Benzinga | Dec 16, 2021 08:39AM EST

AGCO Reports Purchase Of 2.9% Equity Investment In Greeneye Technology, No Terms Disclosed

Smart solutions from Greeneye are designed to reduce input costs, increase herbicide efficacy, and enhance environmental sustainability

DULUTH, Ga.--(BUSINESS WIRE)-- AGCO, Your Agriculture Company, (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural machinery and precision ag technology, has announced a 2.9% equity investment in Greeneye Technology, an emerging leader in precision spraying technology.

Greeneye's proprietary AI-enabled precision spraying system detects and sprays individual weeds, which is designed to significantly reduce herbicide usage compared to standard broadcast spraying. In addition to improving farmers' profitability, the system is expected to increase productivity by enabling farmers to invest in more efficacious crop protection products that are not affordable when applied on a broadcast basis. Combined with the technology's ability to identify weeds down to a species level, this provides a clear path to tackling the growing threat posed by herbicide-resistant weeds. Greeneye's solution is designed to apply herbicides to emerged crops (green-on-green) at commercial speeds of up to 20 km/h, ensuring no reduction in productivity for farmers. In line with AGCO's approach of providing innovative solutions for retrofit installation, Greeneye's system is designed to integrate seamlessly into any brand or size of commercial sprayer.

"Our investment in Greeneye Technology complements AGCO's farmer-first strategy, which has been designed to deliver industry-leading smart farming solutions that improve our customer's net farm income," said Eric Hansotia, AGCO's Chairman, President and Chief Executive Officer. "Greeneye Technology has a strong focus on solving real customer needs and has demonstrated the ability to develop innovative solutions that provide measurable customer benefits."