CEA GCC Leader Banks a Record-Breaking USD 180.5 million Funding Round

Good morning readers, impressive funding rounds, groundbreaking partnerships, an initial public offering in Nasdaq, new facilities, and much more!

Here is the top 10 news regarding the world of indoor vertical farming!

1- Pure Harvest Smart Farm Nets a USD 180.5 Million Funding Round

Pure Harvest Smart Farms has recently announced a USD 180.5 million funding round led by a consortium of global investors, including Metric Capital Partners UK, IMM Investment Corp Korea & Olayan Group KSA among other investors and managers. The funding will be used to fund the company’s research and development program, expand in the GCC region as well as fuel its expansion in the Asian market.

The round was oversubscribed, as per the company’s latest statement, and is expected to receive additional funding from key investors.

2- Local Bounti Joins the Russell 2000® Index

Local Bounti Corporation (NYSE: LOCL, LOCL.WT) announced that the Company will join the Russell 2000® Index after the conclusion of the 2022 annual reconstitution which will go into effect after the US market opens today, Monday, June 27, 2022. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

3- Kalera & Agrico Completes SPAC For NASDAQ Listing

Through a press release published by Kalera, Kalera Public Limited Company and Agrico Acquisition Corp have announced the completion of their business combination after Agrico shareholders’ give their go-ahead. The combined business will keep the Kalera name and will start its listing on NASDAQ under the new ticker symbol “KAL” on Wednesday, June 29, 2022.

4- Australian Vertical Farm Raises A$56m For Expansion

Stacked Farm, an Australian automated vertical farm, has successfully raised A$56m to further the expansion of the business throughout the country. The funding round was led by SeventyTwo Capital with participating investors including US-based Magnetar Capital and Stratos Capital, plus domestic groups Tribeca Investment Partners and Glen Richards as well as Paul Wilson’s Founder-led investments.

5- Certhon Wins Legal Battle Against PlantLab

The PlantLab Patents regarding the application of LED lighting in climate chambers, in combination with controlled leaf and root heating (NL 2 002 091 and EP 2 348 814), have been ruled out as null and void by the Hague Court of Appeal, putting an end to years of a legal battle between PlantLab and Certhon as reported by Certhon’s latest press release.

In 2013, PlantLab accused Certhon of infringing one of its patents during the construction of an indoor farm. After various failed negotiations to integrate a license between both parties, PlantLab engaged in legal proceedings against Certhon. During the trial, Certhon managed to convince both the Netherlands Patent Office, the Court of The Hague, The Court of Appeal of The Hague as well as the European Patent Office of its position and the lack of innovation in these patents. Certhon proved that the specific technique, on which PlantLab’s patents were based, has been widely used in the sector since the 1990s. After gathering conclusive evidence, the Dutch, as well as the European patent of PlantLab, were considered null and void and PlantLab compensated Certhon for its legal costs.

6- Infarm Opens a 10,000 sqm Facility in Bedford, UK

Infarm, the rapidly growing vertical farming company, officially opened one of the largest urban farms in Europe, in Bedford, UK. This is Infarm’s first high-capacity Growing Centre in the UK, the facility measures 10,000 sqm and can feature up to 40 Infarm cloud-connected farming units, each standing 10 meters high. Each unit can grow more than 500,000 plants per year – the equivalent of a football field worth of crops.

7- AppHarvest Announces Fourth and Fifth High-Tech Indoor Farms

AppHarvest, Inc. (NASDAQ: APPH, APPHW) announced through a press release, the start of construction for two new high-tech indoor farms in Central Appalachia. The company’s new farms, located in Somerset and Morehead, Ky., will grow berries and leafy greens, respectively. The high-tech Somerset farm marks the company’s expansion into growing berry crops. The Somerset indoor farm will be 30 acres.

Congressman Hal Rogers: “I am excited to welcome AppHarvest to Pulaski County and the Lake Cumberland area. Our rich farming history and skilled workforce make southern Kentucky a prime partner for this innovative AgTech industry. As AppHarvest expands efforts to farm for our future, they are also inspiring a new generation of ingenuity and stellar work ethic that will benefit our region for generations to come.”

8- CubicFarm Systems Announces New Sale and Manufacturing Agreement

CubicFarm® Systems Corp. (TSX:CUB) today announced that it has entered into agreements with NTE Discovery Park Ltd. for the purchase of 26 CubicFarm System modules at a sale price of CAD$4.4 million, the manufacturing of those initial 26 modules, as well as the future manufacturing of major components for contracts within North America.

At Discovery Park, a former pulp mill located in Campbell River, British Columbia, NTE Discovery Park will operate the manufacturing and fabrication of the cold-formed steel framing for modular construction of the CubicFarm System modules. The CubicFarm System controlled environment agriculture technology grows commercial scale amounts of fresh produce in modular, food-grade steel systems using the Company’s proprietary Crop Motion Technology™ moving plants throughout the system using less water, land, energy, and labor.

9- Scotland Grants £200m To 150 Agriculture Projects

The Scottish government is said to contribute £200m to over 150 agriculture projects over the next five years. These projects include innovative studies and research on reducing greenhouse gas emissions in agriculture among other aspects. The investment will be part of the 2022-2027 Environment, Natural Resources, and Agriculture Strategic Research Programme (SRP).

10- Ted Talks With James Woolard: Move the Farm not the Table with Container Farming