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Sunday Wrap Up: Skytree's €13M Milestone and TrustBIX's Acquisition in Climate and Agri-Tech
Discover this week's latest development from the world of Controlled Environment Agriculture.
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This Week in Indoor Farming: Skytree's Funding Success and TrustBIX's Expansion through Alberta Food Security Acquisition
Skytree, a climate technology leader, has achieved a significant milestone by securing a €2.5 million non-dilutive grant from the European Innovation Council (EIC) Accelerator, bringing its total 2023 funding to €13 million. This grant, part of the Horizon Europe program, highlights Skytree's innovation in Direct Air Capture (DAC) technology, especially with its Skytree Cumulus units that enable on-site CO2 generation for controlled environment agriculture, reducing fossil fuel reliance. Selected from 648 applicants as one of 47 companies, Skytree's funding success reflects its potential and the quality of its climate solutions. The EIC Accelerator also plans to participate in Skytree's Series A funding round in Spring 2024, underscoring confidence in the company's future. This support, including collaboration with the Netherlands Enterprise Agency, positions Skytree at the forefront of climate change mitigation efforts, with expectations to revolutionize the controlled environment agriculture sector and significantly reduce greenhouse gas emissions.
TrustBIX Inc., a company committed to sustainable agriculture and provenance verification, has successfully completed its acquisition of Alberta Food Security Inc. (AFS), marking a significant expansion in its business operations. This acquisition, approved by the TSX Venture Exchange, involved TrustBIX issuing 25 million common shares at $0.02 each to acquire 100% of AFS. The deal grants TrustBIX an exclusive license for AgriPlay's Controlled Environment Agriculture technology in Alberta and opens avenues for further expansion in North America and internationally. This strategic move enhances TrustBIX's commitment to sustainable agricultural practices and traceability from "Gate to Plate®," aligning with AFS's objectives to bolster opportunities within the agri-food sector and contribute to a resilient food supply chain. The integration of AFS into TrustBIX is expected to create significant value for shareholders and strengthen the company's position in the agricultural technology landscape, emphasizing their vision to "trust more and waste less." The acquisition signifies TrustBIX's dedication to redefining the agricultural landscape with sustainable and traceable food supply solutions, supporting global food security.