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Investment into development of artificial intelligence spraying technology – Canada NewsWire

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The technology uses artificial intelligence to detect weeds and other crop pests while passing over a field. This is estimated to reduce pesticide use by up to 95 per cent while maintaining crop yield, saving farmers approximately $52 per acre per growing season. Additionally, the technology can be retrofitted to upgrade new or existing sprayers, making it suitable for all Canadian farmers.

The $26.2 million project is being led by Precision.ai Inc., Sure Growth Solutions Inc., Exceed Grain Marketing and the Global Institute for Food Security (GIFS) at the University of Saskatchewan. The partners are together investing $13.4 million into the project, with Protein Industries Canada investing the remaining $12.8 million. Approximately 120 new Canadian jobs are expected to be created through the project within the next five years.

“This new project supported by the Protein Supercluster is a great example of how the superclusters are bringing innovation to farming practices, using advanced technology like artificial intelligence (AI) and creating new well-paying jobs. Through a collaborative effort between three SMEs and a university research centre, this project has the potential to dramatically reduce chemical pesticide use without sacrificing crop yield or quality,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Industry.

Designed by Canadians for Canadian farmers, the technology is intended to address the needs of the Canadian agriculture landscape first and foremost. It can, however, be used anywhere in the world, diversifying and strengthening Canada’s economy and providing benefits for farmers around the world.

“The effect this new technology will have on Canada’s plant-protein sector is tremendous,” Protein Industries Canada CEO Bill Greuel said. “Consumers want plant-protein products that were grown sustainably, without sacrificing on quality or economic value. This is particularly true in international trade where, despite Canada’s reputation as a supplier of high-quality agrifoods, our products are facing increasing testing. Thanks to the work being done by Precision.ai, Sure Growth Solutions, Exceed Grain Marketing and GIFS, Canada’s plant proteins are one step closer to being the highlight of plates of consumers around the world.”

Once the technology is fully developed, Precision.ai Inc., Sure Growth Solutions Inc., Exceed Grain Marketing and GIFS will expand on the project. Commodities grown using the technology will be tested for international maximum residue level (MRL) compliance and protein content. Both streams of testing will strengthen international market opportunities.

“This project embodies our mission of lowering pesticide use by combining artificial intelligence and robotic automation to achieve precision application,” said Daniel McCann, CEO & Founder of Precision.ai. “Our partnership with PIC, Sure Growth Solutions, Exceed Grain Marketing and GIFS is the perfect balance of innovation and industry expertise to deliver a paradigm-defining solution that protects money, time and the environment to make healthier, more sustainable food for everyone.”

“We have known for some time there were better ways to allocate the time and resources for our clients around pesticide use, particularly with weed control,” said Terry Aberhart, CEO of Sure Growth Solutions Inc. “This combination of technologies will allow us to do this in a way that makes sense without sacrificing yield or quality, and having it built and tested locally will ensure its fit for our Canadian farmers. We are very excited to help change the way the world sprays and continue to support farmers help make the world a better place for future generations.”

“As global demand continues to grow for high-quality products, we are looking to help Canadian producers be influential on an international level,” Exceed Grain Marketing President Derek Squair said. “Food safety, maximum residue limits and sustainable practices are some of the top concerns for Canada’s markets. With cost savings to our farmers, the technology we’re developing is addressing those concerns, benefiting the world for future generations.”

“At GIFS, we recognize the value of collaboration, so we work with partners to discover, develop and deliver innovative solutions for the production of globally sustainable food,” GIFS CEO Steve Webb said. “By joining forces with PIC, Precision.ai, Sure Growth Solutions and Exceed Grain Marketing on this exciting project, we are developing innovative technologies to precisely target crop inputs when and where needed, making production agriculture more efficient and more economically, environmentally and socially sustainable.”

This is Protein Industries Canada’s ninth project announcement. Together with industry, the company has invested more than $163 million into the plant protein sector. They are currently accepting Expressions of Interest (EOIs) for research and capacity building projects through their third open call.

About Precision.ai Inc.

Precision.ai is at the forefront of the fully autonomous farming revolution, using artificial intelligence and robotics to solve the key agricultural challenges of the 21st century. Our patented artificial intelligence powers the farming machines of the future. To learn more about Precision.ai, visit www.precision.ai.

About Sure Growth Solutions Inc.

Sure Growth Solutions Inc. is a group of professional consultants dedicated to helping growers optimize valuable resources. We achieve this through simplifying, implementing and supporting sustainable profitable solutions. Our team is committed to supporting profitable precision strategies built on sound agronomy and innovation provided by a passionate network of knowledgeable people. Sure Growth Solutions Inc. has been dedicated to helping growers optimize valuable resources, based near Langenburg, Sask., on the family farm of our founder, Terry Aberhart, since 2006. We provide coaching services that include Crop Planning, Fertility Planning, Soil and Tissue Testing, Variable Rate and Precision Agriculture Programs, and In-Season Scouting Support. We pride ourselves in identifying challenges and designing strategies to bring value to our clients. We are passionate about the research, development and implementation of new science and precision technologies, through working with our progressive network of top agriculture producers. To learn more about Sure Growth Solutions Inc., visit suregrowth.ca.

About Exceed Grain Marketing

Exceed Grain Marketing is an independently owned company that provides farmers, as well as industry partners, professional and unbiased grain market intelligence. Our team is made up of independent advisors with over 300 years of combined experience. With footprints in Manitoba, Saskatchewan and Alberta, we continue to expand a network of advisors across the country who are passionate about agriculture and their clients’ success. To learn more about Exceed Grain Marketing, visit exceedgrainmarketing.com.

About the Global Institute for Food Security

Founded in 2012 in a partnership between Nutrien, the Government of Saskatchewan and the University of Saskatchewan, the Global Institute for Food Security (GIFS) works with a diverse range of partners to discover, develop and deliver innovative solutions for the production of globally sustainable food. To learn more about GIFS, visit www.gifs.ca.

SOURCE Protein Industries Canada

For further information: Miranda Burski, Protein Industries Canada, Regina, SK, 306-581-1340, [email protected]

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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