One of the leaders at New Hampshire-based Regrow says the startup’s technology is helping farmers take part in the growing carbon market and benefit from a growing revenue stream. Carbon markets allow farmers who institute sustainable practices on their farms to sell credits to companies that are trying to reduce, or offset, their carbon footprint.
Regrow is this year’s winner of the Producer-Led Innovation Challenge from AgriNovus Indiana and the guest of this week’s Ag+Bio+Science podcast.
“Our platform allows these growers to bring in their data that exists on the farm management system and explore what is the potential if they select a certain practice, how much they can sequester, and see what the financial potential of that,” said Manal Elarab, global head of business and product development at Regrow.
AgriNovus Indiana Chief Executive Officer Mitch Frazier, who hosted this episode of the podcast, says the challenge that Indiana producers face is not the market itself, but managing and aggregating all the data from across different aspects of the farming operation across multiple years.
“And the challenge we set out with Indiana producers, thanks to our friends at the Indiana Corn Marketing Council, and the Indiana Soybean Alliance was, ‘take all this data, see what you can do to make this the least manual intensive possible to get all of our data ready to versus be in a carbon market,’” said Frazier.
Regrow is the result of a merger that occurred earlier this year. Australia-based Flurosat joined forces with New Hampshire-based Dagan Inc. The company says each group brought unique insight to the combined enterprise.
AgriNovus says more than 95% of Indiana farmers are not currently participating in a carbon market, but 67% say they plan to in the future.
“With this knowledge, we found ways to provide a solution to their problem, rather than a problem looking for a solution,” said Elarab. “We are honored to be recognized as innovators in this space, and we look forward to continued progress in the industry.”
Regrow will receive $25,000 from the Purdue Foundry for winning the competition. To learn more about the 2021 Producer-Led Innovation Challenge and the winning team, Regrow, click here.
Listen to the full conversation between Elarab and Frazier when the Ag+Bio+Science podcast comes out Monday morning. Plus, click here to see the full lineup of podcasts from Inside INdiana Business hosted by Gerry Dick.