Queensland-based company wins Pitch to Paddock at Elders FarmFest 2024 | Video

It was the first time the competition had been run at Elders FarmFest.

The aim of the competition is to give agtech start-ups the chance to pitch their innovations to an expert audience and gain access to an extensive network of potential investors and customers.

The winning pitch came from Carbonaught co-founder and CEO Andrew Pedley, who won $10,000 worth of promotional opportunities.

Mr Pedley said Carbonaught's aim was to help farmers unlock the full value of basalt.

"We're on a mission to rebuild the food system by manufacturing basalt soils at scale, and basically moving it from a gift of the gods into a more democratically accessible feature of farming," he said.

"What we're about is giving farmers, and specifically large family to corporate farming entities, the tools they need to convert rocks into carbon removing fertiliser that can help increase the value per hectare by up to 65 per cent. About 20pc of that is through fertiliser cost savings and the other 45pc from price premiums on low emission products being tapped into global supply chains."

Mr Pedley said Carbonaught was working with large horticultural and cropping farms along the east coast of Australia.

"They are trialling us because we're helping them solve what they say is a once in a generation change," he said.

"They are being hit with fertiliser prices two to three times higher than the historical five year average.

"Independent of that, net zero policies are coming in which are, I would say, very naive at this stage. What that naivety means is that the big supermarket chains and big buyers are wanting to tick a box and demanding lower emission products but not really offering any solutions. The solutions that are on offer are catering to that emission-centric viewpoint and ignoring food as an energy system and what that means is that most of the emission reduction solutions out there are actively hostile to intensive agriculture."

Mr Pedley said there were significant barriers to adoption for many farmers.

"Ultimately, almost all of the solutions rely on being loss-making unless there's a carbon credit revenue stream, which not only shoves technical risks onto farms, it also shoves market risks onto farms," he said.

"What we do is put into the hands of farmers the power to access, source and screen local basalt, spread it on their land through zero-till and then accurately track the key chemical reactions that happen thereafter. Those chemical reactions deliver a bunch of effects."

These effects include building fertile top-soils and releasing phosphorus, potassium, calcium, magnesium and trace minerals.

"The really important thing is that the Co2 that gets captured from rain water or irrigation, certain minerals grab it and bind it up forever, so it's not going to reappear on a company's balance sheet, so that gives a lot more assurance to purchasers," he said.

Mr Pedley said Carbonaught provided a smooth and easy-to-use system for farmers to adopt the technology.

"At a click of a button we allow farmers to source local basalt, screen it to make sure there's no heavy metals in it and arrange the logistics to move it on farm," he said.

"Using existing farming equipment, you can track and measure the spreading on both a dollar cost and an emission cost perspective.

"Finally, we orchestrate and arrange all the scientific testing that needs to be done to make third party validation of the low emissions elements of the growing system."

Carbonaught's technology is being trialled at seven pilot sites around Australia.

"At the end of the day we're turning a $20 rock into $150 of on-farm value," Mr Pedley said.

"We've been in the R&D phase for the last 18 months, making sure the chemical reactions we expect to happen are happening as expected.

"This year we've started to move into the commercialisation phase."

Mr Pedley said Australia had 'fit for purpose' basalt stretching from Queensland down to the South East of South Australia, making the technology suitable for a range of areas.

Agtech Angel Investor Network founder and facilitator Sam Almaliki said Pitch to Paddock events were designed to provide connections between industry and start-ups.

"Our focus is on providing capital, counsel and connections to early stage agribusinesses, those who have inventions and are looking to work with industry to validate those inventions, to commercialise them and most importantly have an impact on the agri sector," he said.

"We emphasis it's not just about capital, it's not just investment, but also the importance of connections and getting the right advice. This is why we've aligned with ACM and ACM Rural Events, because the start-ups that are pitching are looking to not only get investment but also industry connections and expert advice. It's the opportunity to provide that connectivity with industry."

Three start-ups took part in the Pitch to Paddock event, including Monty Compost Co, a start-up using compost innovation to inspire positive environmental change, and Farmers Hub, which aims to move products harvested on the same day from nearby farms into convenience stores, eliminating transport-related food miles.