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 significantly scale CubicAcres' lettuce production capacity.
The partnership's ambitious venture is the construction of 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 completely 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 deployment and operational experts in the region, 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 across the world, enabling them to reliably grow the highest quality 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.”
McGann's comments highlight the growing demand for local produce as conventional food distribution practices often involve transporting produce over 2,000 miles, leading to loss of nutrients, flavor, and a significant carbon footprint. With the introduction of advanced controlled environment technologies, it is now possible to cultivate crops in locally simulated ideal growing climates, poised to revolutionize the food production industry.
The CubicAcres facility will leverage hydroponic vertical farming methods, offering numerous advantages over traditional farming techniques, including:
- Increased yield and profitability through continuous daily planting and harvesting that enables year-round crop production.
- Zero use of pesticides due to the controlled environment of vertical farming.
- Water conservation with hydroponic systems using 99% less water than conventional farming methods.
- Maximized space usage, with CubicAcres' facility projected to produce lettuce year-round at a crop density up to 150 times more per square foot than traditional methods.
As such, this collaboration between CubicAcres and IGS offers promising growth in the AgTech sector, potentially setting new standards for efficiency, sustainability, and profitability in agricultural practices.
Image provided by CubicAcres
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