CARBO Ceramics Inc. (NYSE: CRR) has announced the signing of an agriculture technology products production agreement with INNOVAR AG, LLC.
The agreement combines CARBO's technological capabilities and expertise in manufacturing and material science, with INNOVAR's new Encapsulated Infused Fertilizer ("EIF") technology, and extensive experience with Enhanced Efficiency Fertilizers ("EEF"), in both Agricultural and Turfgrass markets.
The companies have worked together to develop and produce, a new EEF type product that reduces nitrogen loss, increases microbial populations, and enables phosphorus, potash, sulphur and micro nutrients to be released from the soil profile and become better utilized by plants.
Gary Kolstad, Chairman and CEO of CARBO commented, "We are excited to sign another agreement in the fast-growing agriculture technology space, which allows us to utilize our core strengths of technology innovation coupled with our manufacturing expertise.
"INNOVAR AG is a leader in developing EEF technology, which ultimately helps to make crops more productive to better serve the increasing global demand for food products, but also reduces the environmental impacts associated with the inefficient fertilizers used today. Today's announcement is another step forward in our transformation strategy to utilize our technology and plant assets to diversify into other end-markets, and is similar to our current production agreement with another leading agriculture technology products company. We will continue to look for more client opportunities to grow our presence in EEF technologies and agriculture."
Andrew Semple, CEO of INNOVAR AG commented, "Combining our knowledge and experience in EEF technologies with CARBO's extensive material science and precision manufacturing capabilities was critical in allowing us to develop InnoSolve 45NTM. This product is the most cost-effective, broad spectrum fertilizer technology on the market.
"We expect strong adoption of this product based on positive research studies that support its efficacy. As an example, one research study performed on corn crops with InnoSolve 45N components showed an approximate 24% increase in yield, with an approximate 5-to-1 return on investment. We look forward to helping our customers achieve higher yields while lowering their environmental impact associated with run off and gaseous losses with this EIF technology during the 2020 growing seasons, both domestically and internationally."