- Bee Vectoring Technologies (BEE) is signing a Memorandum of Understanding (MOU) with Bioglobal A.S. in Turkey
- The 2 companies share a common goal of providing sustainable biological products in the agricultural marketplace
- Trials for BVT’s biological fungicide are underway with Turkish authorities
- Turkey is one of the top global producers of strawberries and tomatoes
- BVT, an agriculture technology company, is a market disruptor with a significant global market opportunity in the $240 billion crop protection and fertilizer market
- BVT (BEE) is unchanged on the day, trading at C$0.18 per share at 3 pm ET
Bee Vectoring Technologies (BEE) has signed an Memorandum of Understanding (MOU) with Bioglobal A.S. in Turkey.
The MOU establishes a relationship with BVT and the region with the potential to expand throughout neighboring countries.
Bioglobal is a leading distributor of plant protection and plant nutrition products in Turkey, the Middle East and the Caucasus. The company provides quality products and have well-established relationships with the region’s growing community.
A. Özgür Ateş, General Manager of Bioglobal says:
“BVT aligns perfectly to Bioglobal’s core goal of providing sustainable and environmentally-friendly biological products to the agricultural marketplace. Pesticide residue poses a barrier to Turkish produce exports. Fortunately, BVT’s biological fungicide, which reduces traditional chemical use, provides disease control and improves crop yield, is a scalable long-term solution – enhancing the overall export value.”
Bioglobal is conducting trials of BVT’s proprietary Clonostachys rosea CR-7 biological fungicide with Turkish authorities. If successful, the two companies will work towards a commercial agreement to market and distribute BVT’s natural precision agriculture system to growers across the region.
Christoph Lehnen, Business Manager at BVT says:
“Turkey is an important producer of agricultural products, and bee pollination plays a vital role in Turkish agriculture […] Eastern European countries are major importers of Turkish produce. Therefore, our immediate market focus in Turkey will be to target strawberry and tomato growers, with plans to expand into oilseed such as rapeseed (canola), and other berries and vegetables.”
The country is one of the top global strawberry and tomato producers. According to FAOSTAT, Turkish growers produced 440,968 metric tonnes of strawberries in 2018 while utilizing 16,102 hectares of farmland. While tomatoes produced 12.2 million metric tonnes in 2018 using 176,430 hectares of farmland.
“Greenhouse production represents a major market in Turkey” said Mr. Lehnen. “48% of the greenhouses are used to grow tomatoes, with a high utilization of bumble bees. This means what we’ve submitted for research approval represents a significant revenue opportunity for BVT.”
Ashish Malik, CEO of BVT, goes on to say:
“This milestone represents another step in what we have reiterated about BVT’s overall strategic plan: with the expertise we have gained through increasing adoption of our technology in the US, we are now pursuing geographic expansions to open new, diversified revenue streams. Turkey is an important market for the crops we are focused on, and being a big exporter of these crops, growers there are looking for more consumer-friendly and environmentally sustainable solutions. We are pleased with the partnership we are building with Bioglobal – they are experts in the Turkish market and their focus is with sustainable biological solutions.”
Through Bioglobal, the work required to commercialize and sell BVT’s natural precision agriculture system in Turkey has already begun. BVT’s product was submitted to the Turkish authorities for official trial research approval earlier this year, and once approved, trials will commence shortly. BVT’s strategy is to continue to develop relationships with established partners in key markets to accelerate growth and broaden customer reach.
BVT, an agricultural technology company, is a market disruptor with a significant global market opportunity in the $240 billion crop protection and fertilizer market.
BVT (BEE) is unchanged on the day, trading at C$0.18 per share at 3pm ET.