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VIDEO: Tortuga Raises $ 20m To Build Hundreds of Harvesting Robots
Last year Tortuga launched a strawberry harvesting robot. This platform is flexible, according to Tortuga it can be adapted to work on other crops like indoor-grown tomatoes or outdoor table grapes
23-04-2021
Harvest automation start-up Tortuga completed a $ 20 million Series A funding. The money will be used to build hundreds of robots to deploy in 2022.
Last year Tortuga launched a strawberry harvesting robot. This platform is flexible, according to Tortuga it can be adapted to work on other crops like indoor-grown tomatoes or outdoor table grapes.
Picking robots
“For many years, the story behind harvesting robotics has been a lot of promise but really companies have struggled to deliver on that promise for the customer. That’s because this is one of the hardest problems there is to solve,” Eric Adamson, co-founder of Tortuga AgTech told AgFunder News. “Not only are we doing autonomous robotics but we are also doing picking robotics and we are doing them together in really unstructured environments.”
Robots-as-a-service
The $ 20 million in new capital will be used to build hundreds of robots to deploy in 2022. Some of the funding will also go towards building out the operating model and making sure there are enough employees to operate the robot fleets.
Tortuga currently offers its technology through a robots-as-a-service model, getting paid by the kilo for the produce that its robots pick.
Additional services
“On top of that, as we provide other services that are close to harvest, like data-driven forecasting and other types of cultivation services, those will also be service-based although they may not be quite so specific to a kilogram. We are charging for some of these additional services on a monthly or per-hectare basis,” Adamson told AFN.
Web editor for Future Farming
Why Indoor Farming Funding Is Heating Up
Jim Giles, GreenBiz.com
23 April 2021
Investment is flowing into the indoor farming and regenerative agricultural sector as businesses seek to bolster yields and curb emissions
The billions of dollars flowing into indoor ag, followed by news of a big announcement in regenerative farming, is yet more evidence of the furious pace of change we're seeing in food production.
On the indoor side, the update comes in the form of details on a big vertical farm that the startup Plenty is building in Compton, California. The plans are impressive:
The 95,000 square feet facility will be as productive as 700 acres of farmland, according to CNN. In terms of land use, that's more than 200 times as efficient.
A crop of leafy greens in the facility can go from seedling to harvest in two to three weeks, Plenty co-founder Nate Storey told LAist last year. That's significantly faster than a regular outdoor growing schedule.
The facility will supply 100 grocery stores when production begins later this year.
This activity is partly the result of a $140m investment Plenty announced last year, just one of a slew of similar deals in the indoor ag sector. Close to $2bn will have been invested in controlled environment agriculture (CEA) between the fourth quarter of 2020 and the middle of this year, estimates David Ceaser, lead agronomist at Agritecture, an indoor ag consulting firm based in Brooklyn. Most of that is going to large automated greenhouses, he adds, but vertical farm companies such as InFarm, Oishii, and AeroFarms also have raised rounds.
"Consumer demand is fueling investment in CEA," Ceaser explained by email. "Consumers want consistent access to clean, high-quality produce, year-round. CEA production provides this and appeals to investors due to consistent revenue streams and reduced risk of interruptions compared to field-based production."
In addition to using less land, vertical farms require fewer chemical inputs and consume far less water than conventional farms. But remember that these facilities are, to an extent, only as green as the grid they plug into: Studies have shown that using fossil fuels to power vertical farms undermines the other environmental benefits. This isn't really an argument against indoor ag in general, just a reminder that we need to decarbonize our grid as fast as possible. (For more on how that's happening and how your company can get involved, check out GreenBiz Group's new VERGE Electrify event. It runs May 25-26 and is free to attend.)
Another notable deal saw $87m funneled into Gotham Greens, which operates high-tech greenhouses. Some of that will be used to farm lettuce and herbs at a new 10-acre greenhouse in Solano County, California. The facility is co-located with the University of California, Davis, a notable agricultural research hub. Among other things, Gotham will collaborate with Davis scientists on efforts to develop new indoor varieties.
The Solano facility also feels like a statement of intent. Just a few hour’s drive south are the lettuce farms that supply much of the US market. Gotham setting up shop in Solano is like an upstart grocery chain opening in a Walmart parking lot. It signals that the newcomer believes it can take the incumbent on at its own game.
Moving outdoors, the news is that PepsiCo has committed to spreading regenerative practices on seven million acres of US farmland - roughly the size of its entire agricultural footprint - by 2030. I'll state the obvious: seven million acres is a lot of land. To put it in context, it's only two years since General Mills committed to transitioning one million acres to regenerative agriculture, which at the time felt like a step change in the spread of no-till, cover crops and other methods for restoring soil fertility. And the PepsiCo announcement comes just six months after Cargill unveiled plans to implement regenerative practices on 10 million acres. The momentum here is very clear. As well as building soil fertility, these moves potentially could lead to the drawdown of millions of tons of carbon dioxide every year.
This article first appeared at GreenBiz.com
Barton Breeze Launches Bank Guarantee For Hydroponic Farms
In an attempt to make hydroponic farming attractive to those interested in farming, Barton Breeze, a Gurugram-based agritech firm, has come up with an assured return plan with a bank guarantee
New Delhi | April 21, 2021
TV Jayan
In an attempt to make hydroponic farming attractive to those interested in farming, Barton Breeze, a Gurugram-based agritech firm, has come up with an assured return plan with a bank guarantee.
“A prospective investor will be able to get an assured annual return of 30 percent on his capital expenditure. We would operate the farm for them and sell the produce for them. If there is a shortfall in this return, the deficit would be paid by banks with whom we have entered into an agreement,” said Shivendra Singh, Founder, and CEO of the commercial hydroponic farming venture, which set up shop in India in 2017 after a successful run in West Asia.
Singh said the firm has already tied up with the State Bank of India and HDFC Bank for the bank guarantee scheme. Explaining the model further, Singh said not only progressive farmers, but HNIs and corporates would be able to reap benefits from this scheme.
“Hydroponic has several benefits for commercial farms. However, many customers are not completely aware of the environmental and financial contribution of it that makes them skeptical of investing in a hydroponic set-up. Our approach of providing a bank guarantee to B2B customers ensures a risk-free transaction. With this strategic step, we look forward to strengthening our relationship with customers,” said Singh.
“This a bit similar to contract farming, except that in this case, we take care of everything, including running of the farm. Unlike in contract farming where the farmer is having the liability and responsibility of growing the crop, we ensure that the crop is grown properly by being present at the farm on a continuous basis,” Singh told BusinessLine.
According to him, the capital expenditure involved in setting a one-acre hydroponic farm is around ₹1.1 crore, and with the government subsidies, this comes further down to around ₹85 lakh.
To make this attractive for urban dwellers interested in investing in farming, Barton Breeze plans to make it possible to invest as little as ₹5 lakh. He said a bunch of people can together and start a hydroponic farm, which his firm can help set up. There is no need to purchase the land as it can be taken on long lease, say, of 10 to 12 years. “We will ensure that they would get 30 percent or more returns on the investment annually,” said Singh. The bank guarantee will be available to the investors for three years initially, but this can be further renewed.
He said already a few farms are being planned in Delhi-NCR, Kolkata, and Indore in Madhya Pradesh under the bank guarantee scheme.
Singh said his young company has been growing exponentially in the last few years. Starting from a low base, the firm grew by eight times in 2017, six times each in two subsequent years. “Even in 2020, which was hit by Covid-19, we grew by 300 per cent,” he claimed.
Barton Breeze, which introduced hydroponic kits that can be used by city dwellers to grow vegetables in their terraces and balconies in the country a couple of years ago, normally grows off-season vegetables and greens to fetch a better price for their farmer customers.
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May 18th, 9 am EST - Webinar On How To Invest In CEA With Confidence
Agritecture is hosting a series of webinars, starting with How to invest in CEA with confidence
Agritecture is hosting a series of webinars, starting with How to invest in CEA with confidence. The CEA sector is heating up and is expected to grow 5x over the next 10 years. Investment in CEA has surpassed $2.0B across North America and Europe. Join Henry Gordon-Smith, Founder & CEO at Agritecture, for this 1-hour live webinar to learn more about how to invest confidently in the CEA industry.
How To invest In Controlled
Environment Agriculture With
Confidence
May 18 - 9 am EST
The lineup of speakers include:
Louisa Burwood Taylor, Head of Media & Research at AgFunder
Robert Glanville, Senior Advisor at REG Consulting LLC
Andrew Carter, Co-Founder & CEO at Smallhold
Darren Thompson, CFO at Bowery Farming
Djavid Amidi Abraham, Director Of Consulting at Agritecture
Click Here To Register!
For more information, you can check out our events listing here.
Agritecture
www.agritecture.com
The Stock Market Discovers Indoor Ag In A Big Way
Special purpose acquisition companies are a faster cheaper way to raise company funds than the traditional IPO process. What role may they play in our ever growing vertical farming industry?
Robinhood antics aside, there’s no hotter topic in finance right now than SPACs (special purpose acquisition companies), and even indoor agriculture has become caught up in the buzz.
SPACs, or special purpose acquisition corporations, are a shell company that lists itself on a stock exchange and then uses the listing proceeds to acquire or merge with another company. It’s an attractive route to raising funds for companies looking for a faster and cheaper way to list than the rigours of the traditional IPO process.
Though SPACs have been around since the 1990s, they have had a reputation for being “the buyer of last resort”, primarily owing to a spate of failures in the early 2000s. The approach has once more taken off in recent years. There was nearly 8x as much raised in 2020 as in 2018, and 2021’s total has already surpassed last year’s[1]. The approach has become so hot that even Goldman Sachs junior investment bankers recently complained that they were burned out by the sheer volume of SPACs they’re working on[2].
This newfound enthusiasm is generally traced to a combination of tighter SEC regulations, efforts by cash-rich private equity companies to exit portfolio companies and fewer traditional IPO listings. Higher quality sponsors, such as 40-year old private equity firm Thoma Bravo, lead some to believe that things are different this time around. The lustre of famous SPAC participants – such as baseball player A-Rod and basketball legend Shaquille O’Neal – has helped things along.
Detractors point to post-listing underperformance by SPACs, high fees to sponsors and opaqueness around the acquisition of companies. SPAC rules mean that institutional investors sometimes get to see information on potential acquisitions ahead of retail investors.[3] On a recent Clubhouse chat, one investor compared SPACs to the risky no-revenue internet listings of the late 1990s. Another questioned whether retail investors’ appetite for such vehicles would cause greater market volatility[4].
Dan Bienvenue, the interim CEO of mega public pension fund CALPERs, recently described SPACs as “fraught with potential misalignment, potential governance issues”.[5] That said, similar dire warnings have accompanied the rise of many a new approach in finance, most recently equity crowdfunding, and have proven wrong as often as right.
As is so often the case in indoor agriculture, cannabis companies have led the way when it comes to SPACs, generally listing in Canada owing to the US federal prohibition on the crop. One example is Choice Consolidation Corp, which raised $150mm in February, and says that it plans to acquire “existing strong single-state operators”[6].
Historically, food-focused indoor agriculture companies have sourced little of their capital from public markets, preferring instead to work with private equity and strategic investors. To be sure, there is a small cadre of listed CEA firms, such as Canadian greenhouse operator Village Farms (TSE: VFF) and Canadian grow system tech company CubicFarm Systems Corp (TSXV: CUB) are exceptions to this rule.
All of that changed last month when Kentucky-based greenhouse company AppHarvest raised $475mm through NASDAQ listed SPAC Novus Capital. The funds will fuel the expansion of up to a dozen new farms through 2025.
Naturally, the move has led to speculation that vertical farms and greenhouses will follow suit, though it’s worth noting that the rules that govern SPACs aren’t necessarily friendly to CEA companies. They favour large, highly valued companies that easily capture the attention of retail investors, and those are not plentiful in CEA.
Regardless of whether the SPAC trend becomes a permanent feature of the indoor farm fundraising landscape, one more method of accessing capital for CEA can only be a good thing. For the moment at least.
For more information:
Contain
www.contain.ag
Note: None of the above constitutes investment advice.
Sources:
[1] SPACInsider figures
[2] “Goldman’s junior bankers complain of crushing workload amid SPAC-fueled boom in Wall Street deals”, CNBC, March 18, 2021
[3] For instance, where a PIPE is being considered by the SPAC
[4] “SPACS: IPO 2.0 & Agrifoodtech Exits”, March 4, 2021
[5] “CalPERS’ Bienvenue: SPACs are fraught with potential misalignment”, Private Equity International, March 16, 2021
[6] “New cannabis SPAC raises $150 million in IPO for US acquisitions”, Marijuana Business Daily, February 19, 2021
Publication date: Wed 24 Mar 2021
Author: Rebekka Boekhout
© VerticalFarmDaily.com
AeroFarms, The World Leader In Indoor Vertical Farming, To Become Publicly Traded Company Through Combination With Spring Valley Acquisition Corp
Founded in 2004, AeroFarms is widely recognized as the world leader in vertical farming. As a certified B Corporation and public benefit corporation since 2017, AeroFarms is on a mission to grow the best plants possible for the betterment of humanity
March 26, 2021
NEWARK, N.J.--(BUSINESS WIRE)--AeroFarms, a certified B Corporation, and leader in vertical farming, announced today it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spring Valley Acquisition Corp. (Nasdaq: SV) (“Spring Valley”), a special purpose acquisition company. Upon closing of the transaction, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol "ARFM". The combined company will be led by David Rosenberg, Co-founder and Chief Executive Officer of AeroFarms.
Founded in 2004, AeroFarms is widely recognized as the world leader in vertical farming. As a certified B Corporation and public benefit corporation since 2017, AeroFarms is on a mission to grow the best plants possible for the betterment of humanity. Through its innovative growing platform, AeroFarms helps solve issues brought on by macro challenges such as population growth, water scarcity, arable land loss, health consciousness, and supply chain risks like the COVID-19 pandemic. AeroFarms has developed patented and award-winning technology in areas such as plant biology, mechanical design, environmental control, data science, operations, and plant genetics.
Through the integration of these disciplines, AeroFarms achieves up to 390 times greater productivity per square foot annually versus traditional field farming while using up to 95% less water and zero pesticides. With over 250 invention disclosures and a vast library of data collected over 15 years of operations, AeroFarms is continually improving its systems to understand plants at unprecedented levels and solve agriculture-related supply chain issues. Today, AeroFarms sells great-tasting leafy greens products under its Dream Greens brand, which is consistently celebrated by top chefs and tastemakers.
AeroFarms’ Investment Highlights
AeroFarms is revolutionizing agriculture and has been innovating vertical farming for 15 years.
$1.9 trillion total addressable market opportunity within its core leafy greens market and other adjacencies.
Proprietary technology and industry leadership with proven innovation and design evolution through five generations of farm models supported by an experienced team and a robust portfolio of over 250 invention disclosures.
Data science-driven and fully-controlled technology platform enables AeroFarms to better understand plants and optimize farms while improving quality and reducing costs.
Commercially selling leafy greens with a brand that is already winning at retail, providing customers with a premium product with superior quality, flavor, taste, and texture.
Grown over 550 varieties of produce to date and working with key strategic partners to use its growing platform to address broader problems in agriculture.
Strong projected financial performance driven by demonstrated farm key performance indicators (KPIs) and an accelerated farm rollout schedule.
Management Commentary
Chris Sorrells, CEO of Spring Valley, said, “Our goal was to partner with an industry-leading, best-in-class, sustainability-focused company and we are ecstatic to combine forces with AeroFarms, the market leader in vertical farming, to accomplish this vision. AeroFarms has a technological edge on the industry, developing a world-class innovation team that has fueled a robust and growing intellectual property portfolio of patents and trade secrets. Moreover, their team has been selling commercial product with major retailers, building a trusted brand that is performing well, and developing influential partnerships that will enhance their ability to scale this business quickly. The future is very bright for AeroFarms and we are excited to share this highly compelling ESG investment opportunity by bringing the market leader in the vertical farming industry public.”
David Rosenberg, Co-Founder, and CEO of AeroFarms, added, “At AeroFarms, our mission is to grow the best plants possible for the betterment of humanity, and we are executing on this by taking agriculture to new heights with the latest in technology, innovation, and understanding of plant science. Our technology empowers our operations – this is how we get closer to where the problems, opportunities, and solutions are. We also have the capabilities to innovate fast by turning our crops a typical 26 times per year that allows us to continuously learn and improve yield and quality while simultaneously reducing capital and operating costs. Our business is at an inflection point where we will scale up our proven operational framework and begin our expansion plans in earnest. With the support of Spring Valley, we not only have the capital in place to execute our plan, but also a sponsor who shares the same ESG philosophies to make a positive impact on the world, while serving the interests of our shareholders.”
Transaction Overview
Under the terms of the Merger Agreement, the transaction is valued at a fully diluted pro forma equity value of approximately $1.2 billion assuming no redemptions by Spring Valley shareholders. The PIPE offering was anchored by leading institutional investors, AeroFarms insiders, and Pearl Energy Investments, the sponsor of Spring Valley. The transaction will provide approximately $317 million of unrestricted cash at close to fund future farm development and general corporate purposes.
The transaction has been unanimously approved by the Board of Directors of Spring Valley, as well as the Board of Directors of AeroFarms, and is subject to satisfaction of closing conditions, including the approval of the shareholders of Spring Valley.
Upon completion of the proposed transaction, AeroFarms expects to nominate two of Spring Valley’s existing directors, Debora Frodl and Patrick Wood, III, to its Board of Directors. The remaining directors and officers of Spring Valley are expected to resign and be replaced with AeroFarms nominees, which will be named at a future date.
Additional information about the proposed transaction, including a copy of the Merger Agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Spring Valley with the Securities and Exchange Commission ("SEC") and is available on the AeroFarms investor relations page at https://aerofarms.com/investors and at www.sec.gov.
Advisors
J.P. Morgan Securities LLC is acting as exclusive financial advisor to AeroFarms. Cowen is acting as a financial advisor to Spring Valley. Cowen and Wells Fargo Securities are acting as capital markets advisors to Spring Valley. J.P. Morgan Securities LLC, Cowen, and Wells Fargo Securities acted as placement agents to Spring Valley in connection with the PIPE offering.
DLA Piper LLP (US) is acting as legal counsel to AeroFarms, Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to the placement agents and Kirkland & Ellis LLP is acting as legal counsel to Spring Valley.
Webcast Information
Spring Valley and AeroFarms management will host a webcast to discuss the proposed transaction on March 26, 2021, at 8:00 a.m. ET. Hosting the call will be Chris Sorrells, CEO of Spring Valley; David Rosenberg, Co-Founder and CEO of AeroFarms; and Guy Blanchard, CFO of AeroFarms.
To listen to the prepared remarks via telephone, dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (international) and an operator will assist you, or via webcast which can be found on AeroFarms’ investor relations website at https://aerofarms.com/investors. A telephone replay will be available through April 9, 2021, at 11:59 p.m. ET by using 1-844-512-2921 (U.S.) or 1-412-317-6671 (international) and pin number: 13718018.
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While Spring Valley may pursue an initial business combination target in any business or industry, it is targeting companies focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology-enabled services. Spring Valley’s sponsor is supported by Pearl Energy Investment Management, LLC, a Dallas, Texas-based investment firm that focuses on partnering with best-in-class management teams to invest in the North American energy industry.
About AeroFarms
Since 2004, AeroFarms, through its holding company, Dream Holdings, Inc., has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation with global headquarters in Newark, New Jersey, United States. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions, AeroFarms’ patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety and productivity while using up to 95% less water and no pesticides versus traditional field farming. AeroFarms enables local production to safely grow all year round for its commercial retail brand Dream Greens that has peak flavor always®. In addition, AeroFarms has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs.
For additional information, visit: https://aerofarms.com/.
Additional Information and Where to Find It
In connection with the business combination, Spring Valley intends to file a Registration Statement on Form S-4 (the “Form S-4”) with the SEC which will include a preliminary prospectus with respect to its securities to be issued in connection with the business combination and a preliminary proxy statement with respect to Spring Valley’s stockholder meeting at which Spring Valley’s stockholders will be asked to vote on the proposed business combination. Spring Valley and AeroFarms urge investors, stockholders, and other interested persons to read, when available, the Form S-4, including the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC, because these documents will contain important information about the proposed business combination. After the Form S-4 has been filed and declared effective, Spring Valley will mail the definitive proxy statement/prospectus to stockholders of Spring Valley as of a record date to be established for voting on the business combination. Spring Valley stockholders will also be able to obtain a copy of such documents, without charge, by directing a request to: Spring Valley Acquisition Corp., 2100 McKinney Avenue Suite 1675 Dallas, TX 75201; e-mail: investors@sv-ac.com. These documents, once available, can also be obtained, without charge, at the SEC’s website www.sec.gov.
Participants in the Solicitation
Spring Valley and its directors and officers may be deemed participants in the solicitation of proxies of Spring Valley’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Spring Valley’s executive officers and directors in the solicitation by reading Spring Valley’s final prospectus filed with the SEC on November 25, 2020, the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Spring Valley’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.
No Offer or Solicitation
This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Related articles: The Spoon - Cheddar - Go Dan River - Food Dive
Contacts
Spring Valley Acquisition Corp.
www.sv-ac.com
Robert Kaplan
Investors@sv-ac.com
Investor Relations:
Jeff Sonnek
ICR
Jeff.Sonnek@icrinc.com
1-646-277-1263
Media Relations:
Marc Oshima
AeroFarms
MarcOshima@AeroFarms.com
1-917-673-4602
Fashion Giant Makes Foray Into Leafy Greens
25th March 2021, London
New Investment In Vertical Farming Company Ljusgårda AB
Comes From Platform Owned By Chairman of H&M
The investment platform owned by H&M chairman, Karl Johan Persson, has invested in Ljusgårda AB, the Swedish vertical farming business based in Tibro.
Reports published by HortNews indicate the vertical farming company is backed by a number of investors, including Philian, which is the investment platform owned by Persson.
Ljusgårda, which produces crispy bagged salads, is planning to use the new investment to expand its production area in order to produce more products.
“We will grow from a cultivation area of 300m2 to 2,500m2, and thus from cultivating two tonnes a month to 60 tonnes when the factory is in full swing after the summer,” Ljusgårda marketing manager Maria Hillerström told reporters. “We will expand with more products this spring.”
Ljusgårda’s chief executive, Andreas Wilhelmsson, added the company is ambitious to expand. “We are looking at a number of possible new locations. As our first factory will soon start producing, it’s time to start financing the growth plans.
“The interest is huge out there. On the one hand, we are joining the sustainability trend, food-tech is starting to become very popular at the same time as this type of company out in the countryside where we are is not so common.”
Lead Image credit: Hort News
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Farmland Asset Class Holds Strong During Volatile Year; Learn More At Global AgInvesting Events
Global AgInvesting (GAI) will host the preeminent community of agriculture investment stakeholders at a special edition of its flagship U.S. gathering on 13-15 July 2021 at the prestigious Sleepy Hollow Country Club here, just an hour north of NYC
NEW YORK (January 29, 2021) – Global AgInvesting (GAI) will host the preeminent community of agriculture investment stakeholders at a special edition of its flagship U.S. gathering on 13-15 July 2021 at the prestigious Sleepy Hollow Country Club here, just an hour north of NYC. Uncompromising industry-leading content and networking opportunities will be presented in-person while providing extra precautions for safety at this all-outdoor event.
“Through an unprecedented year of challenges across all businesses, farmland investing stayed resilient and gained greater recognition from institutional investors,” said Kate Westfall, COO of GAI for HighQuest Group, the parent company of Global AgInvesting. “And our global GAI community did not waver in its commitment to advancements and investments in the burgeoning sector during a year of virtual events. We are, however, very excited about coming together again this summer in a unique and safe way.”
The conference agenda will provide insight into agriculture as an impact investment, key in on sustainable strategies in the sector such as opportunities in regenerative agriculture and carbon capture, and highlight the value of investing in the stability of ag, as evidenced by NCREIF, the National Council of Real Estate Investment Fiduciaries (NCREIF) Farmland Index, numbers.
For the first quarter of 2020, NCREIF cited total returns that were down -0.10 percent – the first negative total return for the Index in nearly 20 years. While this might not seem inspiring at first glance, when compared with other indices, it highlights the strength of farmland as an asset class. For example, the Dow Jones Industrial Average finished Q1 having fallen by more than 23 percent, the Russell 3000 Index fell by 20.9 percent for the quarter and the S&P 500 posted a total return for Q1 of -19.60 percent.
“These factors are not unnoticed by institutions who are increasingly focused on stability in their investment portfolios,” said Westfall. “As the food and ag community comes together to find sustainable solutions through ESG initiatives and a commitment to natural capital, we expect to see growing allocations to agriculture as an asset class. GAI will continue to be the source for unrivaled networking and education in the sector, both through our annual conferences and year-round webinars.”
The GAI Community also will gather later this year for Global AgInvesting Asia, 28-29 October in Tokyo, and Global AgInvesting Europe in London, 6-7 December.
Register here for Global AgInvesting in New York, or here for the latest complimentary webinar, or to view any of the nearly 20 previous webinars on topics such as carbon markets, investing in Australian agriculture, COVID-19 and the impact on the agricultural sector, supply chain disruptions and the latest Global AgInvesting Rankings & Trends Report.
Connect with us on LinkedIn, Twitter or Facebook.
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Global AgInvesting, a brand of HighQuest Group, is the world’s most well attended agricultural investment conference series and leading resource for news and insight into the global agricultural sector. www.globalaginvesting.com
Abu Dhabi Investment Office Announces Funding For LED Vertical Farm R&D
AeroFarms, Madar Farms, RNZ, and Responsive Drip Irrigation will receive AgTech-centric funding to further develop vertical farming techniques that can help feed the UAE region
AeroFarms, Madar Farms, RNZ, and Responsive Drip Irrigation will receive AgTech-centric funding to further develop vertical farming techniques that can help feed the UAE region.
Investment in LED-supported vertical farming begins to bloom in the UAE. (Photo credit: Image by Nattanan Kanchanaprat via Pixabay; used under a free license for commercial or noncommercial purposes.)
Apil 23, 2020
The Abu Dhabi Investment Office (ADIO) has announced $100 million in funding for what it calls “AgTech [agricultural technology] Pioneers,” each of which will build new research and/or growing facilities. The four recipients of the funding are AeroFarms, Madar Farms, RNZ, and Responsive Drip Irrigation (RDI), each of which will build new facilities in the Abu Dhabi emirate. The effort will leverage LED-based horticultural lighting and other technologies in an attempt to solve food supply issues in the UAE region and indeed around the globe.
AeroFarms, based in Newark, NJ, is a vertical farming specialist that we first encountered back in 2016. The company uses what it calls aeroponic technology to spray a mist of water and nutrients on the roots of plants. The company has been the beneficiary of other investment capital including $100 million from retailer Ikea’s investment fund.
In Abu Dhabi, AeroFarms will build a 90,000-ft2 facility that the company said will be the largest of its kind in the world. The company didn’t completely explain that statement, but we have noted of late that vertical farms come in different configurations. AeroFarms utilizes racks or shelves of plants stacked high, each with LED lighting directly over the cultivars. Others such as Plenty rely on plants grown in a vertical series of holes in a plastic pipe of sorts where water and nutrients flow top to bottom. Such a configuration has also been adopted by Freight Farms in shipping-container-based installations.
The UAE AeroFarms facility will grow commercial crops and serve in research. The company will focus on:
Advanced organoleptic research and precision phenotyping laboratory
Advanced seed breeding center
Phytochemical analysis laboratory
Machine vision and machine learning laboratory
Robotics, automation, and drones laboratory
“Our mission is to grow the best plants possible for the betterment of humanity, and this new cutting-edge R&D facility leverages our agriculture expertise and science-driven roots,” said David Rosenberg, co-founder, and CEO of AeroFarms. “We will be conducting leading research in plant science, vertical farming, and automation, accelerating innovation cycles and commercializing a diverse range of products. We will be partnering with major international companies, local universities, and AgTech startups to help solve some of the most pressing agriculture needs of our time, and AeroFarms is proud to play a pivotal role to help establish the Emirate of Abu Dhabi as a global hub for AgTech innovation.”
Tomatoes and microgreens
Moving to Madar Farms, months ago the company revealed plans to build an indoor LED-lit farm for tomatoes and microgreens in the Abu Dhabi industrial area near the port called Kizad. The grower will presumably turn to vertical farming techniques with tomatoes — an unusual choice. But we learned at our HortiCann Light + Tech Conference last year that cannabis yields have been shown to increase with shorter, more compact plants. Biomass has typically been the goal for both cultivars, which have traditionally been grown very tall — meaning they were not amenable to stacking in layers as they would in a vertical farm arrangement. However, the evaluated vertical farming techniques applied to those high-yield cannabis grow operations might produce similar results for tomato plants.
The remaining two firms will work more in an R&D capacity. RDI is perfecting a water delivery system designed to minimize water usage in sandy soils and on non-arable land. Meanwhile, RNZ, which is based in the region, will build a new R&D center hoping to increase yield.
Our HortiCann Light + Tech Conference is slated for Oct. 20, 2020, in San Jose, CA. Bruce Bugbee of Utah State University will deliver the keynote.
For up-to-the-minute LED and SSL updates, why not follow us on Twitter? You’ll find curated content and commentary, as well as information on industry events, webcasts, and surveys on our LinkedIn Company Page and our Facebook page.
The Research of The Investment Potential of Russian Greenhouse Complexes 2019
The team of analysts from Vostock Capital is preparing a report on the research of Investment Potential of Greenhouse Complexes in Russia 2019. The report will feature:
new investment projects (greenhouse complexes construction and modernisation)
development perspective and challenges of the Russian greenhouse industry
greenhouse products potential at the domestic market in the upcoming future
global mega-trends, influencing Russian greenhouse industry and a lot more outcomes significant for the industry
Get the report by taking part in a 5-minute survey.
Fill in the questionnaire here
The report will be prepared prior to the upcoming Forum Greenhouse Complexes Russia 2019 to be held on 4-5 December in Moscow.
4th Annual Forum and Exhibition Greenhouse Complexes Russia 2019 – is an established professional international platform for attracting investment in the Greenhouse Industry of Russia, discussion of industry development strategies, exchanging of experience between key market players and signing new win-win contracts.
Over 700 leaders and senior executives of agricultural holdings, greenhouse complexes, initiators of investment projects, investors, retail chains, government officials, producers and providers of equipment and related services for the greenhouse industry took part in the Greenhouse Complexes Russia Forum 2018. Delegates from more than 20 countries participated in the event. 500+ business meetings were conducted at the Forum.
Date: 4-5 December 2019
Organised by: Vostock Capital
Website: https://www.greenhousesforum.com/
Contacts: Elvira Sakhabutdinova, Project Director
+7 495 109 9 509
The Investment Company The World Needs
March 9, 2019
Kyle Baldock
Setting a Higher Standard in AgriTech Investment
Neon Bloom is a venture capital firm that focuses on acquiring innovative agriculture and ancillary technology products and services across the globe. With a suite of flagship investments in Holland and one in South Korea, Neon Bloom has made a strong start for a company that only began in January of this year. Of central importance to their investment strategy is a keen understanding of the holistic nature of the industry: they invest in complimentary companies in order to bring various parts of the value chain under a single umbrella. I interviewed Company Director Werner Huisman about this “Seed to Sale,” approach to investing. He told me:
“The big advantage is bringing knowledge together from many different parts of the world. Having the opportunity to bring so many talented individuals under one brand with the same mission and vision empowers each company within the portfolio.”
Read on to learn more about Neon Bloom’s mission to advance the industry for the betterment of mankind.
Getting to know: Neon Bloom
When did Neon Bloom start operating and why is it focused on AgriTech?
WH: Neon Bloom started the operation beginning this year. We are focused on the three pillars of water, power and food. We believe in “the zero hunger” mission and want to be a part of this mission. After learning about the importance of technology to improve sustainability and reduce the cost of goods we realised the importance of innovation to help with “The Zero Hunger” mission.
What technologies and trends are you most interested in for the coming decade?
WH: I believe in technologies based on natural and sustainable solutions. By the year 2050 the world population is expected to grow to 10 Billion people. This is over a 56% increase of food needed compared to 2010. It is going to take innovative technologies and a group effort to meet the demand. Looking at the solutions we bring in from Holland, they are all natural and sustainable.
Within HollandPlug we produce 100% organic substrates based on jute and PLA. This should replace the environmentally-unfriendly stonewool substrates.
Within Holland Pulse Light we are able to extend the expiration date for food by generating an enormous amount of energy through our pulse light technology- the pulse light flash has a power of 1850 Joule. With the electronic magnetic field and the enormous number of photons we are able to generate we are able to flash the food with the light and eliminate bacteria, fungi and viruses with all-natural products. Our machine utilises mainly UV-A which is able to rupture the cell membranes; whereas UV-C light impacts the DNA which changes the texture and taste of the food.
Within Holland2O we sell water machines which are able to produce HOCl water with a very low ppm value! (<30 ppm). This water has a redox value of around 1000 Orp(V) and an pH of 6.6 which is able to remain stable for a long period of time. With this water, we are able to kill all sorts of bacteria, fungi and viruses using only natural substances.
Where in the world are you seeing the most innovation in your three pillars of power, water and food?
WH: In principle, all around the world. In each part of the world there is a shortage of water; in each part of the world they grow fruit and vegetables and in each part of the world there are problems with fungi, viruses and bacteria. We believe that it will take a global effort to help meet the needs of the world over the next several decades.
Which volume are you in the market for- what is a normal project volume?
WH: Depends on which product you are talking about, but talking about % in the substrate market, we think we can take over 30% in 3 years’ time. We also believe our other technologies will have the capabilities to capture a significant amount of the market share. It is important to us that sustainable technologies lead the way in vertical farming.
What does Neon Bloom look for in potential acquisitions/investments?
WH: The requirements are in general as follows:
Product should have a relation to power, water or food;
The product should have a sustainable character;
It should have international potential;
The company must share our core values and vision
Does your company do VC or corporate finance? Debt or equity financing? Does Neon Bloom invest its own money?
WH: Neon Bloom is a VC with a focus on sustainable companies operating in power, water or the food industries. Our firm will provide debt or equity financing depending on our clients need. Yes, Neon Bloom invests its own money and is always searching for innovative companies to help us meet the “Zero Hunger” mission.
What advice would you give to AgTech companies that are looking to attract capital?
WH: You can attract capital from anywhere, so I would advise them to take a substantial amount of time defining their mission and vision statements. If your company’s core values and mission don’t align with an investment partner; then I would recommend finding a better fit. Secondly, see how their network and skill set can help grow your company’s footprint as well as impact in the world.
Why did Neon Bloom choose to become a member of the National Cannabis Industry Association?
WH: We decided to become a member of the National Cannabis Industry Association because of our first-hand experience of seeing the medical benefits the plant provides. This can help veterans dealing with PTSD or individuals with serious diseases. Cannabis is grown naturally and we believe it is a much better medicine than the drugs provided from pharmaceutical companies. It also has had a huge impact on slowing down the opioid crisis.
Why is there no visible investment in any cannabis related tech or producer?
WH: Our substrate technology can be utilised directly when growing cannabis along with our water. Both of these innovative technologies will allow for a product that is free of pesticides. It is the company’s goal to begin working with hemp producers this year. This will help provide food to the world as well as numerous other benefits to other industries.
Why did Neon Bloom join AVF?
WH: We don’t define success based on how much money a company is able to generate. Our firm determines success based on the impact and legacy we can leave on the world. It is crucial for humanity that we begin to implement many of the policies and beliefs of the AVF if we plan on having a sustainable future and to be able to meet the food demand for the ever-growing world population.
Want to find out more?
Visit Neon Bloom on the web: neonbloominc.com
KYLE BALDOCK
80 Acres Farms Strikes 'Significant Investment' From San Francisco Private Equity Firm
15-Jan-2019 By Mary Ellen Shoup
Vertical indoor farming company, 80 Acres Farms, has received a "significant investment" from Virgo Investment Group, a San Francisco-based private equity firm, to help rapidly commercialize the company's specialized indoor farming technology.
For more information:
Uber CEO, Temasek Invest in Urban Farming Startup
The New York-based company plans to announce on Wednesday that it raised US$90 million from investors including Alphabet Inc's GV and Uber Chief Executive Officer Dara Khosrowshahi, said Bowery's co-founder and CEO, Irving Fain.
THU, DEC 13, 2018 - 7:28 AM
The New York-based company plans to announce on Wednesday that it raised US$90 million from investors including Alphabet Inc's GV and Uber Chief Executive Officer Dara Khosrowshahi, said Bowery's co-founder and CEO, Irving Fain. The company declined to provide its valuation.
PHOTO: REUTERS
[SAN FRANCISCO] Bowery Farming Inc, a two-year-old startup that uses robotics to cultivate crops indoors, is on track for more growth. The New York-based company plans to announce on Wednesday that it raised US$90 million from investors including Alphabet Inc's GV and Uber Chief Executive Officer Dara Khosrowshahi, said Bowery's co-founder and CEO, Irving Fain. The company declined to provide its valuation.
Bowery is part of a new crop of agriculture technology startups growing leafy greens in controlled environments near cities. Last year, Plenty, a San Francisco-based vertical farming company, raised US$200 million from the Japanese conglomerate SoftBank Group Corp's Vision Fund.
Bowery grows its veggies in layers of sensor-rich trays that move and react to humidity, carbon dioxide and light. One square foot of Bowery's indoor farm is 100 times more productive than an equivalent plot of arable land, Bowery says. Plenty makes similar claims.
Part of the urgency of Bowery's business plan is the prospect of looming global food shortages. The United Nations says food production will need to double in the next three decades to feed the planet's swelling population. Bowery and its ilk see a business opportunity in building massive indoor farms in and on the outskirts of cities - a costly proposition, but one that could cut down on waste and ensure fresher produce.
"This round is solid validation for the scope of the problem and the opportunity," said Mr Fain. To date, Bowery has raised US$118 million from investors including First Round Capital and General Catalyst.
GV, formerly Google Ventures, led the most recent investment, which includes funding from Singapore's state investment firm, Temasek Holdings Pte.
Mr Fain said Uber's Khosrowshahi became an investor because of his interest in futuristic cities. "Uber is a big believer in cities and the importance of sustainable cities," said Mr Fain.
Bowery currently operates two indoor farms in Kearny, New Jersey. The facilities send greens like kale, bok choy and butterhead lettuce to Whole Foods and salad chain Sweetgreen. Mr Fain said the fresh funding will be used to open new farms in the US and internationally.
Bowery declined to disclose how many new farms are in the works or where they would be located. "There is no question that we intend to have our farms in cities across the world," Mr Fain said.
Andy Wheeler, a Bowery board member and partner at GV, echoed Mr Fain's global expansion ambitions. "The company is poised to have a significant impact on the global produce market," he said.
Bowery is planning to expand its headcount too, Mr Fain said. The company employs 65 people. Some of these employees could come from Amazon, Mr Fain suggested. Though competition for talent will likely be tough as the e-commerce giant ramps up hiring for its new office in New York.
This year, Bowery hired Brian Donato, a former senior operator of Amazon Fresh and Pantry food delivery services; Scott Horoho, a former senior Amazon engineering manager; and Jeff Raines, a former director of data center engineering for Amazon Web Services.
What Bowery’s Latest Funding Round Says About Indoor Farming
The new investment round brings Bowery’s total funding to $117.5 million.
By
December 13, 2018
New Jersey-based indoor-farming startup Bowery announced yesterday that it has raised $90 million in fresh funding. The round was led by Alphabet Inc.’s GV with participation from Temasek and Almanac Ventures, General Catalyst and GGV Capital (Bowery’s Series A investors), and various seed investors.
Bowery produces what founder Irving Fain calls “post-organic produce.” Or to put it more plainly, Bowery produces leafy greens in an indoor environment it controls with proprietary software. The FarmOS system, as it’s called, helps farmers manage crops by collecting data about water flow, light levels, humidity, and other environmental factors that impact the taste of greens. And because the farm is indoors, Bowery can grow its crops without soil, pesticides, or chemicals.
This new investment round brings Bowery’s total funding to $117.5 million. That sounds like a lot until you compare it to Softbank’s $200 million investment in Bowery’s West Coast competitor Plenty, which took place in July of 2017.
Both companies’ raises illustrate the enormous amount of interest in indoor and vertical farming right now. The latter field is expected to have a market valuation of more than $13 billion by 2024, and there are dozens of other companies working on various iterations of indoor farming today.
AeroFarms grows leafy greens inside a 70,000-square-foot facility in New Jersey and has backing from IKEA and Momofuku’s David Chang. Crop One Holdings and Emirates Flight Catering are building what they call “the world’s largest vertical farm.” And Ford Motors operates a farm in Detroit that helps feed the homeless.
Okay, but will leafy greens really feed the homeless? Will butter lettuce and fresh basil help alleviate the global food shortage we’re expected to face as the population nears 9 billion people?
By itself, indoor farming can’t do either of those things, at least not adequately. But that doesn’t render indoor farming an overhyped segment. What it does mean, though, is that we need to start moving beyond the leafy greens and start producing foods with a little more substance. Plenty says cucumbers and strawberries are next on its list. Meanwhile, it’s possible to grow root vegetables like turnips, beets, and sweet potatoes using hydroponics. It’s just more expensive and more challenging than basil.
Bowery says its new capital will go towards “scale its operation in new cities across the country and open multiple farms by the end of 2019.” There’s no word yet on whether those new farms will stick to leafy greens or branch out, though Fain did say Bowery is working on “scalable solutions for an impending climate and food crisis.”
We’ll hopefully see Bowery put those words into action by figuring out how to widen the possibilities of what we can grow with indoor farming.
Urban Farming Projects Attracting Greater Interest, Investments
By The Washington Times Special Sections Department - Wednesday, October 10, 2018
International interest in sustainable urban ecosystems — especially vertical farming — is exploding, according to numerous market forecasts.
Valued around $2 billion in 2015, the global vertical farming market is projected to reach anywhere from $6 billion in 2022 to $10 billion by 2025, according to forecasting firms such as Research and Markets and Grand View Research.
The impetus to scale up vertical farming worldwide stems from two U.N. projections on population and urbanization: The world’s population is expected to grow to 9.6 billion people by 2050, and most of these people — 68 percent, according to the U.N.’s revised 2018 urbanization report — will live in cities.
Governments, urban planners and architects, researchers, investors and the entire world of agriculture are now exploring ways to make sure there will be abundant, high-quality, nutritious foods to feed such a growing population — while also conserving energy and water and reducing environmental damage.
To many observers, the future is bright, thanks to advances in greenhouse technologies such as hydroponics, aeroponics and aquaponics.
“These high-tech systems represent a paradigm shift in farming and food products and offer suitable and efficient methods for city farming,” Dr. Kheir Al-Kodmany, an urban planning scholar, wrote in the Buildings journal in February 2018.
Dr. Al-Kodmany and his colleagues at the University of Illinois at Chicago reviewed more than 100 sources about vertical farming research since 2010 and examined 15 vertical farming projects worldwide — including two rooftop farms in New York; four “low rise” farms in Michigan, Illinois and Tennessee; and six proposed “high rise” farms in Sweden, France, Canada and the Philippines.
“Hypothetically”, if vertical farms were integrated in the city, they will be able to supply food for the entire population,” Dr. Al-Kodmany concluded. However, there are many challenges to address, including finding funding to build and sustain such projects; finding less costly ways to power facilities; and quickly assembling interdisciplinary research and collaborations on urban agriculture, he wrote in the Buildings article.
In the U.S., the U.S. Department of Agriculture is already supporting research funding on vertical farming through its National Institute for Food and Agriculture.
Also, on June 27-28, the USDA and the Department of Energy co-hosted a stakeholder workshop on vertical agriculture and sustainable urban ecosystems. A report on the two-day event, which was open to the public, will be issued later this year, a USDA spokesman said.
In its workshop, several USDA officials spoke, including Dr. Dionne Toombs, director of the USDA Office of the Chief Scientist; Dr. Chavonda Jacobs-Young, acting USDA chief scientist and acting deputy under secretary for research, education and economics; Dr. David Babson, senior advisor in the USDA Office of the Chief Scientist; Dr. John Hartung, research plant pathologist at the USDA’s Agricultural Research Center in Beltsville, Maryland; and Dr. Sarah Federman, AAAS Science and Technology Policy Fellow in the USDA Office of the Chief Scientist.
Additional featured speakers at the workshop included:
— Dr. Sabine O’Hara, dean of the College of Agriculture, Urban Sustainability and Environmental Sciences at the University of the District of Columbia, on envisioning ways to incentivize sustainable urban ecosystems.
— Dr. Dickson Despommier, microbiology and public health professor emeritus at Columbia University and author of the 2010 book, “The Vertical Farm: Feeding the World in the 21st Century,” on envisioning vertical agriculture.
— Dr. Nate Storey, co-founder and chief science officer at Plenty, Inc., a San Francisco-based indoor farming startup, on vertical agriculture in practice.
— Dr. Raymond Wheeler, NASA plant physiologist, on expanding applications for controlled agriculture.
— Nick Starling, U.S. Army Ranger and founder of Skyscraper Farm, LLC, on the economics and scalability of vertical farms.
— Dr. Weslynne Ashton, associated professor of environmental management and sustainability at Stuart School of Business at Illinois Institute of Technology, on industrial ecology for sustainable urban ecosystems.
The two-day workshop featured breakout sessions on pest and pathogen management, plant selection and breeding, systems engineering, community services, ecosystems services and economics.
US: Indoor Agtech Producer Providing Lease-Back Program
United Opportunities, the developer of an exclusive program that allows individuals to take ownership positions in the AgTech market, announced that manufacturing of its high-tech growing environments has commenced. The company's advanced indoor cultivation Pods are being manufactured in Southern California and will be available for delivery by end of summer.
The company is selling these high-tech growing Pods with a unique lease-back program that allows Pod owners to receive quarterly payments while United Opportunities manages the unit and handles the cultivation, sales and distribution.
Each Pod is a self-contained cultivation system, equipped with proprietary technology, patented air and water filtration systems, and specially tuned lighting.
Jack Boyle, CEO of United Opportunities, created the company because of the explosion in the AgTech sector - and specifically in the indoor farming sector.
"The AgTech industry is not only one of the fastest growing sectors in the world, but it is also creating a profound change in how and where crops are grown, distributed and sold," Boyle said. "We are at the tip of an agricultural revolution that will impact billions of lives worldwide."
United Opportunities has developed a "Pod Farm" in California where the first 1,000 units will be placed. Owners of the units will receive a guaranteed 20% yield, paid on a quarterly basis.
For more information:
United Opportunities
(800) 379-4052
Publication date: 8/10/2018