In a statement, the directors of Bee Vectoring Technologies International Inc. (BVT), the US-based company which aims to use bees to deliver biological controls, biostimulants and other active ingredients to crops, have announced they are ‘exploring strategic alternatives, including a potential sale… to bring innovative biocontrol technologies to market.’
The move suggests that, like many novel agri-tech developers, the company is struggling to commercialise its ideas without the help of established players in the agribusiness sector. BVT has successfully demonstrated the potential of its proprietary biological control agent, Clonostachys rosea strain CR-7 (CR-7) and says it ‘is witnessing the early stages of commercialisation.’ It also claims success with its vectoring delivery system.
Dr. Sue Willis Chan of the University of Guelph’s 2020 Bee Vectoring Project has previously explained how the process works. “Bees pick up small particles that contain biocontrol agents as they leave their hive and disseminate them to flowering crops,” she said. “It works for strawberries, raspberries, apples, coffee, cucumbers, and potentially sunflowers and some canola too. Essentially, it can be used with any flowering crop that uses bees for pollination.” The concept was first pioneered at the University of Guelph in Ontario back in the 1990s, but to date BVT is the only company that has tried to commercialise the technology.
“The Company has developed both a viable biofungicide for seed treatment, foliar and soil applications, and a novel delivery system for biopesticide solutions, generally. We have reached a critical inflection point in our Company’s life cycle, transitioning from a predominantly R&D-focused entity, BVT is now poised to accelerate its commercialisation efforts,” said Michael Collinson, Chairman of the Board.
A statement continued, ‘Despite a significant reduction in sales and marketing investments, brought by the need to manage its operations to maintain financial stability in current capital market challenges, BVT continues to receive strong support from its customer base. Approximately 20 returning customers have placed orders thus far this season, underscoring the effectiveness and return on investment provided by BVT’s natural precision agriculture system.’
BVT has retained the agribusiness industry team of investment bank Roth Capital Partners as financial advisers.