- EarthRenew (CSE:ERTH) has entered into two definitive agreements with BiocharNow
- The supply agreement will allow the company to acquire biochar from BiocharNow at a discount, for use in fertiliser pellets
- The reseller agreement will enable EarthRenew to non-exclusively distribute its pellets in the US through BiocharNow
- The two companies have spent the last couple of years collaborating on formulations which combine their respective organic products
- EarthRenew (ERTH) remains unchanged and is currently trading at C$0.36 per share
EarthRenew (CSE:ERTH) has recently entered into two definitive agreements with BiocharNow.
They consist of a supply agreement and a reseller agreement, which build upon the prior relationship between the two companies. EarthRenew and BiocharNow have spent the last couple of years collaborating on formulations which combine their respective organic products.
On May 25, 2020, the companies introduced five new fertiliser pellet formulations. The pellets combined BiocharNow’s biochar with EarthRenew’s manure input, GrowER, and insect frass.
The newly announced supply agreement will allow EarthRenew to acquire biochar from BiocharNow at a discounted price. Biochar is a charcoal produced from plant matter, which provides various health benefits to soil.
After seeing how biochar improved its pellet formulations, EarthRenew will continue to add biochar to its products. The company expects that the agreement will secure a high-quality fertiliser input certification from the Organic Materials Review Institute of Canada (OMRI).
The reseller agreement will allow EarthRenew to non-exclusively distribute its fertiliser pellets in the US, through BiocharNow. This will expand the company’s market reach in the United States.
EarthRenew’s CEO, Keith Driver, welcomed the agreements with BiocharNow.
“This is another strategic step forward as we move toward recommissioning our Strathmore facility. Securing this supply agreement for OMRI-certified biochar ensures that we have the ingredient inputs we need to serve our customers.
“Expanding our access to the United States through a strategic partnership is the right next step in growing our market presence,” he said.
BiocharNow’s CEO, James Gaspard, explained how his company will benefit from the two agreements with EarthRenew.
“Our customers have been asking us to deliver our product in a pelleted format. These agreements will allow us to sell high-percentage biochar pellets throughout the United States.
“This new format will also open new markets and create new customers for us,” he said.
EarthRenew (ERTH) remains unchanged and is trading at C$0.36 per share, as of 12:09pm EDT.