Q&A: Plenty’s Nate Storey Talks New R&D Facility And Moving Away From The Bay Area
Storey, Plenty’s co-founder and chief science officer, discusses the company’s latest developments.
MARCH 2023
2023 has been something of a transition for Plenty, the indoor growing company.
On one hand, they recently secured a $25 million grant to build a new R&D facility in Laramie, Wyoming, where they already have a facility. On the other, Plenty announced that it has closed its R&D facility in San Francisco, previously its main research hub.
Below, Plenty co-founder and chief science officer Nate Storey discusses the new R&D facility, why Wyoming is a good fit and more.
Produce Grower: Why is the moment right for this new R&D facility?
Nate Storey: Plenty is working to solve two critical problems for the vertical farming industry: scale and variety. To help take some of the strain off outdoor field growers and increase the stability of our food supply chain, indoor growers need to contribute a much greater volume of produce. Expanding our plant science research work with this new center will double our research space and expand our capability to grow the widest variety of crops.
Storey says the new farm in Wyoming is on track to open in 2025.
PG: Is there an ETA on when this will be open? And, aside from the grant, why Wyoming? What makes Wyoming a good fit for this facility?
NS: We plan to begin construction later this year and open the facility in early 2025. Plenty’s team and research work will transfer to the new facility from its current Laramie location once it’s completed.
Plenty has longstanding roots in Wyoming and we’ve anchored our plant science work at our research center there since 2016. We’re proud to be a part of helping the state play a leading role in advancing the new field of indoor agriculture and supporting the growth of a state-of-the-art R&D cluster here. This new research center will give talent from Plenty’s backyard at the University of Wyoming and around the world the opportunity to be at the forefront of advancing plant science.
PG: The press release highlights trying to grow the widest variety of crops beyond leafy greens — what is the timeline on that and what specific crops is the company targeting?
NS: We’ve broken ground on our first strawberry farm near Richmond, Virginia. Together with our partner Driscoll’s, we’ll have berries in market from that farm next year. Tomatoes are on the horizon after that, but we’ve grown more than 50 different crops in our vertical system thus far, so there’s a wide range of possibilities for Plenty on the horizon.
According to Storey, the new Plenty research facility will double their research space and further expand their ability to grow a wide variety of crops.
PG: What does this kind of work mean in terms of the company’s financial outlook — and long-term financial goals?
NS: Expanding our plant science research work with this new center will expand our capability to grow the widest variety of crops and accelerate our pipeline. The new facility will support the transition of new crops to commercial farms by incorporating areas that more closely mirror Plenty farm environments.
PG: How does this work hand-in-hand with the vertical farming campus in Virginia?
NS: Our R&D is what makes it possible to grow complex fruiting crops, like strawberries, vertically. Opening in 2024, our Virginia farm will be the largest indoor vertical farm campus in the world and the world’s first indoor vertical farm to grow strawberries at scale, in partnership with Driscoll’s. Expanding our innovation work in Laramie will help us create more milestones like this for the vertical farming industry and bring more new crops to market.
PG: What can you say about the recent closing of the Bay Area farm and moving away from that base of operations? Why was it closed and why now?
NS: As we work to complete our buildout and ramp-up of the world’s most technologically advanced indoor vertical farm in Compton, California, we’re shifting all commercial production there. Our research and development facility in south San Francisco helped us expose the market to Plenty produce, but we have outgrown its capabilities. While we’re winding down our south San Francisco farm, we will continue to have a strong presence in the Bay Area.
PG: Where do you see the indoor farm/ CEA space right now?
NS: Compared to field agriculture, indoor farming is still in the very early stages — particularly vertical farming. I think indoor farming has tremendous potential to create stable, regional supplies of fresh, healthy food for all communities. In my opinion, companies in our space will have to put R&D at the heart of their operations to drive the diversification and unit economics needed to scale.