Sunday Wrap-Up: Strawberry Research Continues In CEA, Freight Farms Continues Its SPAC & More
Discover this week's latest development from the world of Controlled Environment Agriculture.
Special thanks to this edition’s sponsor, Artechno Growsystems, for keeping this edition free.
This Week’s Editorial
The 7th Annual AVF Summit & VertiFarm: A Conglomeration of Innovation Towards Sustainable Agriculture
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This Week in Indoor Farming: Companies Venture In Strawberry Production
Grodan and Fluence Collaborate on High-Tech Strawberry Cultivation Trial
Key Takeaways
Grodan and Fluence have partnered for a trial focused on high-tech strawberry cultivation.
The trial aims to redefine best practices in cultivating high-tech, everbearing strawberries.
Wageningen University & Research researchers will evaluate the strawberries’ growth, yield, and quality.
The trial will explore using stone wool growing media and LED lighting technology.
The partnership aims to provide data-driven insights to benefit both growers and consumers.
Innovate UK Funds Project to Optimize Strawberry Farming Through Acoustic Sensors
Key Takeaways:
Fewer than 30% of individuals in the UK meet the recommended fruit and vegetable intake, posing health risks.
A 24-month early-stage project funded by Innovate UK aims to optimize acoustic sensors for monitoring pollinator activity in strawberry farms.
The project is led by Crop Health and Protection (CHAP) in collaboration with AgriSound, PheroSyn, Biobest UK, and NIAB.
The technology aims to improve strawberry yield, quality, and shelf life by precisely monitoring and modifying pollinator behavior.
The project supports the UK’s sustainability journey by reducing reliance on fruit imports.
Robertet Partners with Interstellar Lab to Innovate Plant-Based Natural Ingredients Production
Key Takeaways
Robertet acquired its first BioPod from biotech startup Interstellar Lab to advance agronomic research.
The BioPod is an AI-controlled biofarm that optimizes plant growth and molecular composition.
This partnership aims to revolutionize the industries of fragrance, flavors, and well-being.
The BioPod uses cutting-edge technologies to maintain ideal conditions for plant growth while minimizing environmental impact.
Interstellar Lab has strategic partnerships with NASA and ESA for plant cultivation and research in microgravity.
Freight Farms & Agrinam Acquisition Corp Announce Business Combination Agreement
Key Takeaways:
Business Combination: Freight Farms, Inc. and Agrinam Acquisition Corporation have entered into a definitive business combination agreement, with a pro forma market cap valuation of approximately $147 million for the combined entity.
Financial Strategy: Both companies have agreed to complete a PIPE financing to raise $20 million net of transaction expenses, involving strategic and financial investors.
Freight Farms’ Growth: The agtech company has sold more than 600 modular container farms worldwide and generated $23 million in revenue in 2022.
Diverse Revenue Streams: Freight Farms has multiple revenue streams, including modular farm sales, a subscription-based software platform, and consumables.
Closing Conditions: The business combination is subject to shareholder approval and is expected to close in the first quarter of 2024.
BoomGrow Secures Investment from Gobi Partners
Key Takeaways
Gobi Partners invests in Malaysian AgriTech startup BoomGrow through its ESG-focused GDIV fund.
BoomGrow’s innovative “Machine Farms” use 95% less land, water, and labor than traditional farming.
The company aims to bring healthy, nutritious food to densely populated urban areas.
BoomGrow has earned a spot on Forbes Asia’s prestigious “100 to Watch List.”
The investment will help BoomGrow expand its operations across Southeast Asia.
Groots Hydroponics Secures Investment for National Expansion
Key Takeaways:
Groots Hydroponics receives investment from Tech Transfer Agrifood FCR fund, aiding national expansion.
The funding round, led by existing partners, aligns with sustainable agricultural practices.
The Tech Transfer Agrifood FCR fund will provide advisory support to Groots.
The funding news was announced on El Mundo Financiero.
The investment is a significant step towards transforming aromatic herb production.
Additional News:
CubicFarms Announces Results of AGM of Shareholders 2023
Joy Plant B.V. Embarks on Sustainable Horticulture Project with Powerplus Group
Priva and IUNU Expand Partnership for AI-Driven Growing
Raiz Vertical Farm Aims to Bring Sustainable Urban Agriculture to More Companies in Portugal
AgriFORCE Invests in Radical Clean Solutions’ Hydroxyl Tech
UniLaSalle Unveils Indoor Ag Research Center to Foster Agricultural Innovation
Stantec and Nuleaf Farms Announce Strategic Partnership
Armando Alvarez Group and RedSea Announce Exclusive Collaboration
Growy Chooses CTPark Amsterdam City for Production & Distribution Centre
urban-gro, Inc. Secures Contracts Worth Nearly $8M in the Cannabis Sector
Sprung Structures’ New Alliance Aims to Combat Food Insecurity
Indoor Farming Stock Performance:
Agrify AGFY 0.00 gains 2.73% (+6 cents), trading at USD 2.26
Local Bounti LOCL 0.00%↑ lost 1.20% (-3 cents), trading at USD 2.47
Urban-gro UGRO 0.00 lost 13.31% (-18 cents), trading at USD 1.20
CEA Industries CEAD 0.00 lost 11.26% (-9 cents), trading at USD 0.73
AgriFORCE Growing Systems AGRI 0.00%↑ gains 23.91% (+3 cents), trading at USD 0.14
Edible Garden Ag EDBL 0.00%↑ lost 21.25% (-17 cents), trading at USD 0.63
Village Farms International Inc. VFF 0.00%↑ lost 6.22% (-5 cents), trading at USD 0.78
GrowGeneration Corp GRWG 0.00%↑ lost 4.14% (-12 cents), trading at USD 2.78
CO2 Gro, Inc GROW 0.00%↑ lost 5.88% (-1 cent), trading at CAD 0.080