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Sprout AI Inc. Vertical Farming Aims To Provide Sustainable Solutions To Global Food Production
Sprout AI is committed to both environmental and social sustainability
Begins Growth Initiatives After Completion of Go Public Transaction and Financing
July 29, 2021
Source: Sprout AI Inc
Calgary, Alberta, July 29, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sprout AI Inc. ("Sprout AI" or the "Company") (CSE: SPRT) is a technologically focused, sustainable vertical farming company that has developed scalable controlled aeroponic cultivation habitats. Sprout AI’s technology will provide solutions to the ever-increasing complexities surrounding the current and future supply of sustainable global food production and supply chain.
Sprout AI is committed to both environmental and social sustainability. With a lowered carbon footprint, Sprout AI provides solutions to many of the negative environmental impacts generated by conventional farming methods, including over-fertilization, long transport distances, and biodiversity disturbances. Social sustainability is enhanced through increased food security from a simplified supply chain, especially during Covid-19, higher density production in a world with declining arable land per capita, and a food supply less susceptible to drought, floods, wildfires, disease, and overall climate change.
The Company’s vision is to be a leader in sustainable vertical cultivation technology by ensuring each harvest is of high quality, high yield, and with minimal product variability. The adaptive AI monitored aeroponic system generates less waste and requires a fraction of the water needed for outdoor, aquaponic, or hydroponic farming. As growth statistics from across the globe are collected, the learning technology will continue to perfect the growing formula, reducing the growth cycle and increasing future output. Additionally, the self-contained habitats reduce cross-contamination and disease which reduces the risk of large crop failures.
The Sprout AI habitats are highly relevant in urban and remote areas alike, and can be assembled in any structure throughout the world that meets, or can meet, food-grade requirements, mitigating the need for a purpose-built structure and allowing it to take advantage of virtually any vacant indoor space.
The Value of Sprout AI
Local Availability. Achieve consistent, year-round local supply of indigenous and non-indigenous produce that is agnostic to seasons, climates, weather and geographies.
Environmentally Friendly. Up to 95% water savings(1), significant reduction in fossil fuel required to plant, sow, fertilize and transport crops, and reduces land use and biodiversity disturbances.
Risk Mitigation. Mitigation against natural disasters such as hail and wildfires that can wipe out entire crops, droughts and infestations that can adversely impact yields, and supply chain impacts such as Covid-19.
Consistent Quality. Controlled, repeatable growing conditions allow for consistent quality produce that can be rapidly delivered to local markets and reduces the number of perishables from long range shipping.
Meeting Organic Preferences. Consumer preferences are evolving to more natural, organic products(2). The controlled environment of vertical farming reduces the need for chemicals and pesticides.
Enhanced Food Safety. Tracking and recall of local produce serving a local market is more manageable than produce grown in international jurisdictions and shipped to a broad network of international markets.
Feeding a Growing Population. Up to 100x more productive than traditional methods(3), providing a solution to feed a growing global population amid a decrease in arable land per capita(4).
The Sprout AI Business Model and Growth Initiatives
Sprout AI is focused on a two-pronged approach to continue to commercialize its technology. Both paths are intended to provide ongoing, recurring revenue; (i) turnkey unit sales to third parties with ongoing support, and (ii) the construction of proprietary vertical farms owned 100% by Sprout AI or in a joint venture or partner format. These proprietary farms will utilize Sprout AI technology and be branded under Beyond FarmsTM, a trademark owned by Sprout AI.
Since completing the go public transaction and financing on July 5th, 2021, Sprout AI has aggressively expanded its resource base, and has begun to fulfill its first third party sales of Sprout AI units. Sprout AI has also begun discussions with potential partners for the construction of a sustainably operated Beyond FarmsTM vertical farming facility in Canada, and potentially other jurisdictions around the world.
More information about the business of the Company can be found in the final long-form prospectus of Sprout AI dated May 31, 2021, and the listing statement dated June 30, 2021, both available on the Company's SEDAR profile at www.sedar.com.
About Sprout AI
Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical cultivation equipment for indoor vertical farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles independent of geographic climates. The self-contained multi-level rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants.
For more information about Sprout AI, please visit http://sproutai.solutions
Chief Executive Officer
Chris Bolton
Sprout AI Inc.
Phone: +011 (507) 6384-8734
E-mail: mainweb@sproutai.solutions
Investor Relations Contact
Colleen McKay
Tel: (289) 231-9026
E-mail: cmckay@sproutai.solutions
Website: http://sproutai.solutions
Address: International Business Park, Unit 5B, Building 3860
Panama Pacifico, Republic of Panama
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE'S REGULATION SERVICES PROVIDER.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company's management regarding the future growth of the Company, its results of operations, performance, business prospects, and opportunities. This news release uses words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company's management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the intentions, plans, and future actions of the Company; statements relating to the business and future activities of the Company and anticipated developments in operations of the Company. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties.
Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including: global or national health concerns, including the outbreak of pandemic or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effect thereof and delays relating to vaccine development, procurement and distribution; risks relating to the effective management of the Company's growth; liabilities and risks, including environmental liabilities and risks associated with the Company's operations; the Company's ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and the other risk factors described in the Company's final long form prospectus dated May 31, 2021.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable Canadian securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Columbia University Earth Institute. “How Sustainable Is Vertical Farming? Students Try to Answer the Question”
Fortune Business Insights. “Organic Foods Market Size, Share & Industry Analysis, By Raw Material/Commodity (Fruits and Vegetables, Cereals and Grains, Others), By End-use (Bakery & Confectionery, Ready-to-eat food products, Breakfast Cereals, Processing Industry, Others), By Distribution Channel (Direct Market, Processing Industry) and Regional Forecast 2019-2026”
Plant Factory: An Indoor Vertical Farming System for Efficient Quality Food Production. Toyoki Kozai, Genhua Niu and Michiko Takagaki.
The World Bank
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How This Vertical Farm Grows 80,000 Pounds of Produce per Week
To some, the pristine growing conditions and perceived mechanical interference of a vertical farm can seem unnatural, but at Bowery Farming “interference” is actually not the goal at all. “We don’t really think about how people are involved in the growing process, but how to take people out of the growing process”
Bowery Farming uses technology to prioritize accessibility and sustainability in their produce growing operations
To some, the pristine growing conditions and perceived mechanical interference of a vertical farm can seem unnatural, but at Bowery Farming “interference” is actually not the goal at all. “We don’t really think about how people are involved in the growing process, but how to take people out of the growing process” says chief science officer Henry Sztul. “Our goal is actually to have as few people walking around our plants as possible.”
Bowery Farming is a network of vertical farms working to reengineer the growing process. Using a system of light and watering technology, Bowery is able to use 95 percent less water than a traditional outdoor farm, zero pesticides and chemicals, and grow food that tastes as good as anyone else’s.
Bowery Farming uses vertical farm-specific seeds that are optimized for flavor instead of insect resistance and durability. Seeds are mechanically pressed into trays of soil, and sent out into growing positions, or racks within the building that have their own lighting and watering systems. Each tray gets its own QR code so that they can be monitored and assigned a customized plan for water and light until they’re ready to be harvested.
Irving Fain, Bowery Farming’s founder and CEO contemplates the prediction from the United Nations that 70 to 80 percent of the world’s population will be living in and around cities in the next 30 years. “Figuring out ‘how do you feed and how do you provide fresh food to urban environments both more efficiently as well as more sustainably?’ is a very important question today, and an even more important question in the years to come.”
Global CEA Census Report Shows Continued Positivity Despite COVID-19
Data captured over an 8-week period show 95% of growers have an optimistic outlook for the next 12 months with all types of operations including greenhouses, shipping containers, tunnel and vertical farms showing profitability
1 DECEMBER 2020
Autogrow and Agritecture Consulting have released the 2nd Annual CEA Census Report highlighting positive signs of growth despite the global pandemic.
Data captured over an 8-week period show 95% of growers have an optimistic outlook for the next 12 months with all types of operations including greenhouses, shipping containers, tunnel and vertical farms showing profitability.
“The optimism reflects what we have seen across many areas of the industry including increased technology adoption and increased consumer expenditure on fresh produce. And despite the challenges we’re seeing an overwhelming number of new entrants into the market,” says Autogrow CEO Darryn Keiller.
“What has not changed is the high percentage of new growers, almost 50%, that have no experience in agriculture before starting their business. That lack of experience has an impact on new technology solutions created and the need for more education to be available to support them. It also shows a real desire to make a difference considering their willingness to start during a pandemic.”
Respondents from 58 countries shared their views on their farming practices, financials, and the impact of COVID-19. The report also gave insight on three key growth regions around the world – India, the UK, and MENA (Middle East & North Africa).
"The results of the 2020 Census confirmed our hypothesis that the UK, India, and MENA regions are the emerging hotspots for CEA, albeit for different reasons. In the UK, Brexit is driving investment towards CEA to combat supply chain risks, while in India rising population and increased premium consumer demand for clean food are driving CEA. In the MENA region, government responses to COVID-19 have accelerated policies and incentives for developing scalable CEA solutions,” explains Agritecture Consulting Founder Henry Gordon-Smith.
“All of these regions present great opportunities for the CEA industry to grow and make a meaningful impact on their respective local conditions.”
Other takeaways from the Census:
· CEA businesses showing optimism and resilience despite the COVID hurdles
· 88% of growers surveyed are below age 50
· 29% of respondents receive funding from multiple sources
RECEIVE THE FREE REPORT!
MEDIA QUERIES
Kylie Horomia, Head of Brand & Communications
(e) Kylie.horomia@autogrow.com
(m) +6421 733 025
(w) www.farmroad.io www.autogrow.com
Sales queries – info@farmroad.io
Briana Zagami, Agritecture Media Strategist
(e) briana@agritecture.com
About Autogrow
Autogrow leverages the power of technology, data science, and plant biology to provide indoor growers affordable, accessible, and easy-to-use innovation – 24/7, anywhere in the world.
Our solutions support growers and resellers in over 40 countries producing over 100 different crop types.
We are the experts in Controlled Environment Agriculture (CEA) and continue to stay ahead of a rapidly evolving landscape.
About Agritecture Consulting
Agritecture Consulting provides a comprehensive approach to CEA project development.
In operation since 2014, Agritecture has helped more than eighty organizations determine the feasibility of their ideas, validate their business strategies, recruit talent for their projects, and manage operational challenges.
Our job is to jumpstart your knowledge of CEA, help you navigate barriers to entry, make industry connections, and mitigate risk. Our consulting services are backed by several years of operations data and a team of experienced growers, engineers, and sustainability managers.
FURTHER READING:
AUTOGROW AND AGRITECTURE RELEASE FIRST-EVER GLOBAL CEA CENSUS REPORT
GLOBAL CEA CENSUS LAUNCHED TO HELP DRIVE AGRICULTURE INDUSTRY FORWARD
Darryn Keiller, Autogrow CEA And The Way Forward In A COVID-19 Reality
Autogrow is a New Zealand-based global technology company and a world leader in controlled environment farming
Autogrow is a New Zealand-based global technology company and a world leader in controlled environment farming. Most of the work they do is about moving farm operators from analog to digital management of the farm. They offer products for both smaller farms, like automation systems, and for newer, larger farms they offer a crop management platform FarmRoad and yield prediction for greenhouse based tomato production. Darryn Keiller, CEO of the company (photo right), talks about how the virus is impacting the industry and how their technologies can help growers post-COVID.
Dashboard FarmRoad
COVID-19 impacts
A major impact of COVID-19 is that virtually every greenhouse producer in the world relies on immigrant labour and there have been a lot of challenges to get labour forces across the borders everywhere. “There’s been high infection rates on large commercial greenhouse producers in North America.” There’s also been a concern about the safety of the produce.
The impacts of the virus have been very different for growers around the world. “For instance, we have two similar customers producing leafy greens and herbs, one in the US and one in Australia. They both supplied their produce to restaurants and specialty supermarkets and got hit really hard with those supermarkets and restaurants having to shut down. They had to find new ways of getting their product into the market. The one in the US started supplying directly to consumers, was able to pivot quickly. And unfortunately, the one in Australia is in a very remote location and did not have that option. They’re still operating but had to let a large portion of their staff go.”
Solutions
There were a lot of challenges in food production before COVID-19, but the virus does amplify those issues. To summarize it, farms have to become more efficient. Most of the industry is still analog, and Autogrow is creating new solutions to take growers into the digital realm. “It’s about how we apply software and data and artificial intelligence. In that regard, we’re having a lot of engagement from growers in Europe, the US, Mexico, Canada. All large enterprises looking for ways to advance the way that they operate their farms.”
Another thing that Darryn and his colleagues see it that the global crisis is invoking local business helping other local businesses. They are curious to see if those changes will stay, and expect that to become visible in the coming months or years. “And for us, it’s really about the growers who need help. Our focus is on them now. The last thirty years have been about the individual, now the situation requires us to work together and be more selfless.”
Vertical PAR
Action
The company has seen a little extra enquiry from the Middle East, but even more from India. People there are looking into hydroponics, looking to start up a hydroponic business for local productions. There is also more enquiry from South East Asia and parts of Europe. “People are taking more proactive action now, realising their own risk and wanting to do something about it.”
For more information:
Publication date: Fri 21 Aug 2020
Author: Marlies Guiljam
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