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New Funding Round & New Partnerships Marked The Week
Discover the latest news from the indoor vertical farming sector for this week.
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Welcome to "This Week in Indoor Farming," a concise roundup of the latest news in indoor agriculture.
Our headlines include Agricola Moderna Group securing a €15 million investment from Azimut to build a significant vertical farming facility in Italy, aided by legal firm Gatti Pavesi Bianchi Ludovici.
In the U.S., CubicAcres, backed by Intelligent Growth Solutions, successfully closed a $3.7 million funding round, aiming to produce millions of heads of lettuce annually in their upcoming vertical farming facility in Long Island.
In the Netherlands, autonomous growth specialist Blue Radix joined the greenhouse tech industry association, AVAG, enhancing the group's focus on digital technology.
Let’s dive into this week’s news!
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This Week in Indoor Farming
Agricola Moderna Group (website), a trailblazer in the vertical farming sector with an active role in hardware and software development for indoor farming, recently confirmed the successful conclusion of an investment round involving Azimut. Azimut invested on behalf of the Infrastructure for Growth - ESG Fund, contributing an impressive €15 million to the project company's equity, real estate, and infrastructure.
Azimut's investment is expected to play a crucial role in fostering the construction of one of Italy's most sophisticated and extensive vertical farming facilities. This cutting-edge installation will be established in the municipality of Agnadello, within the province of Cremona.
The Gatti Pavesi Bianchi Ludovici law firm supported the Agricola Moderna Group throughout all phases of this intricate investment operation. The firm's contributions included drafting and negotiating a variety of agreements: investment, corporate, and commercial contracts for the vertical farming facility were all prepared under their guidance. Furthermore, the team provided legal counsel during the project's due diligence process.
The Gatti Pavesi Bianchi Ludovici legal team was spearheaded by partner Valentina Canalini, who heads the firm's energy and infrastructure department. She received support from senior associate Daniele Pompei and associate Antonella Guetta. Associate Andrea Gaiti lent his expertise on real estate matters.
In an electrifying advancement for the agricultural technology (AgTech) industry, CubicAcres (website), a vertical farming company based in Long Island, New York, announced on Wednesday that it has successfully closed a $3.7 million funding round. The funding, secured in collaboration with Intelligent Growth Solutions (IGS), an agriculture technology titan based in Scotland, is set to scale CubicAcres’ lettuce production capacity significantly.
The partnership’s ambitious venture is constructing a fully automated, state-of-the-art vertical farming facility, a pioneering development for Long Island. The facility is projected to produce one million heads of lettuce annually. Beyond this, further expansion plans indicate that the automated “from seed to salad” farm could generate approximately three million heads of lettuce each year from an 11,000-square-foot production facility.
Steve Gereb, Head of North American Operations for IGS, expressed his enthusiasm about the groundbreaking collaboration. “Working with Ryan and CubicAcres has been a significant step on our path to bringing IGS to the North American market,” said Gereb. He added, “Since launching our US headquarters last year, we have grown our team to 15 regional deployment and operational experts, supported by our more than 200-strong global team. We are excited to continue our collaboration with CubicAcres as we deliver best-in-class technology to customers worldwide, enabling them to grow the highest quality reliably produce 365 days a year.”
Echoing Gereb’s enthusiasm, Ryan McGann, CEO of CubicAcres, highlighted the significance of bringing this cutting-edge vertical farming technology to Long Island. “Our partnership with IGS will meet the insatiable demands we have experienced in the LI and NYC markets for high-quality, year-round produce,” stated McGann. “By situating our vertical farm within the heart of Long Island’s agricultural districts, we aim to demonstrate an effective blend of vertical and traditional farming methodologies.”
Blue Radix, the market leader and specialist in autonomous growing, has recently become a member of AVAG, the industry association for the greenhouse technology sector in the Netherlands. As the 77th organization to join the association, Blue Radix’s membership marks a significant milestone in the advancement of digital technologies and advanced solutions for the horticultural industry.
AVAG is proud to welcome Blue Radix as a member, recognizing the company’s expertise and network in digital technologies for autonomous growth. Historically focused on greenhouse builders, installers, and suppliers, AVAG acknowledges the growing demand for digital services in the context of autonomous growth. By becoming a member, Blue Radix brings valuable knowledge and experience to the association and opens doors for collaboration with other AVAG companies to offer comprehensive solutions to customers.
Annie van de Riet, president of AVAG, expresses her delight at Blue Radix’s decision to join the association, stating, “We see in the market an increasing demand for digital services in the context of autonomous growing. Blue Radix has become a serious player in this field. In cooperation with other AVAG companies, total solutions can be offered. This fits in well with the needs of our customers.”
Ronald Hoek, CEO of Blue Radix, is excited about joining AVAG and emphasizes the company’s unique and complementary profile within the membership group. Blue Radix aims to contribute to the growth of the horticultural sector and build knowledge in artificial intelligence through its membership in AVAG. Hoek expresses his eagerness to collaborate with other members to strengthen the joint offering of Dutch greenhouse technology suppliers internationally.