Indoor vertical farm expansion scales
AeroFarms’ proprietary AgTech to meet consumer and retailer demand
in the Midwest
AeroFarms, a Certified B Corporation and leader in indoor
vertical farming, today announced its plan to expand to the Midwest
region as part of a project with World Wildlife Fund (WWF) and the
St. Louis Controlled Environment Agriculture Coalition (STLCEA) to
demonstrate innovative strategies to minimize the environmental
footprint of indoor agriculture. The greater St. Louis MO-IL
Metropolitan Statistical Area (MSA) was selected as a key market
and innovation hub for indoor vertical farming and AgTech
development.
The 150,000 square foot indoor vertical farm, AeroFarms’ largest
to date, will be strategically located in the greater St. Louis
area to provide AeroFarms with rapid access to retail partners
throughout the Midwest. AeroFarms will deploy its latest generation
of proprietary growing technology at the farm, which will generate
yields up to 390 times greater productivity per square foot
annually, compared to traditional field farming, while using up to
95% less water and zero pesticides.
AeroFarms starts by selecting the most flavorful varietals of
leafy greens, then perfects them in its proprietary indoor vertical
farms for optimal quality, color, nutrition, texture, taste, and
yield. AeroFarms has trademarked Vertical Farming, Elevated Flavor™
to highlight for consumers how its food is grown, as well as the
key growing benefits that AeroFarms uniquely brings to the market,
setting a new culinary standard with millions of data points to
prove it. AeroFarms leafy greens are available at major retail and
foodservice customers including Walmart, Whole Foods Market,
ShopRite, Amazon Fresh, FreshDirect, and Baldor Specialty
Foods.
“Customer demand for our award-winning greens has been
accelerating across the United States, and this latest farm
expansion will allow us to serve our retail partners and their
customers throughout the Midwest,” said David Rosenberg, Co-Founder
and Chief Executive Officer of AeroFarms. “Farm development in the
Midwest is part of our business model based on our proven success
in the Northeast, and as a Certified B Corporation, we are equally
excited to be able to create a more sustainable food system in the
St. Louis area that has incredibly deep roots in agriculture and is
home to an amazing AgTech community as well.”
The STLCEA Coalition was convened by WWF and consists of more
than 70 key stakeholders including Greater St. Louis, Inc., Donald
Danforth Plant Science Center, University of Arizona - Controlled
Environment Agriculture Center, and Schnuck Markets, Inc. In 2020,
the Coalition solicited proposals to bring an innovative farm to
help advance environmental and social objectives to the St. Louis
MO-IL MSA, where sites in both Missouri and Illinois remain under
consideration by AeroFarms. After evaluating proposals against a
complex matrix, the Coalition had selected AeroFarms due to its
proven track record and history of innovation and technology.
“Indoor farming solutions can help us ensure a more resilient
and environmentally responsible food system in the future, through
decreased water use, reduction of soil erosion and use of
pesticides, and lowered food loss and waste, but there are still
challenges to overcome,” said Julia Kurnik, Director of Innovation
Startups at World Wildlife Fund. “With this project, WWF and the
STLCEA Coalition will work with AeroFarms to develop solutions and
make sure that as this industry continues to grow, it does so in a
way that supports the health of the planet and local communities.
We anticipate that the lessons learned from this project can be
shared widely, encouraging innovation and replication in cities
around the world.”
With 2.8 million people, the St. Louis metro area represents an
excellent opportunity for farm development to bring healthy food to
an urban population year-round, and given its strategic location is
the “gateway” to food retailers throughout the broader Midwest.
There is also an incredibly deep science community with more than
14,500 AgTech and bioscience jobs, and more than 1,000 PhDs working
in plant science -- one of the highest concentrations in the
world.
“For 20 years, St. Louis has cultivated its AgTech assets,
shaping them into a world-renowned industry cluster that grows
start-ups and sustains developed businesses, supporting them all
with research, funding and thoughtful collaboration,” said Steve
Johnson, Chief Business Attraction Officer, Greater St. Louis,
Inc., and president, AllianceSTL. “AeroFarms represents the next
generation of this industry, and we welcome them to the community
and look forward to a new phase of growth for the company and for
the region.”
About AeroFarms
Since 2004, AeroFarms has been leading the way for indoor
vertical farming and championing transformational innovation for
agriculture. On a mission to grow the best plants possible for the
betterment of humanity, AeroFarms is a Certified B Corporation with
global headquarters in Newark, New Jersey. Named one of the World’s
Most Innovative Companies by Fast Company two years in a row and
one of TIME’s Best Inventions in Food, AeroFarms patented,
award-winning indoor vertical farming technology provides the
perfect conditions for healthy plants to thrive, taking agriculture
to a new level of precision, food safety, and productivity while
using up to 95% less water and no pesticides ever versus
traditional field farming. AeroFarms enables local production to
safely grow all year round, using vertical farming for elevated
flavor. In addition, through its proprietary growing technology
platform, AeroFarms has grown over 550 varieties and has developed
multi-year strategic partnerships ranging from government to major
Fortune 500 companies to help uniquely solve agriculture supply
chain needs. For additional information, visit:
https://aerofarms.com/.
On March 26, 2021, AeroFarms announced a definitive business
combination agreement with Spring Valley Acquisition Corp. (Nasdaq:
SV). Upon the closing of the business combination, AeroFarms will
become publicly traded on Nasdaq under the new ticker symbol
"ARFM". Additional information about the transaction can be viewed
here: https://aerofarms.com/investors/.
No Offer or Solicitation
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with a proposed
potential business combination among Spring Valley and AeroFarms or
any related transactions, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction where, or to any person
to whom, such offer, solicitation or sale may be unlawful. Any
offering of securities or solicitation of votes regarding the
proposed transaction will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the “Securities Act”), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “might,” “will,”
“estimate,” “continue,” “contemplate,” “anticipate,” “intend,”
“expect,” “should,” “would,” “could,” “plan,” “predict,” “project,”
“potential,” “seem,” “seek,” “future,” “outlook,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. All statements,
other than statements of present or historical fact included in
this press release, including those regarding Spring Valley’s
proposed acquisition of AeroFarms and the Special Meeting are
forward-looking statements. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of the respective management of
AeroFarms and Spring Valley and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on as, a guarantee, an assurance, a prediction,
or a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of AeroFarms and Spring Valley. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political, and legal conditions; the inability
of the parties to successfully or timely consummate the proposed
transaction, including the risk that any regulatory approvals are
not obtained, are delayed or are subject to unanticipated
conditions that could adversely affect the combined company or the
expected benefits of the proposed transaction or that the approval
of the stockholders of Spring Valley or AeroFarms is not obtained;
failure to realize the anticipated benefits of the proposed
transaction; risks related to the expansion of AeroFarms’ business
and the timing of expected business milestones; the effects of
competition on AeroFarms’ business; the ability of Spring Valley or
AeroFarms to issue equity or equity-linked securities or obtain
debt financing in connection with the proposed transaction or in
the future, and those factors discussed in Spring Valley’s Annual
Report on Form 10-K, Quarterly Report on Form 10-Q, final
prospectus dated November 25, 2020 and definitive proxy
statement/prospectus dated July 26, 2021 under the heading “Risk
Factors,” and other documents Spring Valley has filed, or will
file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that neither Spring Valley nor AeroFarms
presently know, or that Spring Valley nor AeroFarms currently
believe are immaterial, that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect Spring Valley’s and
AeroFarms’ expectations, plans, or forecasts of future events and
views as of the date of this press release. Spring Valley and
AeroFarms anticipate that subsequent events and developments will
cause Spring Valley’s and AeroFarms’ assessments to change.
However, while Spring Valley and AeroFarms may elect to update
these forward-looking statements at some point in the future,
Spring Valley and AeroFarms specifically disclaim any obligation to
do so. These forward-looking statements should not be relied upon
as representing Spring Valley’s and AeroFarms’ assessments of any
date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210812005275/en/
AeroFarms Investor Relations: Jeff Sonnek ICR
Jeff.Sonnek@icrinc.com 1-646-277-1263 Media Relations: Marc Oshima
AeroFarms MarcOshima@AeroFarms.com 1-917-673-4602
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