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CO2 Gro Inc. was a Canadian agricultural technology company that developed aqueous carbon dioxide enrichment systems for greenhouse operations before suspending business activities. The company specialized in technology that dissolved CO2 gas into water for direct application to plant leaves, enabling photosynthetic enrichment in vented greenhouse facilities.
The company's technology addressed limitations in traditional atmospheric CO2 gassing, which loses effectiveness in greenhouses requiring ventilation for temperature control. By applying dissolved CO2 directly to leaf surfaces through misting systems, the technology made CO2 enrichment practical for the majority of global greenhouse operations that utilize open-venting designs. Trials demonstrated yield increases ranging from 20% to 38% across various crops including peppers, tomatoes, lettuce, roses, and other horticultural products.
CO2 Gro operated through a technology licensing and systems sales model, working with greenhouse growers in North America, South America, and other regions. The company conducted technology adaptation projects with operations growing vegetables, flowers, leafy greens, and specialty crops. The aqueous enrichment approach used substantially less CO2 gas than traditional atmospheric methods while achieving comparable or superior crop performance results.
Despite technical validation through multiple commercial installations and successful trials, the company faced financial difficulties and was unable to secure additional capital. The inability to obtain debt or equity financing led to suspension of operations, resignation of the board and executive leadership, and implementation of a cease trade order. The company sought parties interested in acquiring its assets or assuming control of operations.
Corporate actions included delays in financial reporting, leadership transitions, and ultimately complete suspension of business activities. The company's experience illustrated challenges in commercializing agricultural technology innovations even when technical performance has been demonstrated through field trials and early commercial deployments.
CO2 GRO Inc. (OTCQB: BLONF) announced the Board of Directors approved the issuance of 4,125,000 Restricted Share Units (RSUs) to its directors, employees, and consultants. The RSUs will vest upon meeting performance criteria and require a payment of $0.11 each for conversion into common shares. Currently, 10,436,606 common shares are reserved under the 2022 Equity Incentive Plan, with 3,421,064 options and 5,607,669 RSUs remaining. The company aims to enhance crop yields by using their proprietary CO2 Delivery Solutions technology, which significantly reduces CO2 gas consumption.
CO2 GRO Inc. (OTCQB: BLONF) reported its Q3 2022 financial results, showing revenue of $167,000. The company holds $1.3M in cash as of September 30, 2022. CEO John Archibald emphasized stronger revenue growth and an optimistic sales order pipeline exceeding 200 million square feet. Notable trials for their CO2 Delivery Solutions™ are underway across various regions, focusing on vegetables, flowers, and other crops. The company anticipates increased sales due to high greenhouse input costs and food inflation, aiming for more orders in 2023.
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