LONG ISLAND, NY - July 20, 2023 - In an exciting development for the AgTech sector, Long Island-based vertical farming company, CubicAcres (www.cubic-acres.com), has announced the completion of a $3.7 million funding round in partnership with Scotland-based agricultural technology leader, Intelligent Growth Solutions (www.IGS.farm). The funds are earmarked to facilitate a tenfold expansion in production capacity by CubicAcres in response to growing market demand for the company’s lettuce produce.  

The partnership will begin with the construction of a fully automated state-of-the-art vertical farming facility - the first of its kind for Long Island - slated to yield one million heads of lettuce annually. Further planned expansion of the hands-free “from seed to salad” facility will be capable of producing about 3 million heads of lettuce annually from a relatively modest 11,000-square-foot production facility. 

Steve Gereb, Head of North American Operations for IGS, offered his insights into the transformative partnership: "Working with Ryan and CubicAcres has been a significant step on our path to bringing  IGS to the North American market and we are delighted to see the business’ continued success. Since launching our US headquarters in November last year, we have grown our team to 15 deployment and operational experts in the region, supported by our more than 200-strong global team. We are excited to work with forward-thinking partners like Cubic Acres as we continue to deliver best-in-class technology to customers across the world, enabling them to reliably grow the highest quality produce 365 days a year.”

Echoing Gereb’s enthusiasm, Ryan McGann, CEO of CubicAcres, remarked, "Our partnership with IGS will bring cutting-edge vertical farming technology to Long Island, to meet the insatiable demands we have experienced in the LI and NYC markets for high-quality produce year-round." McGann further noted, "Long Island has a unique, robust agricultural ecosystem. By situating our vertical farm within the heart of its agricultural districts, we aim to demonstrate an effective blend of vertical and traditional farming methodologies." 

On average, produce in the US currently travels over 2,000 miles, taking 7-14 days for transportation and storage- leading to a dramatic loss of nutrients and flavor, and excessive greenhouse gas emissions. With the advent of advanced controlled environment technologies, the status quo is set to change. Now, it is possible to recreate the ideal growing climates locally anywhere in the world, revolutionizing the way food is cultivated. 

Hydroponic vertical farming brings additional benefits that push the boundaries of traditional agriculture:

• Increased yield and profitability: Continuous daily planting and harvesting provides year-round crop production. 

• Zero pesticides: Vertical farming takes place in a controlled environment, eliminating the need for harmful pesticides.

• Water conservation: Hydroponic systems use 99% less water than traditional farming, contributing significantly to water conservation.

• Maximized space usage: The CubicAcres facility will produce lettuce year-round at a crop density up to 150 times more production per square foot than traditional methods.

-ENDS-

Media Contact: News@Cubic-Acres.com

About CubicAcres: CubicAcres (www.Cubic-Acres.com) is a vertical farming company, blending sophistication and function to deliver pesticide-free, locally-sourced crops year-round - with a strong focus on automation and sustainability.  Our mission is to build a global mesh network of sustainably automated vertical farms. 

About IGS: 

Founded in 2013, IGS brought together decades of farming and engineering experience to create an agritech business with a vision to revolutionize the indoor growing market. Its commitment to innovation has continued apace to develop patented vertical farming technology which delivers solutions designed to drive efficiency and create an indoor environment with economy and simplicity at its heart.

IGS holds more than 25 granted patents for its unique vertical farming technology, blending science and agriculture by using smart technology to automatically apply recipes to create the perfect environment for crop growth. Currently, more than 200 crops can be successfully produced using a Growth Tower.

To date, IGS has raised $78.4 million in institutional fundraising across Series A and B raises, enabling the business to enter commercial production and take its systems to global markets. 

For more information visit www.igs.farm or connect with us on Twitter and LinkedIn.