⭐ Replenish Nutrients ($ERTH): A Full DD on Beiseker, Licensing, Debolt and the U.S. Expansion
TL;DR: $ERTH just transformed from a small Alberta fertilizer producer into a scalable, high-margin North American licensing platform with:
Beiseker fully commercial (24–25k T/yr)
U.S. FUE licensing deal (50–100k T/yr, 70M acres)
Debolt (50k T/yr) likely next
Bethune (SuperKS JV) queued behind it
Consumer line launching nationwide
2025 = inflection year.
2026–2027 = scale and rerating.
A Complete Overview of the Company’s History, Evolution, Current Position, and the Major Inflection Point Now Underway
🔹 1. COMPANY BACKGROUND & HISTORY (The Short Version)
Replenish Nutrients was born from a simple but disruptive idea:
use biology to unlock the minerals already present in soils, instead of relying on chemical salt-based fertilizers.
The company originally traded as EarthRenew (ERTH), operating a pilot-stage fertilizer plant while attempting various restructuring initiatives. Progress was slow, the model wasn’t yet commercial, and the market took notice.
Enter Neil Wiens — animal nutritionist, regenerative ag specialist, and the creator of the original “Rebuilder / HESO / SuperKS” formulation.
Once Neil and his team took full operational control:
They shifted focus away from low-margin blended products
They doubled down on granulation + patented microbial process
They addressed bottlenecks at the Beiseker site
They pursued registration across Canada & U.S. states
They built a robust, proven regenerative formula that farmers were rebuying year after year
2022–2023 was largely R&D, prototyping, and survival.
2024–2025 is when everything came together.
⭐ 🔹 2. 2025: THE INFLECTION YEAR
2025 is the first year Replenish transitions from “pilot” to full commercial operations, unlocking the entire pathway for scale. Beiseker is now the first fully commercial, fully owned proof-of-technology. Below is a consolidated breakdown of everything that matters.
🔹 Beiseker Facility — From Pilot to Fully Commercial (24k–25k T/yr)
Beiseker is the company’s first fully commercial facility and the core engine behind ERTH’s shift to cash-flow positive operations. This is the milestone that finally de-risks the entire platform.
Key Facts (All Verified via CEO Transcripts & News Releases):
Fully commissioned in 2025
Running at 4–5 tonnes per hour
Annual output 24,000–25,000 tonnes
Product sold at 1.2× industry price due to microbe viability
Gross margins: 35%+
First 6,000 tonnes of orders were pre-sold before production was even fully online
Beiseker is expected to make ERTH cash-flow positive
This plant alone is capable of producing $14–15M CAD revenue at current pricing.
🔸 This is ERTH’s first fully-owned, full-scale proof of technology.
🔸 It is the milestone investors have waited 5+ years for.
🔹 Seasonality & Revenue Smoothing — A Quiet but Major Advantage
Historically, Replenish (and the entire fertilizer industry) was heavily seasonal, with the majority of sales landing in:
Q4 (post-harvest application)
Q1–Q2 (spring planting season)
This created inconsistent quarter-to-quarter revenue spikes and troughs, which the market traditionally discounts.
But in 2025, Replenish solved this.
Thanks to the move from blended product → granulation and pelletization, farmers can now:
✔ Pre-fill their fertilizer bins year-round
✔ Store product for 12–36 months without losing microbial viability
✔ Secure supply ahead of price changes
✔ Order early to lock in next-season logistics
This means:
Revenue becomes far more stable
Quarterly performance smooths out
Beiseker runs continuously instead of seasonally
Licensing revenue is non-seasonal and recurring
This shift may seem small, but it’s one of the biggest financial improvements in the entire Replenish story.
A smoother revenue profile = higher valuation multiples, because the business becomes more predictable and more “institutional investor friendly.”
2025 is the first year this structural improvement shows up in financials.
🔹 The Big One: U.S. Licensing Deal with Farmers Union Enterprises (FUE)
This is by far the biggest event in company history.
What Happened (Official Nov 14, 2025 release):
Replenish signed a 3-year exclusive licensing deal with Farmers Union Enterprises (FUE) — a farmer-owned organization representing 70 million acres of cropland across:
Minnesota
North Dakota
South Dakota
Montana
Wisconsin
This is one of the largest continuous agricultural footprints in North America.
Facility Details:
Location: Crookston, Minnesota
Type: Pelleted SuperKS manufacturing
Initial capacity: 50,000 tonnes/yr
Expandable to 100,000 tonnes/yr with 24/7 ops
FUE pays for: Capex, operations, distribution
Replenish receives:
Royalty fees USD $40–$60 per tonne
Near-90% margin licensing revenue
Increased bulk raw-material sales
Zero capex required
Expected Replenish Revenue from Licensing Alone:
50k tonnes:
$2.0–$3.0M USD → $2.7M–$4.0M CAD
100k tonnes:
$4.0–$6.0M USD → $5.4M–$8.1M CAD
At ~85% net licensing margin (after admin), consistent with typical fertilizer licensing economics:
Adds $2.3M–$3.4M CAD (50k)
Adds $4.6M–$6.9M CAD (100k)
🔸This SINGLE licensing deal can justify +$34M to +$124M in added market cap under normal fertilizer-sector PE multiples (15×–18×).
Strategic Importance
First U.S. foothold
Massive validation of Replenish tech
Access to 70M acres
Huge multi-site expansion potential
Zero capex required
Model now proven for replication across the U.S.
This is the turning point for the company.
🔹 Debolt Alberta Facility — 50,000 T/yr, $7M ERA Grant, Same Region as MJ Ag
Debolt is strategically located in the Peace Country, the single most expensive fertilizer market in North America.
What We Know:
Will be a 50,000 tonne commercial facility
Has a $7M ERA grant pending activation
Grant requires match funding — likely through debt (CEO hints it’s already lined up)
Pelletization licensing at MJ Ag acts as a “precursor” to full Debolt
Could be operational in ~12 months once greenlighted
Debolt + Beiseker = 75,000 tonnes annually before even counting U.S. expansion.
🔹 Bethune Saskatchewan — SuperKS-Specific JV/Royalty Facility
Bethune is tied to a large potash resource and partner.
What Neil confirmed:
Product is now fully dialed in
Bethune will likely be a JV or royalty-style operation
SuperKS pellet is “locked in and ready”
Plant footprint: small (10,000 sq ft) and cheap to replicate
Potential to quickly become a second high-margin licensing-style site
Bethune is the next “unlock” once Debolt progresses.
⭐ 🔹 Consumer Market: Replenish One Launch (2025)
A major new pillar for the company.
What we know:
Replenish One launched mid-2025
Already in 70+ garden/lawn retailers via Evergro/Nutrien
Launching on Hydrofarm.ca
Management hinted other department store big chains are next
Retail margins are extremely high (50–60%+)
Consumer soil-health is a huge TAM uplift long-term.
⭐ 🔹 Technology, IP, and Competitive Moat
Replenish holds process patents for its three core products:
Rebuilder
HESO
SuperKS
Key breakthroughs:
Microbes survive 2–3 years in dry form (unique in the market)
Product remains 100% blendable with chemical fertilizers
Microbes activate only upon “hitting the dirt”
Eliminates waste stream (zero-waste manufacturing)
Works across all climates tested: Canada, U.S., California, Egypt, India
This is one of the strongest moats in agtech fertilizer.
⭐ 🔹 Financial Narrative (2025 → 2026)
2025 Q4–Q1 (Next 6 months):
Beiseker running at full tilt
Licensing revenue begins from MJ Ag (Northern AB)
Major revenue spike expected due to Q4 buying season
Cash-flow positivity expected
2026–2027:
FUE facility comes online late 2026
Licensing revenue begins to ramp
Debolt financing likely announced
Bethune JV announcement possible
Consumer revenue expands as chain adoption increases
⭐ 🔹 2025–2027 Valuation Scenarios (Summary)
Base: Beiseker only → $14–15M revenue, 35% margins
Mid: Beiseker + Debolt → 75k tonnes → $40M+ revenue
High: Add FUE 50k t license → +$34–61M market cap value
Full Buildout: 150,000–175,000 tonnes of owned production + 50,000–100,000 tonnes of licensed output, at 30–35% operating margins, valued at 15–18× cash flow, places ERTH in the $300M–$600M valuation range even before additional U.S. licensing.
That’s before ANY additional U.S. regions sign on—FUE controls 70M acres but represents only a fraction of the total U.S. regenerative-market TAM.
→ ERTH realistically becomes a $300–600M company
→ Current market cap: ~$25M
⭐ 🔹 Final Thoughts: Why 2025 Is the Real Beginning
Replenish has spent nearly a decade building what investors are finally seeing today:
✔ Commercial-scale microbe-active fertilizer
✔ Technology validated in Canada & U.S.
✔ A reproducible 24k–25k T/yr plant model
✔ Patented formulations & production processes
✔ Massive U.S. expansion through licensing
✔ Zero capex for new territory growth
✔ Access to a combined 80+ million agricultural acres
✔ Consumer market opening
✔ Multiple catalysts lined up for 2026
This is the first time the company has all pieces in place simultaneously.
2025 is the year they “turn the switch on.”
2026–2027 is when scale hits.
Note: Full valuation scenarios assume reasonable future dilution to fund Debolt, but licensing reduces long-term capex needs dramatically.
The market is only beginning to price this in.
If I missed anything, drop it below — happy to add more.
Let’s build a proper community DD on ERTH.
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This post is not financial advice. It is a consolidated overview of publicly available information about Replenish Nutrients, including press releases, interviews, transcripts, and operational updates shared by the CEO. Some forward-looking points reference statements made by management, but they remain speculative and subject to execution and market conditions. Always conduct your own due diligence and consult a licensed professional before making investment decisions. GLTA!
