DAVIS, Calif., Feb. 7, 2018 /PRNewswire/ — Agrinos AS (“Agrinos” or the “Company”), a global leader in biological crop nutrition products, has completed a private placement of new shares with the support of long-term investors Manor Investment SA (“Manor”), Havfonn AS (“Havfonn”) and EuroChem Group AG (“EuroChem”) to support the Company’s continued growth strategy.
The net proceeds from the $14.7 million equity investment are the first tranche of additional commitments. They will be used to accelerate execution of Agrinos’ business plan in 2018 and beyond, including sales growth in core geographies as well as research and development for an enhanced product pipeline.
“Agrinos is committed to being a leader in the agriculture bio-innovation sector. We have a strong track record of product performance in a wide range of crops around the globe and this will drive continued sales growth for the company,” said Agrinos CEO Kevin Helash. “Our shareholders’ renewed financial commitment underscores their belief in the future of Agrinos and our mission to help customers improve crop yields in an environmentally sustainable manner.”
“EuroChem fully supports sustainable agriculture, and our investment in Agrinos demonstrates our commitment to this cause,” said Rudolf Graf von Plettenberg, EuroChem Head of Premium Products and Development. “We believe the partnership between EuroChem and Agrinos will enable us to continue combining our strengths in product innovation and to develop the most effective and environmentally-sustainable products for farmers.”
“As long-term investors seeking soil preservation and robust solutions that improve farming practices, Manor is delighted to extend our support to Agrinos,” said Frederic de Stexhe, Manor Principal. “Agrinos has now served more than 175,000 growers in over a dozen countries. Backing Agrinos is a superb investment for Manor, making agriculture more environmentally friendly, more sustainable and more profitable.”
“Havfonn remains confident Agrinos will continue to deliver value-added sustainable solutions to growers around the globe,” said Havfonn CEO Morten Bergensen. “Agrinos has proved its High Yield Technology (HYT) can make a significant contribution to improved resource efficiency for agriculture worldwide.”
In addition to approving the equity investment, Agrinos’ Board of Directors welcomed Frederic de Stexhe, a Principal at Manor, as a new board member. Mr. de Stexhe brings an entrepreneurial background as well as growth capital and technology investment experience to the team. The Board also announced the resignation of board member Matthieu Baumgartner and thanks him for his contributions and guidance over the