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- Sunday Wrap-Up: Real Estate Companies partners With Vertical Farming Company
Sunday Wrap-Up: Real Estate Companies partners With Vertical Farming Company
Every week discover a recap of the indoor farming sector.
Exploring the Latest Developments in Indoor Farming with AgriHub, AmplifiedAg & Artechno Growsystems
Good morning readers! Realty Income is partnering with Plenty Unlimited to fund and acquire properties for indoor vertical farms, with the potential for up to $1 billion in development opportunities. Purdue University researchers have developed two LED lighting strategies for vertical farming. Other news includes partnerships, financial reports, and upcoming events in the sector.
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This Week’s Editorial
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This Week in Indoor Farming
Realty Income Corporation has partnered with Plenty Unlimited Inc., a technology-driven indoor farming company, to support the development of Plenty’s indoor vertical farms. The strategic real estate alliance will see Realty Income acquire and provide funding for properties to house Plenty’s indoor farms.
This agreement offers up to $1 billion of development opportunities. The first transaction of the alliance has Realty Income acquiring land and providing development funding for Plenty’s first indoor vertical farm campus near Richmond, Virginia. The farm expects to deliver over 20 million pounds of produce annually across multiple crops, with the first farm growing strawberries with Plenty’s partner, Driscoll’s, to serve the Northeast market.
The CEO of Plenty, Arama Kukutai, said that the strategic alliance with Realty Income is a significant step forward in accelerating the deployment of their farms with vertical farm facilities that are purpose-built to support Plenty’s proprietary growing technology. The collaboration with Realty Income also sets the stage for potential expansion internationally in markets of mutual interest.
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Purdue University researchers have designed two simple LED lighting strategies to increase yield and reduce energy costs for the vertical farming sector of indoor agriculture. Their work is part of OptimIA (Optimizing Indoor Agriculture). The project, led by Michigan State University, includes collaborators at Purdue, the University of Arizona, and Ohio State University. OptimIA is sponsored by the U.S. Department of Agriculture’s Specialty Crop Research Initiative.
The industry has exponentially expanded over the previous months/years. Still, the recent energy crisis has shed light on the prominence energy costs represent in most high-tech indoor farming solutions today. Purdue University researchers Ph.D. candidate Fatemeh Sheibani and professor Cary Mitchell in the Department of Horticulture and Landscape Architecture in Purdue’s College of Agriculture capitalize on LED lighting’s unique properties to propose a close-canopy-lighting strategy which, they believe, could lower energy consumption and thus the underlying operational expenditure of most indoor farming businesses.
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