AgroGreen Ltd. has obtained Ministry of Agriculture and the organic committee of the Israel flora protection service approval for the distribution of BioSafe, the organic version of the company’s biological nematicides, BioNem-WP. This is the first product of its kind in Israel.
AgroGreen is a subsidiary of Minrav Holdings Ltd. (TASE: MNRV). The company develops biological pesticides and nematicides using microorganisms (molds or bacteria) to kill pests.
AgroGreen says that BioSafe and BioNem-WP eliminate the need for the use of current pesticides, some of which are classified as hazardous chemicals. Until now, nematicides used bromide-based compounds, whose biggest drawback was their contribution to global warming. These compounds have been banned and are due to be phased out of use in Europe over the coming years.
The second type of nematicides are toxins, which can also harm farmers, their families, and other animals in the areas where they are used.
AgroGreen CEO Orna Pollack said the development of BioSafe was based on the realization that demand for biological pesticides would grow alongside consumer demand for organic crops, which contain only natural substances and have never been chemically sprayed or processed. The company said that organic farming has been growing rapidly in recent years. Growth in Israel is 14% a year, and global growth is 5% a year, mostly in the US, Western Europe and Japan. The company estimates the US market for BioSafe at $8 million a year.
AgroGreen posted $2 million revenue in 2005.
Published by Globes [online], Israel business news - www.globes.co.il - on June 4, 2007
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