What it does
It has two products on the market: Mevalone (a bio-fungicide) and Cedroz, which protects against soil-based pests called nematodes.
And it has partnerships with industry big hitters such as Eastman, Sipcam Oxon (which is also a major shareholder) and SumiAgro that have opened the doors to deals in Mexico, Portugal, Italy and the Benelux countries to name a few.
Sustaine encapsulation technology
Eden’s Sustaine encapsulation technology is free from plastics, is derived from a natural source, and is suitable for use with both sustainable biopesticides and conventional synthetic pesticides.
Indeed, it is this technology that has enabled the commercialisation of Eden’s own biopesticides which are used to protect grapevines and various other crops.
How it is doing
In August Eden's commercial partner Eastman Chemical Company received authorisation to sell the sustainable biopesticides specialist's Cedroz product in Greece, marking the entry into the first of its key EU markets.
Sign-off includes the use of Cedroz on tomatoes, strawberries, aubergine, peppers, okra, cucumber, zucchini, pumpkin, melon and watermelon both indoors and outdoors.
In July it opened up a new laboratory facility at Milton Park, a science cluster in Oxfordshire, so it can do more in-house, including formulation, microbiological screening, plant and seed evaluations and analytical work. It also features high-tech plant growth chambers, to undertake relatively rapid, small scale tests on different plant species.
Eden plans to use the laboratory for insect-focused work to develop its first bioinsecticide products, so it can enter new addressable markets worth €850mln in the EU and US combined.
What the boss says: Sean Smith, chief executive
“The annual production for tomatoes in Greece alone is approx.600,000 tonnes, making it an attractive proposition for regional distributor, K&N Efthymiadis, to market and sell Cedroz. The country also exhibits a wide range of other crops for which Cedroz is a suitable crop protection solution."
"Eden already has a presence in the region with its fungicide product, which is also distributed by KNE, and has recently received a label extension for Mevalone for use on olives and tomatoes for the treatment of botrytis. We look forward to working with our partners to introduce and sell our sustainable solutions to Greek farmers across the country”
What the broker says
House broker Cenkos is predicting Eden will generate product sales of £3.6mln this year, rising to £6.6mln in 2021, at which point it will be profitable.
“We remain positive on Eden due to its appealing product sales profile, exposure to a high-growth market, supportive regulatory environment and path towards profitability,” said analyst Donnellan.
“Our forecasts represent a conservative approach based on visible opportunities with upside possible based upon regulatory approvals and milestones.”