PR93527

SEOUL, South Korea, Dec. 8, 2021 /PRNewswire=KYODO JBN --

Advanced crop technology company E Green Global Co.

Ltd.(https://www.eggtuber.com/) (EGG) announced today that it has raised

additional equity funding from ADB Ventures(https://ventures.adb.org/), the

venture capital arm of the Asian Development Bank (ADB). EGG has secured $15M

Series B funding in total, including an investment from the YD-SK-KDB Social

Value Fund, to scale its agri-biotech platform for the potato industry.

Potatoes are the world's fourth-largest food resource. Potato farmers, however,

often lack access to quality seed potatoes, resulting in significantly lower

and more volatile yields. Traditional seed potato production is costly, limited

to one or two harvests a year and is prone to diseases, weather conditions, and

climate impacts. As a result, less than 10% of the global potato seed supply is

certified good quality and disease-free.

EGG has developed the world's first platform for successfully producing

high-quality lab-grown seed potatoes (Microtubers) at commercial scale. EGG

uses patented tissue culture technology to mass produce and continually harvest

disease-free Microtubers throughout the year in bio-secured plant factories.

The Microtubers are machine-planted directly in the field to produce the seed

potatoes at a much lower cost, with higher productivity, and in a significantly

shorter time span compared to any other conventional method.

This game-changing breakthrough was recognized in September this year when EGG

won the prestigious PotatoEurope's Golden Innovation Award in recognition of

the company's innovation and widespread impact in the potato market.

"EGG is the first company that effectively enables 'Lab to Farm' commercial

seed potato production on a global scale. We believe that EGG's Microtubers

technology can supercharge efficiency for potato farmers and processors by

enabling faster, better, and cheaper crops in Asia-Pacific and across the $144

billion global potato market," said Minsoo Kim, ADB Ventures Investment

Specialist.

Now, after working with some of the largest potato producers and processors

across China and North America, EGG is leveraging its partnership with ADB

Ventures to further scale into developing markets in the Asia-Pacific, where it

intends to produce more than 6 million tons of disease-free potatoes while

eliminating 1.8m tons of CO2 equivalent, which is equal to removing 900,000

cars from the road for one year, from potato farming by 2025.

"We are thrilled to receive ADB Ventures's vote of confidence in our

proprietary Microtuber Technology. It gives us renewed momentum to improve the

yields of farms and the security of food supplies across Asia and the Pacific,"

said Keejoon Shin, CEO, EGG.

EGG will also deploy the invested funds to develop similar technologies for

other key crops, including sweet potatoes, cassava, onion, and garlic. The

company's ultimate ambition is to scale its solution globally and, to this end,

it is planning an additional expansion into markets including Europe, Africa,

Middle East and Central Asia.

SOURCE:  E Green Global Co. Ltd. (EGG)