Stamicarbon’s investment is reportedly equal to US$5.5 million.
Pursell Agri-Tech is a startup company based in the US that specialises in the development and marketing of polymer-coated, controlled-release fertilizers. Headquartered in Sylacauga, Alabama, the company has developed a new technology to coat fertilizers at a competitive price, to produce controlled-release fertilizers that are suitable for efficient fertilization of broad-acre commodity agricultural crops. The technology combines proprietary polymer compositions and a high performance coating process to deliver a range of controlled-release fertilizers – notably urea – resulting in a highly sustainable crop nutrient solution that increases farmers’ yields and decreases possible impact on the environment.
In addition to this, Stamicarbon and Pursell Agri-Tech have entered into an industrial cooperation whereby Stamicarbon will be the exclusive global licensing partner, licensing the technology to interested parties outside of North America, such as major urea producers, and large fertilizer producers or distributors. Pursell Agri-Tech, meanwhile, will develop with selected, dedicated partners in the North American market, where Stamicarbon will act as a non-exclusive licensing partner. Furthermore, both parties will work closely together in an open innovation platform on the development of other new businesses and technologies.
Pierroberto Folgiero, CEO of Maire Tecnimont Group, said: “This strategic investment opens us a new promising market, such as the coated fertilizers’, and represents a new milestone in the Group’s strategy of developing innovative technologies adjacent to our core business.
"In addition, this synergic collaboration will combine Stamicarbon’s global network and technological capability with Pursell Agri-Tech leading expertise in coated fertilizers, enabling us to pursue promising initiatives in the controlled-release fertilizers worldwide."
The CEO of Pursell Agri-Tech, Nick Adamchak, added: “Pursell Agri-Tech is delighted to welcome Stamicarbon as a shareholder and to enter into this strategic partnership with them. We’re confident it will allow for better fertilizers to become widely available, paving the way for more sustainable climate-smart agriculture worldwide. Stamicarbon has a global network in the urea production market, and a proven record of leading through continuous innovation."