Pivot Bio Appoints Chris Abbott as CEO, Achieves Remarkable FY2023 Results, and Expands Operations Across the U.S.
A pioneering sustainable agriculture company Pivot Bio, which aims to revolutionize crop nutrition through its innovative technology, has announced key developments in its leadership, financial performance, and expansion plans. Chris Abbott has been appointed as the Chief Executive Officer to lead the company’s global growth and transformation of the agriculture sector. Pivot Bio also revealed impressive FY2023 results, surpassing $100 million in revenue with over 60% year-over-year growth. Additionally, the company is poised to expand its operations across the U.S. to meet the growing demand for its groundbreaking crop nutrition solutions.
Founded in 2011, Pivot Bio delivers to farmers the patented crop nutrition technologies that harness the power of nature to reliably and productively grow the food the world needs in the face of increasing volatility. Its products are a breakthrough innovation and among the industry’s most promising climate solutions because they deliver nitrogen to plants without the negative impacts of synthetic fertilizer.
Chris Abbott Takes the Helm
Chris Abbott, recognized for his strategic acumen and experience in agriculture, sustainability, and technology, assumes the role of CEO at Pivot Bio with immediate effect. A respected figure in the industry, Abbott has previously played a pivotal role in launching and building Conti Ventures at Continental Grain Company, a prominent global player in food and agribusiness. He brings a wealth of expertise and a deep understanding of the agricultural landscape to his new position. Abbott’s leadership is set to propel Pivot Bio into its next phase of growth as it continues to redefine sustainable agricultural practices.
FY2023 Results Highlight Robust Growth
In an impressive achievement, Pivot Bio has exceeded the $100 million revenue mark for the first time, demonstrating over 60% year-over-year growth. This milestone was made possible through strong Net Revenue Retention (NRR) figures, showcasing Pivot Bio’s value proposition to growers. The company’s products have garnered significant adoption, replacing synthetic nitrogen on over 5 million acres in FY2023, an unprecedented rate of adoption in the crop nutrition technology space. These achievements reflect the company’s commitment to providing reliable and sustainable crop nutrition solutions to farmers.
Expansion Plans to Meet Demand
To meet the escalating demand for its innovative crop nutrition technology, Pivot Bio is embarking on a substantial expansion across the U.S. The introduction of new facilities, including a cutting-edge manufacturing site in St. Louis and a distribution center in Omaha, Nebraska, will enhance the company’s ability to deliver climate-smart nitrogen solutions to farmers. Furthermore, a state-of-the-art facility in the Iowa State University Research Park is set to serve as a hub for technical expertise and personalized customer support, maximizing the benefits of Pivot Bio’s solutions for farmers.
Continuing the Vision for Sustainable Agriculture
Pivot Bio’s groundbreaking technology offers a transformative solution to a longstanding challenge in agriculture – delivering nitrogen to plants while minimizing the negative impacts of synthetic fertilizers. By harnessing the power of nature, the company’s products provide a consistent and efficient source of nitrogen, contributing to improved crop yields and environmental sustainability. With the appointment of Chris Abbott and a series of strategic expansions, Pivot Bio remains committed to advancing sustainable agricultural practices and revolutionizing the industry.