Crop One And Emirates Flight Catering Joint Venture Will Build Largest Vertical Farm In The World
Crop One And Emirates Flight Catering Joint Venture Will Build Largest Vertical Farm In The World
Leading Vertical Farm Operator Joins Forces with UAE Market Leader for Sustainable Production of Fresh, Nutritious, Safe Leafy Greens
San Mateo, Ca., June 26, 2018 -- Crop One Holdings, the world’s leading vertical farm operator through its FreshBox Farms brand, and Emirates Flight Catering (EKFC), one of the world’s largest airline catering operators, have announced a $40 million joint venture agreement to build the world’s largest vertical farming facility in Dubai, United Arab Emirates.
The 130,000 square foot controlled environment facility will produce three US tons (6,000 pounds or 2,700 kg) of high-quality, herbicide- and pesticide-free leafy greens, harvested daily, using 99 percent less water than outdoor fields. Its location will enable quick delivery of fresh products within hours of harvest, maintaining the food’s nutritional value and reducing carbon emissions associated with transportation.
“Our proven business model has demonstrated profitable commercial production longer than any other major vertical farmer globally,” said Sonia Lo, Chief Executive Officer of Crop One Holdings. “We are farmers using the most sophisticated plant science and proven business efficiencies to provide market-leading consumer products every day. Our selection after a 10-month search by EKFC is a validation of our successful business model that uses patented technology and processes to optimize crop yields and facilitate hyper-growth.”
Construction of the UAE facility will begin in November 2018 and is expected to be completed in one year. First products will be delivered to Emirates Flight Catering’s customers, including 105 airlines and 25 airport lounges, in December 2019.
“As one of the worlds’ largest airline catering operations, Emirates Flight Catering constantly looks at innovation, and ways to improve our productivity, product and service quality,” said Saeed Mohammed, Chief Executive Officer of Emirates Flight Catering. “By investing to build and operate the world’s largest vertical farming facility, we secure our own supply chain of high quality and locally-sourced fresh vegetables, while significantly reducing our environmental footprint. We are pleased to partner with Crop One and together we look forward to delivering a best-in-class product and excellent value to our customers and stakeholders.”
The joint venture will increase Crop One leafy green production to a total of 5.3 tons per day by next fall, including the 3 new US farms Crop One is bringing on line by the end of 2018. This will make Crop One the largest vertical farmer in the world, by an order of magnitude. FreshBox Farms, since 2016, has produced nine different leafy green retail products, serving 38 different supermarket and home delivery services in the Boston metropolitan area.
“Crop One is the leading developer, operator, and systems integrator, well beyond the technology experiment phase of most vertical farming,” said Lo. “We are the only vertical farmer with a proven model at scale, which enables us to produce the highest quality greens at a quarter of the costs of other major vertical farm operators and with 20 to 60 percent higher yields.
“We have invested 4 years building our systems integration and development platform while establishing robust capital optimization. As a result, our capital efficiency is second to none, and this equips us with best mover advantages in breaking ground in locations where our innovation and environmental and food safety advantages are welcomed by cities, economies and consumers alike. This JV with EKFC also enables us to expand the success of our FreshBox Farm brand internationally for the first time.”
The U.S. market for leafy greens is estimated at $8 billion annually and is growing at 10 percent each year. The market for additional crops including strawberries, herbs and other fruits is projected to be $50 billion annually. Half of the market serves retailers and the other half serves food service. As the EKFC joint venture proves, Crop One is the only vertical farmer that can serve the food service market due to its lowest cost platform.
Vertical farming produces crops in indoor farms using technology to ensure, pesticide-free, optimal growing conditions with digital and mechanical, rather than chemical or genetic, plant control. The farms can be located anywhere because temperature, humidity, light, water and plant nutrients are all provided in a controlled environment. Plants are grown in a soil-less growth medium using nutrient solutions that produce fast-growing, healthy plants.
About Crop One Holdings
San Mateo, Ca.,- based Crop One is a vertical farming holding company for two subsidiaries – FreshBox Farms, Millis, Mass., and a joint venture with Emirates Flight Catering, Dubai South, United Emirates. Crop One has been in commercial production longer than any other major vertical farmer in the U.S. It produces the highest crop yield per square foot, at 25% of the capital cost, of any vertical farm, due to its unique combination of proprietary technology platform and best-in-class plant science.
About Emirates Flight Catering
Emirates Flight Catering is one of the world’s largest catering operations. Offering airline, events and VIP catering as well as ancillary services including laundry, food production, and airport lounge food & beverage, Emirates Flight Catering is a trusted partner of over 105 airline customers, hospitality groups and UAE government entities. Each day, the company’s 11,000 dedicated employees prepare an average of 225,000 meals and handle 210 tons of laundry.
vertical farm, due to its unique combination of proprietary technology platform and best-in-class plant science.
Sonia Lo’s Bio
Sonia is CEO of Crop One a Mateo, Ca.,- based Crop One is a vertical farming holding company for two subsidiaries – FreshBox Farms, Millis, Mass., and a joint venture with Emirates Flight Catering, Dubai South, United Emirates. Crop One has been in commercial production longer than any other major vertical farmer in the U.S. It produces the highest crop yield per square foot, at 25% of the capital cost, of any vertical farm, due to its unique combination of proprietary technology platform and best-in-class plant science.
She was also the founder and Managing Partner of Chalsys LLP. Chalsys is an advisory and direct investment firm focusing on business building, restructuring and restarting and asset management. Chalsys’ most recent advisory work has focused on restructuring venture portfolios of investments for the investors. Chalsys has made investments in impact venture funds, industrial lighting, natural cosmetics, and “digital” agriculture in the last 12 months. One of Chalsys’ partners is a German ultra high net worth industrialist.
In addition to significant US & UK relationships, Chalsys has significant foreign capital and deal flow relationships based in South Korea, Latin America, Western Europe, Switzerland, Greater China and the Middle East. Sonia has raised over US$120 million for growth stage companies around the world and has been an angel investor in 15 companies, with 4 exits. She has served on 3 UK PLC boards and on 8 private company boards as a Non-Executive Director.
Sonia has been a strategic advisor to major international companies. She is also a highly experienced operating executive, including having been the Director of Global Content for Google, Inc. Prior to founding Chalsys Partners, Sonia was co-founder and CEO of eZoka Group and built the company out across 5 countries in Europe. Sonia was appointed as one of the top Global 100 Technology Pioneers at the World Economic Forum at Davos in 2000 and 2001 and she has also been named one of Management Today's leading 35 businesswomen in the UK under 35. Sonia was responsible for company strategy and overseeing the day-to-day operation. She sold eZoka in 2002 to a group of private Asian investors.
Sonia holds a BA in Political Science with a further concentration in Mathematics at Stanford University, from which she graduated at age 19. She holds a Masters in Business Administration with Honours from the Harvard Business School. Sonia is fluent in English, Spanish, French and conversant in Japanese, Italian and Portuguese – in addition to her native Korean, and has lived and worked in 16 countries, initially with her diplomat father. Sonia is a published author and has written two books on food and international business. She holds a Professional Chef and Pastry Qualifications from the London and City College and worked as a top-tier private chef in London for two years. More recently, she has completed certifications
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