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VANCOUVER - AgriForce Growing Systems Ltd. (NASDAQ: AGRI), a micro-cap agricultural innovation company with a market value of $2.82 million, has announced a strategic expansion of its heat reuse network across agricultural sites in the United States and Canada. The announcement comes as the company’s stock has declined nearly 88% over the past year, according to InvestingPro data. This development, in collaboration with Hiveon, a leader in digital energy ecosystems, marks a significant change in how the company views and utilizes heat as a resource. The initiative comes at a crucial time as AgriForce faces financial challenges, with a current ratio of 0.34 indicating potential liquidity constraints.
The new heat reuse systems, which are intelligent, mobile, and scalable, are integrated with the Hiveon Enterprise platform. This integration allows for the dynamic capture, analysis, and utilization of real-time thermal, agricultural, and energy data to optimize site-level operations. The systems are designed to be customizable and can automatically adjust heat distribution based on various factors, such as crop cycles and external triggers like energy pricing and weather patterns.
Jolie Kahn, CEO of AgriForce, emphasized the significance of the deployment, stating, "With Hiveon Enterprise, we now have a system that enables us to scale heat reuse without adding complexity. It’s a powerful step toward automation-driven agriculture and energy synergy."
The modular infrastructure is not limited to off-grid setups but also includes grid-connected systems, enabling AgriForce to participate in Virtual Power Plant programs and demand response markets. The automated control layer provided by Hiveon facilitates participation in these markets, potentially turning AgriForce’s power assets into revenue-generating resources. Analysts project significant revenue growth for the company, though InvestingPro analysis reveals 18 additional key factors that could impact the company’s future performance.
This initiative is part of AgriForce’s broader mission to promote decarbonized agriculture while enhancing yield and productivity through technological synergy. The expansion of the heat reuse network is expected to provide energy-resilient infrastructure across various agricultural climates, from the colder regions of Canada to the warmer climates in the U.S.
The information in this article is based on a press release statement from AgriForce Growing Systems Ltd. and financial data from InvestingPro, which provides comprehensive analysis and real-time metrics for informed investment decisions.
In other recent news, AgriForce Growing Systems Ltd. has announced the launch of TerraHash Digital™, a new division focused on Bitcoin mining and digital infrastructure, at the Bitcoin 2025 conference in Las Vegas. This strategic move aims to develop scalable and energy-efficient mining campuses, integrating smart energy strategies and infrastructure ownership. Additionally, AgriForce completed its latest Bitcoin mining expansion in East Palestine, Ohio, with the installation of 500 Bitmain S19j Pro 100T mining machines, increasing the firm’s operational capacity by 50 petahash per second. This expansion is part of the company’s strategy to scale its mining operations and achieve one exahash of mining power by the second quarter of 2025.
Furthermore, AgriForce announced executive changes, with Barrett Mooney resigning as Chief Operating Officer, and the issuance of equity securities to certain executive officers in lieu of cash compensation. In another development, the company adjusted the fixed conversion price of its January 2025 Debentures to $1.90, deferring the May 1, 2025, amortization payment. AgriForce also changed its independent registered public accounting firm from Marcum LLP to CBIZ CPAs P.C., following Marcum’s acquisition. These changes reflect AgriForce’s ongoing efforts to manage its debt obligations and streamline its financial operations.
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