Roots $5m IPO will heat the ground so we can grow strawberries in winter
Melissa Yeo for Stockhead: Fresh, local strawberries in the middle of winter – that’s the vision of agtech Roots Sustainable Agricultural Technologies which is raising $5 million in an initial public offering.
Roots sells an underground heating and cooling system for crops that increases yields and allows crops to be grown out of season.
Water flows through underground pipes, heating or cooling the soil in a crop’s root zone by as much as 10 degrees.
Developed in Israel, co-founders Sharon Devir and Boaz Wachtel have tested the technology in some of the world’s harshest conditions to deliver consistent produce no matter the time of year.
“It can get to 45 degrees during the summer in the Jordan Valley and farmers have to stop growing for the season,” Mr Wachtel told Stockhead.
“Root zone temperature optimisation means that they can add another crop during the year, substantially improving on their income potential.”
Roots is offering 25 million shares at 20c apiece, and hopes to list in mid-November. Full Article:
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