anticipated results in wheat as contemplated in this press release. 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.
Investor Relations Contacts:
Michal Efraty
+972-(0)52-3044404
