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Major Moves in AgTech with Nature’s Miracle, VitalFluid, and Innovafeed
Discover this week's latest development from the world of Controlled Environment Agriculture.
Marc Lev Shulman
April 21, 2024
Photo by Daniel Öberg on Unsplash
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This Week in Indoor Farming: Nature’s Miracle Acquires Agrify for $6.35M, VitalFluid Raises €5M, and Innovafeed Opens New Center
Nature’s Miracle Holding Inc. has announced its strategic acquisition of Agrify Corporation, a key player in cultivation and extraction solutions, to strengthen its position in the vertical farming industry. The all-stock transaction will see Agrify shareholders receive 0.45 Nature’s Miracle shares for each Agrify share, with the merger valuing Agrify's equity at approximately $6.35 million. This acquisition is set to enhance Nature’s Miracle’s revenue streams through Agrify’s cannabis extraction business and create operational efficiencies by integrating their leading technologies. Post-acquisition, Agrify CEO Raymond Chang will lead the new Agrify division and join the Nature’s Miracle board, ensuring continuity in innovation. The deal also includes pre-closing purchases of LED lighting and debt acquisition from Agrify, aiming to bolster the financial foundation for the merger. Expected to close within six months, pending shareholder approval, this merger will significantly expand both companies' capabilities and market reach, advancing sustainable agricultural practices in the indoor growing industry.
VitalFluid B.V. has successfully raised €5 million in a seed funding round to enhance its Plasma Activated Water (PAW) systems, which offer a sustainable alternative to traditional agrochemicals. Supported by investors such as Future Food Fund, Graduate Entrepreneur Fund, Horticoop, and Innovation Industries, this funding aims to accelerate the global deployment of PAW systems across the USA, Europe, and Africa, particularly benefiting major greenhouse growers. PAW technology, mimicking natural processes like lightning to transform water, allows on-site production of a natural alternative to harmful chemical pesticides and fertilizers. This investment will enable VitalFluid to expand its greenhouse PAW programs and commercial activities, promoting a pollution-free and effective solution for improving plant health and reducing the environmental impact of agriculture.
Innovafeed has launched its North American Insect Innovation Center (NAIIC) in Decatur, Illinois, marking a significant expansion in the sustainable production of insect-based ingredients for animal feed in collaboration with ADM. Utilizing agricultural by-products, the facility produces insect meal, oils, and soil amendments through environmentally sustainable methods. This initiative not only supports substantial annual outputs but also contributes to local economic growth and job creation. With a strategic location in Decatur, close to ADM's operations, the facility leverages industrial symbiosis to process up to 300,000 tons of by-products annually. This partnership is set to explore further the potential of insect-based products across various markets, aligning with environmental decarbonization goals and fostering community development.
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