Toronto based CO2 GRO Inc. is pleased to announce that it has signed an exclusive Marketing Agreement with UK based Rika Biofuel Developments Limited to market and sell GROW’s aqueous CO2 Delivery Solutions systems into the United Kingdom (UK), Netherlands and Belgium greenhouse markets.
Highlights of Rika agreement:
- Rika will help drive the marketing, sales, installation and customer service for CO2 Delivery Solutions systems within the three geographic markets
- Rika has a one-year rolling exclusivity in the UK, Netherlands and Belgium based on minimum sales targets achieved
- Rika will purchase CO2 Delivery Solutions system components from GROW with pricing on a project-by-project basis for resale to Rika customers
The UK, Netherlands and Belgium Markets The Agreement between GROW and Rika covers a territory of nearly 800 million square feet of greenhouse space. The UK government estimates the annual revenue of greenhouse grown vegetables to be nearly £340 million grown in 50 million square feet of greenhouse space. The Netherlands greenhouse market is far bigger with an estimated revenue of €1 billion by 2024 from 500 million square feet of cultivation space. 75% of this area is for floriculture and about 125 million square feet grow vegetables. The greenhouse market in Belgium is over 250 million square feet of cultivation space with tomatoes, strawberries and bell peppers accounting for a combined annual revenue of nearly €340 million.
Gregory Krupnikovs, a principal of Rika, commented, “We began exploring how we could work together with GROW in early 2020. Biogas is typically 40% CO2, so that CO2 goes back into the air once the biogas is burned. We see a business model to cleanly capture CO2 from biogas using innovative methods and providing that CO2 for use in greenhouses through GROW’s highly efficient aqueous CO2 Delivery Solutions.”
According to John Archibald, GROW’s CEO, “One of our 2020 Goals was to find an Agri-Industrial Partner to represent our aqueous CO2 Delivery Solutions misting systems into select EU markets. Rika’s engineering-based sustainability business model and EU market penetration to date is an ideal fit to represent our first commercial efforts into the vast EU greenhouse market.”