Key Takeaways:
- Brad Griffith has been appointed CEO of Freight Farms and has joined the Board of Directors.
- Griffith brings decades of experience in agriculture, life sciences, and commercial leadership.
- Freight Farms is positioned to scale its vertical farming technology in the U.S. and internationally.
- Former CEO Rick Vanzura will remain as an advisor to the Board to ensure a smooth transition.
New Leadership at Freight Farms
Freight Farms, Inc. (“Freight Farms”), a provider of integrated hardware and software solutions in vertical farming, has announced the appointment of Brad Griffith as Chief Executive Officer. Griffith, who also joins the Board of Directors, brings extensive experience in global Life Sciences and strategic leadership to the company.
Brad Griffith’s Experience and Background
Griffith has a background in growing multibillion-dollar businesses, accelerating startups, and transforming operations. His most recent role was Chief Commercial Officer at Compass Minerals, where he led the global commercial Plant Nutrition and Salt businesses, as well as overseeing research and development and the global supply chain. He previously spent over 17 years at Monsanto Company, working in agriculture and pharmaceuticals. Additionally, Griffith is an Operating Partner at Ajax Strategies and Skyline Global Partners and serves as an Independent Board Director for Midwestern BioAg.
Board and Investor Support
Commenting on Griffith’s appointment, Zach Morse, Board Director of Freight Farms and Senior Analyst at Ospraie Ag Science, Freight Farms’ largest investor, stated that the company is ready to scale its agronomic efficiency for growers. He highlighted Griffith’s expertise in strategy and commercial operations, alongside Freight Farms’ established technologies and customer relationships.
Griffith’s Vision for Freight Farms
Griffith expressed enthusiasm about joining the team at Freight Farms, noting the company’s focus on delivering fresh, nutritious, and affordable produce through its CEA farming applications. He pointed to the company’s product evolution and indicated an intent to scale operations in the U.S. and internationally, aiming to make farms more accessible to various markets, including grocery stores and food deserts.
Leadership Transition
Rick Vanzura, who served as CEO for five years, will remain as an advisor to the Board during the leadership transition. Vanzura highlighted the company’s growth and innovation during his tenure and expressed confidence in Griffith’s leadership moving forward.
Freight Farms Latest News
Surging Demand and New Ventures in 2023 (2024/02/01)
Freight Farms, a hydroponic container farming company, reported a 32% increase in orders for its greenery farm in 2023, driven by growing demand for sustainable food solutions. The company is introducing a smaller, more aesthetically pleasing Garden, and is set to be listed on the Toronto Stock Exchange. The company’s Greenery farm won the Gold Stevie Award for Technical Innovation in 2023.
Q4 2023 Update (2024/01/10)
In the fourth quarter of 2023, Freight Farms reported substantial growth with an 83% year-over-year increase in farm orders, reaching 95 orders, and a predicted rise in revenue despite inventory limitations. The company achieved a yield research milestone, surpassing 280,000 ounces per farm, significantly more than the 180,000+ ounces in their financial models. They also completed the Greenery 7 model, an improved version of their farming system, and made progress on the Garden units and their business combination with Agrinam, set to finalize in early 2024.
Agrinam Extends Permitted Timeline (2023/12/18)
Agrinam Acquisition Corporation (TSX: AGRI.U) has extended its deadline for completing a qualifying acquisition to March 15, 2024, by depositing an additional $400,000 into escrow. This move follows Agrinam’s definitive business combination agreement with its subsidiary Agrinam Merger Sub, Inc. and Freight Farms, Inc., a leader in sustainable agtech. The anticipated triangular merger, expected to close in early 2024, will see Agrinam acquiring all shares of the agtech company and is set to be Agrinam’s qualifying acquisition as per the Toronto Stock Exchange Company Manual.
Agrinam Acquisition Corp Files Preliminary Prospectus (2023/10/05)
Freight Farms, Inc. and Agrinam Acquisition Corporation have agreed to a business combination with a pro forma market cap valuation of approximately $147 million. They plan to complete a PIPE financing to raise $20 million net of transaction expenses involving strategic and financial investors. Freight Farms has sold over 600 modular container farms worldwide and recorded $23 million in revenue in 2022. The closing of the business combination is subject to shareholder approval and is expected to close in Q1 2024.
Agrinam Acquisition Corporation Announces Business Combination (2023/09/07)
Agrinam Acquisition Corporation has signed a letter of intent with Freight Farms, Inc. to accelerate the adoption of sustainable, hyper-local food production systems worldwide. Freight Farms is a global leader in modular controlled environment agriculture, and has raised over $43 million in external funding. The deal values the vertical farming company at approximately $147 million, and is expected to be finalized in Q3 2023, subject to regulatory approvals and shareholder approval from both companies.
Partners with Local Line to Empower New Farmers (2023/07/03)
The container farming company partners with Local Line, an all-in-one sales platform tailored to farmers, to equip new farmers with the necessary resources to establish successful businesses. Local Line offers features like price lists, inventory management, invoicing, and payment options to help farmers grow their businesses. This partnership helps farmers to establish a profitable farm business by utilizing Freight Farms and Local Lines simultaneously. Freight Farms provides services to set up a container farm and commence growth, while Local Line’s services facilitate the launch of their businesses.
Introduces Its New Line Of Hydroponic Nutrients (2023/02/20)
The company launched a new line of hydroponic nutrients called Farmhand. The product line consists of three components: Farmhand form, grow, and boost, each designed to provide essential macro and micronutrients to support healthy plant growth in hydroponic systems.
Aliaxis SA Announces Investment As Part of USD 17M Series B3 (2022/11/15)
Aliaxis SA invests in Freight Farms, a pioneer in vertical farming technology that enables water savings of 90 to 99%. The funding will support Freight Farms’ mission to empower anyone to grow food anywhere through its container farms and farm automation software. The investment is part of Aliaxis Next’s Water for Food business unit. According to Eric Olsen, CEO of Aliaxis, “70% of fresh water is used for food production.” By investing in Freight Farms, Aliaxis is implementing its Growth with Purpose approach to support the production of water-efficient, fresh, and affordable food.
Research Facility, Biosphere 2, Partners With Freight Farms (2022/09/09)
Freight Farms and Biosphere 2 have partnered to explore new ways of growing food in the face of environmental challenges. The goal is to advance the sustainability of Earth Systems and quality of life. Freight Farms believes that a decentralized system of food production is essential to improving the resilience and security of food access globally. They make modular vertical farms that are shipped and installed globally, bringing the farm and the power of self-growing to communities of all kinds. The Greenery S used in this project has yielded lettuce delivered to the University of Arizona Campus Pantry and the Impact of Southern Arizona community food bank. Vertical farming’s ability to control environmental factors makes it critical for the future of food development. Freight Farms has brought precision growing into the future with Farmhand®, its IoT farm automation software.
Winvale Partners with Freight Farms (2022/06/24)
Winvale has partnered with Freight Farms, a provider of vertical container farming solutions. Through Winvale’s GSA Schedule GS-35F-0074S, the container farming company will offer their vertical hydroponic farming containers. Freight Farms’ flagship product, the Greenery ™ S, is a vertical hydroponic farm built entirely inside a shipping container. The smart farm integrates with Freight Farm’s Farmhand® software to automate most of the farming process.
Nets USD 12 Million Financing From Cambridge Trust (2022/07/26)
Cambridge Trust Company has provided $12 million in debt financing for expansion and growth. The funding will help meet the increasing demand for the farms and enable the company to continue providing vertical farming solutions to optimize crop yield year-round. Cambridge Trust’s Innovation Banking Group focuses on the financial needs of growth-stage companies.
Image provided by Freight Farms
3 Comments