Australia’s agtech mulch film company OneCrop announced that it has secured a multimillion-dollar investment from Kahlbetzer Family’s Twynam Group, boosting its plan to expand in China, according to an official release.
OneCrop is a degradable bio-film company which aims to provide technology to improve crop yield in an environmentally friendly way.
The funds raised will be used to accelerate the rollout of its technology internationally, OneCrop said. The technology acts as a mini greenhouse and provides a solution to minimize the use of plastics in farming, particularly in markets like China.
“Twynam was one of the first to trial plastic film with cotton in Australia around a decade ago and have been an innovator in this space. As a strategic partner, they have traveled to China with us and have seen the scale of the opportunity in China, Australia and the US,” OneCrop CEO Andrew Logan added.
According to Logan, the funding allows OneCrop to fast-track film laying machines into the field, to enable the uptake of the technology in Australia, expand its manufacturing operations in China and build on OneCrop’s existing market presence in the US.
OneCrop’s immediate target markets – the US, China and Australia – have an estimated market value of $4.5 billion equating to 11.68 million hectares. In China alone, the market value of the films is estimated to be worth $2.9 billion.
“Twynam were an early adopter of this technology across our agricultural holdings, we have seen great improvements in manufacturing and adoption since then. We have visited China and have been encouraged by the field testing and the increase in yield for crops under the OneCrop technology. We believe there is a market for broad adoption of the One Crop film, and it provides a sustainable solution, and a move away from the plastics currently used,” said Johnny Kahlbetzer – CEO of Twynam Agricultural Group.