“In 2017, organic farming covered 12.6 million hectares of agricultural land in the EU Member States, equivalent to 7% of the total utilised agricultural area.”
UK biopesticide company Eden Research has raised £10.4m through a placing and subscription to help fund the commercialisation of its green products.
In a statement published in late February, the company said it had placed around 151.7m new shares at a price of 6p each.
Eden (@edenresearch) claims that it is currently the only UK-quoted company focused on biopesticides for sustainable agriculture and is well positioned to capitalise on the rapidly growing biopesticides market, which is projected to be worth more than £10bn.
The company expects to apply the new proceeds of the fundraise to advance the development, registration and commercialisation of new key product categories, including new insecticide formulations and seed treatments.
“As momentum continues to build, we remain focussed upon providing sustainable solutions for global agriculture. Furthermore, we are eager to accelerate the commercialisation of new products for new categories including insecticides and seed treatments. Now is the right time to invest and capitalise on the opportunities in our pipeline”, said Eden’s chief executive Sean Smith.
“The outlook for the biopesticides market is undoubtedly positive, with a clear demand from a growing consumer market for sustainably grown produce and a notable shift towards greener farming practices. Eden’s biopesticide solutions combine high levels of efficacy that are comparable to synthetic pesticides and are aligned with the direction of regulatory travel, which has seen restrictions and, in some cases, the removal of conventional products from the market”, he added.
While the use of effective pesticides has been fundamental to the farming revolution over the last 100 years, governments and consumers have increasingly begun to acknowledge the risk to the environment and human health posed by conventional pesticides. This has led to the banning or restriction (especially in Europe) of some common pesticides such as Neonicotinoids and Chlorothalonil.
Eden’s three EU-registered active ingredients, geraniol, eugenol and thymol, were all approved for use in organic farming in January 2020, following inclusion in the EU’s Organic Production Regulation.
In a statement, Eden said: “Entry into the organic farming arena opens up new commercial opportunities for the company and is relevant to all products that utilise the Company’s three EU-registered active ingredients.
“In 2017, organic farming covered 12.6 million hectares of agricultural land in the EU Member States, equivalent to 7% of the total utilised agricultural area. Between 2012-2017, land assigned for organic growing within these Member States increased by 25%. In two of the company’s key territories, Italy and Spain, the share of organic production totals 15.2% and 9.3% respectively.”