Key Takeaways
- Significant Growth in Orders: Freight Farms, a leader in hydroponic container farming, reported a 32% increase in year-over-year orders for their flagship product, the Greenery Farm, in 2023.
- Expanding Customer Base: The growth is primarily attributed to a 70% increase in farm units among existing customers, particularly a 147% rise in non-profit and healthcare sectors and a 27% increase in education.
- Innovative New Product – The Garden: Freight Farms is set to introduce the Garden, a smaller, aesthetically designed version of the Greenery aimed at educational and public institutions.
- Strategic Business Combination: The report follows Freight Farms’ announced business combination with Agrinam Acquisition Corporation, leading to Freight Farms being listed on the Toronto Stock Exchange.
- Recognition and Awards: Freight Farms’ Greenery won the Gold Stevie Award for Technical Innovation of the Year in 2023, and its farmhand® software was named IoT Monitoring Solution of the Year.
Company Growth and Market Impact
Freight Farms, a company providing hydroponic container farming, announced a 32% increase in orders for its greenery farm in 2023. This growth signifies the rising demand for localized, sustainable food solutions among institutions and communities. The company has seen a notable increase of about 70% in farm units within customer operations. This surge is driven mainly by a 147% growth in the non-profit and healthcare sectors and a 27% increase in education.
The Introduction of the Garden
Building on the success of the Greenery, Freight Farms is gearing up to unveil the Garden. This new iteration is designed to be smaller and more aesthetically pleasing, making it ideal for educational settings, public areas, and various institutions. The partnership with the Museum of Science, Boston, marks the beginning of its strategic introductions, with market production anticipated to start in 2025.
Strategic Business Combination
The growth report is timely, following the announcement of a public business combination between Freight Farms, Agrinam Acquisition Corporation, and Agrinam Merger Sub, Inc. This merger is set to result in Freight Farms being listed on the Toronto Stock Exchange, marking a significant milestone in the company’s journey.
Sustainable Agriculture and Community Engagement
Freight Farms’ Greenery, a modular farm utilizing advanced hydroponic and controlled-environment technologies, allows farmers to produce considerable yields with minimal water and land. The company’s initiatives have led to increased involvement in community organizations, hospitals, and educational institutions, aligning with its mission to decentralize and democratize access to fresh produce.
Case Studies and Customer Experiences
- Non-profit Sector: Puerto Rico’s Farm in the City, using Freight Farms’ technology, has expanded to over 20 farms, addressing food security post-Hurricane Maria.
- Education Sector: The University of Arizona’s Biosphere 2 incorporates Freight Farms’ technology to advance research in sustainable food production.
- Healthcare Sector: AdventHealth Celebration, utilizing Freight Farms, focuses on providing sustainable food sources for staff and community members, with plans for therapeutic and educational programs.
Recognition and Future Prospects
Freight Farms’ commitment to sustainable agriculture was recognized when its Greenery farm won the Gold Stevie Award for Technical Innovation of the Year in 2023. The company’s farmhand® software also received accolades and was named the IoT Monitoring Solution of the Year. With its expanding influence and innovative solutions, Freight Farms continues to champion a sustainable and resilient future in food production.
Freight Farms Latest News
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
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