AGCO Invests in Greeneye Technology, an Innovator in Smart Farming Solutions for Precision Spraying
16 Dezember 2021 - 2:00PM
Business Wire
Smart solutions from Greeneye are designed to
reduce input costs, increase herbicide efficacy, and enhance
environmental sustainability
AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide
manufacturer and distributor of agricultural machinery and
precision ag technology, has announced a 2.9% equity investment in
Greeneye Technology, an emerging leader in precision spraying
technology.
Greeneye’s proprietary AI-enabled precision spraying system
detects and sprays individual weeds, which is designed to
significantly reduce herbicide usage compared to standard broadcast
spraying. In addition to improving farmers’ profitability, the
system is expected to increase productivity by enabling farmers to
invest in more efficacious crop protection products that are not
affordable when applied on a broadcast basis. Combined with the
technology’s ability to identify weeds down to a species level,
this provides a clear path to tackling the growing threat posed by
herbicide-resistant weeds. Greeneye’s solution is designed to apply
herbicides to emerged crops (green-on-green) at commercial speeds
of up to 20 km/h, ensuring no reduction in productivity for
farmers. In line with AGCO’s approach of providing innovative
solutions for retrofit installation, Greeneye’s system is designed
to integrate seamlessly into any brand or size of commercial
sprayer.
“Our investment in Greeneye Technology complements AGCO’s
farmer-first strategy, which has been designed to deliver
industry-leading smart farming solutions that improve our
customer’s net farm income,” said Eric Hansotia, AGCO’s Chairman,
President and Chief Executive Officer. “Greeneye Technology has a
strong focus on solving real customer needs and has demonstrated
the ability to develop innovative solutions that provide measurable
customer benefits.”
About AGCO:
AGCO (NYSE:AGCO) is a global leader in the design, manufacture
and distribution of agricultural machinery and precision ag
technology. AGCO delivers customer value through its differentiated
brand portfolio including core brands like Challenger, Fendt, GSI,
Massey Ferguson and Valtra. Powered by Fuse® smart farming
solutions, AGCO’s full line of equipment and services helps farmers
sustainably feed our world. Founded in 1990 and headquartered in
Duluth, Georgia, USA, AGCO had net sales of approximately $9.1
billion in 2020. For more information, visit www.AGCOcorp.com. For
company news, information and events, please follow us on Twitter:
@AGCOCorp. For financial news on Twitter, please follow the hashtag
#AGCOIR.
Please visit our website at
www.agcocorp.com.
About Greeneye Technology
Greeneye Technology was founded in 2017 in Tel Aviv, Israel,
with the mission to develop alternative and sustainable solutions
to current crop protection practices to meet the growing global
demand for food production, while also increasing productivity and
profitability for farmers. Greeneye is pioneering the use of
precision spraying technology by harnessing AI and deep machine
learning to enable intelligent, real-time decisions in the field
that are proven to reduce chemical use by up to 90% and improve
weed control efficacy compared to standard broadcast spraying. In
October 2021, the company announced the commercial launch of its
technology, representing a major milestone in unlocking mainstream
adoption of precision spraying by overcoming previous barriers of
efficacy, speed of delivery, and cost. In December 2021, Greeneye
closed a $22m Series-A funding round led by international venture
capital firm, JVP, and including investment from agriculture
industry leaders, Syngenta and AGCO.
For more information, visit: www.greeneye.ag.
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version on businesswire.com: https://www.businesswire.com/news/home/20211215006123/en/
Greg Peterson Vice President, Investor Relations (770) 232-8229
greg.peterson@agcocorp.com
Greeneye Technology Media Contact: Emma Jenkinson Incus Media
emma.jenkinson@incus-media.com +44 (0) 7788 276461
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