AUGA Tech, UAB is enlisting external financial and industry partners to bring its portfolio of "Mission no cost to nature" technologies to market
03 Giugno 2024 - 8:44AM
UK Regulatory
AUGA Tech, UAB is enlisting external financial and industry
partners to bring its portfolio of "Mission no cost to nature"
technologies to market
AUGA Tech, UAB (hereinafter – the
Company), a company indirectly owned by AUGA group, is undertaking
a EUR 75 million technology development and commercialization
project. The Company submitted a EUR 60 million application to
the "Billion for
Business" programme, administered
by the National Promotional Institution INVEGA, to enable the
development of its technology portfolio. The Company is also
forming an impact-driven panel of external industry and financial
partners to provide the remaining EUR 15 million and share their
expertise to accelerate the technology to the market.
The Company's portfolio of unique technologies
includes the AUGA M1 biomethane and electric-powered tractor and
other previously undisclosed technologies: a multimodal,
electric-powered agricultural platform – the AUGA E1, and
sustainable feed production and feeding technology. After obtaining
financing, the Company plans in the first phase of the project
through 2026 to complete development and produce approximately 20
AUGA M1s, 60 AUGA E1s, and 3 sustainable feed production and
feeding technology systems.
According to the World Resources Institute, amid
increasing demand for food around the world, by 2050 farmers will
need to produce 56% more food to feed a population of 10 billion
while also reducing emissions by 67%.
“Only with the help of technology can we enable
farmers to achieve the sustainability and efficiency targets for
agricultural activities while also giving consumers the choice of a
new category of food grown with less environmental impact. We have
been working for years to develop such technologies, and they now
have a measurable positive impact on emissions. With the support of
industry partners and financiers, we will create an industry for
sustainable agricultural technologies in Lithuania. They will be
developed and tested in Lithuania to be used worldwide," says
Kęstutis Juščius, the Director of AUGA Tech, UAB.
The first production-scale technologies will be
tested and applied in the operations of AUGA group, AB. They will
fundamentally improve the efficiency and profitability of
agricultural operations. The aim is to make the portfolio of
technologies available, on a cooperative basis, to about 20% of
Lithuanian farmers already in the first stage of commercial
distribution. Access to the technology will be provided through
cooperative companies which were established in 2023.
In later stages of the project, the Company
plans to expand the technology to the Nordics and other EU
countries that support sustainable agriculture.
As previously noted, the Company has already
developed the AUGA M1 biomethane and electric-powered tractor. The
three tractors from the first production batch are now being tested
in real farm conditions for a second season.
The AUGA E1 multimodal electric-powered is a new
technology the Company is developing. With a variety of standard
and by the Company customized implements, the AUGA E1, together
with the AUGA M1, will be able to perform all the main farming
operations. Initial testing of the AUGA E1 on farms will commence
later this year.
These technologies will improve farms’
productivity and economic results while eliminating the use of
fossil fuels in agricultural machinery and replacing them with
renewable energy sources –biomethane and green electricity produced
in Lithuania. Tractors are used about 100 days a year in
agriculture; during the remaining time, their batteries will
provide additional economic benefit through electricity storage and
grid balancing. Electricity is a significantly cheaper source of
energy for tractors than diesel, enabling a significant reduction
in the costs of operating them. The use of the Company's developed
technologies will not only reduce emissions but also lower farmers'
production costs.
The feed production and feeding technology that
the Company is developing includes the centralized production of
sustainable feed, its supply, automated feeding, and comprehensive
science-based monitoring and reduction of methane and other
greenhouse gas (GHG) emissions during milk production, making use
of artificial intelligence.
This technology will not only improve economic
indicators on livestock farms but also make it possible to produce
1 litre of raw milk with less than 1 kg of CO2e
emissions.
"With our technologies, we are addressing the
global challenge of how farmers can feed 10 billion people in the
future while reducing agricultural emissions to just a third of
what they are today. Successful implementation of the "Mission no
cost to nature" project will create immense benefits not only for
the world but also for AUGA shareholders who believe in our
long-term strategy," Kęstutis Juščius says.
Contacts:
CEO of AUGA group, AB
Elina Chodzkaitė-Barauskienė
+370 5 233 5340
Grafico Azioni Auga Group Ab (LSE:0IR4)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Auga Group Ab (LSE:0IR4)
Storico
Da Giu 2023 a Giu 2024