CO2 GRO Inc. Provides a Q3 2023 Business Development Update - Seite 2

The nature of the agriculture industry requires patience, and we are thankful to all our stakeholders who have demonstrated that same patience and accommodation, which is now beginning to pay off."

Highlights of Completed Technology Adaptation Projects ("TAPs")

Our goal is to help increase production in fruiting crops by about 2-4 kg/m ² annually, which represents between 10-30% greater yield depending on a customer's baseline production. We focus on protected agriculture facilities growing pepper, cucumber, tomato, leafy greens, select floriculture and medicinal crops.

Hidroexpo (El Salvador, bell peppers): Hidroexpo has used our technology for three seasons and have seen strong results, which have led to PFU contracts worth a combined $1M. Hidroexpo represents a total Sales opportunity of up to $4M which we expect to realize in the coming years.

Fruit production in the CO2 GRO treated areas over the three seasons were on average 2.15 kg/m ² greater than control areas (compared to just ambient CO ₂ ).

Cucumber Man (Alberta, English cucumbers): The Cucumber Man conducted a TAP in 2022 with strong results. Recently, the greenhouse was sold to a new owner. Discussions with the new owner are yet to begin. However, the project served as a referral and played a key role in convincing our Canadian greenhouse vegetable customer to execute a PFU contract in Q2 2023 worth approximately $500,000.

Fruit production in the CO2 GRO treated area was on average 2.75 kg/m ² greater than the control area (ambient CO ₂ ). In addition, during the second grow cycle, a powdery mildew outbreak was experienced in the control section, but was suppressed in the CO2 GRO section.

EU-based large customer (North Africa greenhouse, cherry tomatoes): The customer has conducted a TAP for two seasons and is beginning a third and final season of the project (September 2023-June 2024). The customer indicated that their initial order would be in the range of $1.5M to $3M, and therefore wanted a 3 ^rd season of production data as per their internal "R&D-to-commercial implementation protocol". This customer represents a total Sales opportunity of up to $130M, which we expect to realize over time with order sizes ramping up year-over-year.