Industry leading carbon program grows as demand remains strong for registry-issued, high integrity carbon credits

Boston, MA - February 26, 2024 - Indigo Ag, the innovative leader and trusted partner in sustainable agriculture, today announced the successful completion of its third carbon crop. With 163,048[1] carbon credits produced, Indigo is the only company to complete three carbon harvests at scale and the unprecedented program continues to show growth with year-over-year increases in the number of farmers paid, fields filed, and credits produced.

Since its inception in 2019, farmers participating in Indigo Ag's carbon program have sequestered or abated the equivalent of nearly 300,000 metric tons of carbon dioxide. Indigo Ag's carbon credits are verified and issued by the Climate Action Reserve, one of the world's most trusted independent carbon registries. To date, farmers in Indigo Ag's sustainability programs (Carbon and Sustainable Crops) have earned more than $12M. Farmers are scheduled to be paid for the third carbon crop in March 2024.

"Our record breaking third carbon crop reinforces that farmers can earn money and have a real and measurable impact leveraging agricultural soil as one of the world's largest carbon sinks," said Dean Banks, CEO of Indigo Ag. "As carbon projects continue to be scrutinized, we are incredibly proud to be the largest issuer of nature-based, registry issued agricultural soil carbon credits in the world, driving real value for farmers and corporations."

Indigo's latest crop of credits represents an equivalent of 163,048 metric tons of carbon dioxide sequestered or abated by U.S. farmers across 28 states. Indigo's carbon program growth is evidence of the continued rise in adoption of sustainable farming practices with a 333% year over year increase in new acres, a 297% increase in new fields, and a 215% increase in new grower participation.

"Joining the Indigo Carbon program was well worth my time," said Julia Strnad, a 4th generation farmer with Strnad Land and Cattle located in Kansas. "It's exciting when we get that carbon payment check, and it more than pays for the time we spend entering data. We've seen the data entry process get easier each year, and when you have as many fields in the program as we do, that makes a big difference. We've evaluated other programs, but we chose Indigo because they're invested in improving the health of our soil and getting us paid to do practices that make it better."

Indigo is also working closely with its expanding network of more than 25 agribusiness partners to use unique insights to support growers in deepening their transition to sustainable practices.
"Working with Indigo Ag has helped us grow our business and improved our relationship with our farmers," said Josh McClain, CEO, Firebolt Ag. "When our customers come to us for guidance, it's great to be able to recommend a quality program and practice changes that will improve their soil health while creating a new source of revenue that builds over time."

Indigo also expanded its network of carbon credit buyers adding new partner Watershed, an enterprise climate platform that helps companies measure, report and act on their emissions to place credits with their corporate customers.

"We're excited to have Indigo Ag as the first regenerative agriculture partner in the Watershed Marketplace, a category recently designated by the IPCC as a key potential technology for emissions reduction," said Claire Kiely, Head of Marketplace Carbon Supply at Watershed. "The decarbonization projects available to customers through the Watershed Marketplace meet a very high bar for verification, durability, and more, ensuring buyer confidence while enabling high-impact climate action."

As corporate demand for its high-quality carbon credits continues to grow, Indigo Ag anticipates that its soil carbon credits will capture higher prices over upcoming crop cycles.

"Corporations are increasingly demanding sustainability solutions that deliver both climate and nature benefits, and Indigo programs have been positioned to meet these exact needs," added Banks. "We have the highest integrity soil carbon program on the voluntary market today, and that's allowed us to secure future buyer commitments with purchase prices in the range of $60-$80+, depending on the time of delivery. This forward price curve will mean more money in our farmers' pockets over time."

Eligible Crops List Expanded for Fifth Carbon Crop
Indigo Ag is already working on its fourth carbon crop, with enrollment numbers and the data collection progress underscoring the continued growth, popularity and value of its sustainable agriculture program. More details on the fourth carbon crop will be shared in early 2025 when credits are expected to be delivered.

For its fifth carbon crop, covering the 2023-24 planting season and already open for farmer enrollment, Indigo is expanding the list of eligible crops for its sustainability programs, adding hemp, perennial and annual alfalfa, millet, collard greens, and four perennial legumes to the current eligible crops (corn, soy and cover crops), giving farmers additional options for program eligibility.

Additionally, Indigo continues to work with its industry partners to make it easier for farmers to import and enter their data, whether they are importing that data from a spreadsheet or their FSA 578 insurance form. Additional product enhancements include historical data validation and the ability to spread out carbon harvests.

For more information on Indigo Ag's Carbon Program, visit https://www.indigoag.com/carbon.

ABOUT INDIGO AG
Indigo Ag is the innovative leader and trusted partner in sustainable agriculture and biological solutions. Powered by science and technology, Indigo helps farmers and agribusinesses optimize today's yields and profitability, while nourishing the soil for better tomorrows.