Save Foods Targeting US Carbon Credit Market with Majority Ownership in Newly- Formed Nitrousink Ltd.
07 Diciembre 2023 - 7:11AM
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.
Investor Relations ContactsMichal
Efraty+972-(0)52-3044404michal@efraty.com
Save Foods (NASDAQ:SVFD)
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