Black Earth Farming was established in 2005 by Michel Orlov and was among the first foreign-financed companies that undertook considerable investments in Russian agricultural land assets. The Company has by means of its early establishment gained a strong market position in the Kursk, the Tambov, the Lipetsk, the Samara, the Voronezh and the Ryazan Oblasts.

The Company raised seed capital of USD 7 million from Vostok Nafta and other strategic partners. Since the initial capital raise, three additional rights issues and a bond issue have been carried out. The first rights issue was undertaken in March 2006 and provided the Company with USD 45 million. The second rights issue was carried out in November 2006 and raised USD 70 million to the Company. In March 2007, a bond issue raised a further EUR 55 million in capital corresponding to approximately USD 70 million. In August 2007 the third rights issue was carried out which raised USD 40 million in capital.

Earlier, the Company has mainly focused on acquiring agricultural land and as of 31 October 2008 Black Earth Farming controlled 332,980 hectares of land, which in area corresponds to about twice the size of Luxembourg. Black Earth Farming has now entered a second more refined land acquisition phase, where the Company foremost target new acquisitions within close proximity to existing land masses, in order to create logistical benefits and other synergies. Significant investments in modern machinery and equipment is currently undertaken in conjunction with other operation enhancing measures such as thorough soil analysis and training of local workers in modern farming. The Company conducted its first harvest of approximately 5,900 hectares during the Agricultural year 2005/2006. The harvest was viewed as satisfactory in the light of unusually harsh weather conditions. The harvest mainly constituted of  barley, winter wheat and spring rape. The Company has during the Agricultural year 2006/2007 completed its second harvest which amounted to circa 108,000 tons from about 53,000 hectares. The yield is considered satisfactory when the prevailing weather conditions for the Agricultural year 2006/2007 and the fact that the Company’s operations are expanding rapidly are taken into consideration. In November 2008 Black Earth Farming completed its third harvest cycle by collecting about 460,000 tonns of total gross harvest on 141,933 hectares. 

Black Earth Farming received its first fully registered land ownership certificates in 2006, which is a significant milestone since it proves that the Company’s land acquisition process is consistent with Russian legislation and works in practice, as of 31 October 2008 the Company owned 88,950 hectares.

On 28 December 2007 the Company succesfully listed its shares on the First North market place in Stockholm, in the form of Swedish Depository Receipts.