-Follows iyris’ rapid growth in Egypt, and the Company’s revolutionizing of agriculture in the region -New iyris brand symbolizes transition to a pure-play technology company

Delaware, USA - 12 March 2024: iyris (formerly RedSea), the sustainable AgriClimate Tech business whose pioneering technology advances commercial farming in hot climates globally, announces the signing of a Memorandum of Understanding (MoU) with Magrabi Agriculture - the leading Egyptian fresh produce provider to 60 countries.

The strategic MoU covers sales of iyris' cutting-edge technologies - including its award-winning SecondSky greenhouse covers and data platform, and access to all upcoming iyris innovations - to Magrabi Agriculture, for deployment in its Egyptian farming facilities and to support its international operations.

Magrabi Agriculture will benefit significantly from using iyris' innovative solutions in its farming practices. SecondSky covers alone can reduce energy consumption by over 40%, water use by 30%, and profitability by 28% - potentially transforming Magrabi's farming operations, improving its sustainability and profit margins, and enhancing produce quality.

iyris' recent strategic rebrand from RedSea has cemented its transition to a pure-play technology company, focusing on the commercialization and development of AgriClimate technology solutions.

Today's announcement also follows iyris' appointment of Bruno De Oliveira as VP East Africa & Egypt to bolster its operational team in the region, following increased customer demand.

Bruno De Oliveira, VP of East Africa & Egypt at iyris, commented:

"I am thrilled to announce this MoU with our valued partners at Magrabi Agriculture. This builds on our rapid growth in Egypt - a market that knows, firsthand, the impact of accelerating climate change, and where growers can benefit from our suite of AgriClimate technologies. Today's news shows our commitment to partnering with sustainable operators - and we are excited to have Magrabi in our portfolio of esteemed, market-leading partners."

The MoU is a major step in advancing commercial farming in the region, and hot climates globally. The partnership reinforces iyris' exceptional regional reputation and its engagement success with the largest growers in target market countries. The growers recognize the potential impact and improved profitability that iyris' technologies bring to agricultural practices.

The partnership will build on iyris' presence - with 30 hectares of iyris SecondSky roofs already installed on a major government-owned site in Egypt.

Ehad El Maghraby, Director of Planning & Development at Magrabi Agriculture, stated:

"Innovation, quality and resource efficiency are key drivers across the Magrabi business. In iyris, we have a partner that has developed a suite of hot climate agriculture technologies that will contribute significantly to our capability to sustainably serve our international client base.

iyris technologies are targeted to hot climate agriculture, extending the growing season, reducing crop inputs and improving the quality of produce delivered, and that aligns completely with our business objectives. We are excited about how this partnership will enable us to grow our business and meet the increasing need to supply high quality produce to all our export markets that have suffered from the impact of increasing high heat on yield."

iyris' sustainable agriculture technologies are now deployed and used by growers in eleven countries across five continents.

About Iyris (formerly RedSea)

iyris is a world-leading, sustainable AgriClimate Tech company advancing commercial farming for low to mid-tech farmers in hot climates globally. Its patented, proprietary technologies reduce water and energy consumption by up to 90%. iyris' mission is to help feed the world sustainably.

Serving a global recurring market of >$6 billion, iyris' technologies are deployed in sixteen countries, across five continents - from Spain to Saudi Arabia - with high-profile partnerships such as a collaboration with the UAE's leading AgTech company Silal and plastics manufacturers such as Armando Alvarez. The adaptive AgriClimate technology brands include the award-winning SecondSky greenhouse covers and SecondSky data platform. iyris Labs is their development and innovation engine. iyris products tackle the real and increasingly urgent challenges of extreme heat and water scarcity in agriculture.

iyris' innovative solutions provide growers with extended growing seasons, more sustainability, increased yields and profitability, and resource savings - while boosting local, regional, and global food supply chains.
More information can be found at: www.iyris.com

About Magrabi Agriculture

Magrabi Agriculture is the leading Egyptian fresh produce exporter, exporting to 60 countries. They reclaimed 9000 feddans of Noubarian desert land leading development of export oriented agriculture in Egypt.

Through their centrally managed farming, packing and export operations and global GAP integrated food safety and quality management system, Magrabi guarantees the fresh arrival of produce to their global customer base.