Eleven years ago, Alvin and I made a commitment to provide sustainable solutions to farmers and improve the health of the planet through nitrogen innovation. Today, I’m proud to share that we’re one step closer to eliminating the need for synthetic nitrogen fertilizer forever with the introduction of Pivot Bio PROVEN 40 OS – the first biological nitrogen fertilizer in an on-seed application.
This revolutionary product is one of our most significant expansions to date and truly exemplifies our founding vision of transforming the future of agriculture. With Pivot Bio PROVEN 40 OS, we are making microbial fertilizer available to the entire 90-million-acre U.S. corn market, and dramatically accelerating our commitment to replacing synthetic nitrogen. With our on-seed application, we can reduce our reliance on industrial transportation used to move large amounts of synthetic nitrogen with a microbe that lives in symbiosis with the plant. Our homegrown microbial fertilizer provides farmers with a consistent supply of nitrogen that combines convenience, reliability and sustainability that chemical nitrogen fertilizers simply cannot match.
While our on-seed application marks a historic turning point for the agriculture industry, we’re also making history internally. Exceeding $50 million in sales in 2021, Pivot Bio’s microbial fertilizers are now used on more than 3 million farm acres, a 250% increase from last year. This unprecedented growth signals both near-term demand and the long-term viability of biological fertilizer as a replacement for synthetic nitrogen.
With the continued demand for microbial nitrogen and the $430 million Series D funding Pivot Bio received in 2021, we plan to expand our sales coverage to support access to nearly 100% of U.S. corn acres, open a new warehouse in Omaha, and grow our St. Louis lab to increase manufacturing and testing capabilities. We are also continuing Pivot Bio’s international expansion with large-scale, on-farm trials in Canada.
Looking ahead to 2023, we anticipate strong grower interest in our microbial nitrogen, and by expanding our footprint with more independent sales representatives and new facilities, our team can continue to meet demand and foster relationships with farmers.
Of course, all of these achievements would be impossible without the spirited efforts of the Pivot Bio team across the company. Through all the valuable lessons and learnings our team has experienced that have led us to the present, I sincerely thank everyone who has believed in our product and mission to provide more sustainable nitrogen to the world’s farmers. Here’s to the opportunities that lie ahead.