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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) provided an update on its operations for 2021, revealing strong revenue growth despite challenges from COVID-19. The company anticipates 2022 revenues between $1.5M and $2.5M, driven by ongoing and new technology trials. Key highlights include a 33% QoQ revenue growth and 391% YoY growth for Q3 2021. Expanding internationally, CO2 GRO entered markets in Mexico, Spain, Japan, and Malaysia, completing significant sales, including a $127,750 contract without prior trials. The company aims to leverage trade commissioner support for further expansion.
CO2 GRO Inc. announced the exercise of 11,488,695 warrants and 1,022,285 options, raising total proceeds of $1.89 million. The funds will be allocated to business development and expanding its North American sales force. Following the exercise, the company will have 97,326,698 common shares outstanding. CEO John Archibald highlighted this as a validation of their growth strategy. CO2 GRO's technology enhances plant yields and profits, targeting the $600 billion protected agriculture market.
CO2 GRO Inc. (OTCQB: BLONF) announced a major sale of its CO2 Delivery Solutions™ technology to a US-based greenhouse grower, marking the largest deal of its kind to date. The transaction, valued at US$127,750, includes a down-payment and subsequent installments every 16 weeks post-project commissioning by the end of Q1 2022. This sale emphasizes the company’s shift towards accelerated sales without initial technology trials, potentially shortening sales cycles. CO2 GRO aims to significantly enhance agricultural yields and profits with its patented technology.
CO2 GRO Inc. (OTCQB: BLONF) has been invited to join a virtual ag tech trade mission to Belgium and the Netherlands from February 21 to 25, 2022. The selection showcases companies generating revenue and actively exporting to the EU with unique technologies. The mission aims to enhance market knowledge and connect with potential customers. CO2 GRO's CO2 Delivery Solutions™ technology improves plant yields by up to 30% and gross profits by up to 100%. The company emphasizes its commitment to sustainable practices and expanding its international presence.
CO2 GRO Inc. (OTCQB: BLONF) announces the resignation of Dr. Matt Julius, its Chief Science Officer. His contributions included overseeing scientific data analysis and assisting with patent filings, enhancing the company's CO2 Delivery Solutions™. CEO John Archibald expressed gratitude for Dr. Julius's role in the company's progress. The firm's innovative technology aims to increase plant yields and gross profits while minimizing crop losses due to pathogens. CO2 GRO continues to expand its international reach in the protected agriculture market, valued at $600 billion.
CO2 GRO Inc. (OTCQB: BLONF) reports significant progress regarding its CO2 Delivery Solutions™ in a commercial feasibility project at a California greenhouse. After three months, the results indicate successful yield targets and effective suppression of powdery mildew. The greenhouse will expand to 20 acres in 2022, and the feasibility study will continue for at least six more months. VP Sales, Aaron Archibald, emphasizes the importance of ongoing monitoring to optimize the system’s performance as further results emerge.
CO2 GRO Inc. (OTCQB:BLONF) announced a commercial feasibility study for its CO2 Delivery Solutions™ at a California greenhouse, set to begin in Q1 2022. The greenhouse will expand from 1 hectare to 3 hectares. The study aims to evaluate benefits such as production increase, faster growth, CO2 consumption, and pathogen protection over a minimum of six months. VP Aaron Archibald emphasized that personal visits to growers are crucial for relationship building and advancing business opportunities.
CO2 GRO Inc. (OTCQB: BLONF) has commenced its CO2 Delivery Solutions™ system at a Colombian rose greenhouse, following delays due to logistics and COVID-19. The feasibility study aims to assess benefits such as increased flower production and pathogen protection over one year. Colombia's flower export market reached $1.42B in 2020, with roses leading production. The company's technology can potentially enhance yields by up to 30%, presenting significant opportunities in the lucrative Colombian market. The partnership with a global gas supplier is expected to bolster CO2 GRO's market reach.
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