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Roots Sustainable Agricultural Technologies Limited (ASX:ROO) is an emerging agricultural technology company. The company develops, produce, and commercializes disruptive technologies, which addresses problems being faced by agriculture in modern days. The group use technologies related to root zone heating system and cooling system in greenhouse arrangements.
Dagan Agricultural Automation has placed a second commercial sale and installation agreement for Rootsâ heating and cooling technology for a new agricultural project in China. This is followed by the completion of the first China project in 2018 with Dagan using Rootsâ patented Root Zone Temperature Optimisation (RZTO) technology. This order is a part of Daganâs distribution arrangement, subject to US$19 million in sales over five years.
Dagan Agricultural Automation is an exclusive distribution partner in China for Roots, with the Dagan being one of the worldâs leading Ag-tech integrators. The company has received an agreement from Dagan for the second time. The instalments will be paid to Roots during 2019, due from the purchase order from the sale including the first instalment payment done immediately.
As per the release, the installation of Rootsâ proprietary RZTO heating and cooling technologies have been used in the new Chinese project and it will support to grow five crops including tomatoes, herbs, and flowers.
The company has completed the first agricultural project in China in collaboration with Dagan. It has installed RZTO technology in nine greenhouses used for heating and cooling, coupled with Dagan entering a distribution agreement with Roots, for a sales worth of US$19 million over five years.
The CEO and co-founder of the company said that with the help of this order the company will be able to strengthen the presence of the company in the worldâs largest agricultural market. The order also aligns with the long-term target and strategy of the company.
CEO further informed that the company is already deriving significant returns and the improvement in quality from the first project. The companyâs distribution partner will have more confidence in the 'root zone temperature optimization technology' of the company, owing to the increase in sales. This is crucial in a country which accounts for 53 percent of global vegetable production approximately.
Now let us quickly have a look at the Roots Sustainable Agricultural Technologies Limitedâs stock performance and the return it has posted over the last few months. The stock last traded at $0.099 decreased during the dayâs trade by almost 1%. It has a market capitalization of around $6.4 million. As on 22 January 2019, the stock opened at $0.100 with its day low of $0.097 and a dayâs high price of $0.105. The stock has posted negative returns of 68.75%, and 64.29% over the last six months and three months period respectively, however, it generated a positive return of 2.04% over the one month. It has a 52-week high price of $0.590 and a 52-week low price of $0.081, with an average volume of around 189,837.
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