Roots Sustainable Agricultural Technologies gains $278,000 from second Chinese sale
Roots Sustainable Agricultural Technologies Ltd (ASX:ROO) has secured a new sale and installation agreement valued at $278,000 for an agricultural project in China.
It is the second commercial sale and installation agreement from Dagan Agricultural Automation, the company’s exclusive distribution partner in China.
The Israeli-based tech company will install Root Zone Temperature Optimisation (RZTO) heating and cooling systems in 10,000 square metres of greenhouses.
Five crops, including tomatoes, herbs and flowers, will be grown in these greenhouses.
Follows successful first agricultural project
This purchase order is payable to Roots in instalments during 2019, with the first instalment to be paid immediately.
The order follows successful completion of Roots’ first agricultural project with Dagan in 2018, where RZTO heating and cooling systems were installed in nine greenhouses.
This also formed part of Dagan’s distribution agreement with Roots which entails exclusivity conditional on US$19 million in sales over a five-year period.
“Great yield and quality increases”
Roots co-founder and CEO Dr Sharon Devir said: “This second order from Dagan further strengthens our presence in the world’s largest agricultural market and aligns with our long-term targets in the region.
“We’re already seeing great yield and quality increases from crops grown in the first project.
Second sale “validates confidence”
“This second substantial sale validates the confidence our distribution partner has in our root zone temperature optimisation technology.
“This is particularly important in a country which accounts for 53% (nearly 550 million tonnes) of global vegetable production.”
Devir said: “We believe China’s vast agricultural requirements offer significant long-term sales opportunities for Roots’ RZTO technology.
“We continue to focus on showcasing our technical capabilities and establishing sales networks in additional territories expecting that our sales activity with Dagan will increase dramatically in the coming years.”
Roots’ co-founder Boaz Wachtell told Proactive Investors recently the company’s proprietary technologies meant higher yields for farmers with lower energy use.
- Jessica Cummins
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/212929/roots-sustainable-agricultural-technologies-gains-278000-from-second-chinese-sale-212929.html
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