Key Takeaways:
- Nature’s Miracle Holding Inc. (NASDAQ: NMHI) has partnered with Robostreet Inc. to purchase 150 LS450 electric trucks.
- The electric trucks will be converted into mobile vertical farms for growing and delivering micro-greens and herbs.
- The project will initially launch in Los Angeles, with 40 trucks expected by the end of 2024.
- Robostreet will also support Nature’s Miracle with a photovoltaic and energy storage-integrated charging station at its California facility.
Electric Truck Order to Support Mobile Vertical Farming
Nature’s Miracle Holding Inc., known for its work in vertical farming technology, has entered into a Cooperation Agreement with Robostreet Inc. to purchase 150 LS450 electric trucks. These trucks, scheduled to arrive in stages with 40 expected by the end of 2024, will serve as mobile vertical farms. The collaboration includes support from a third-party agency, coordinated by Robostreet, to help Nature’s Miracle access California’s incentive programs that fund electric vehicle purchases.
A New Approach to Farm-to-Table Distribution
Nature’s Miracle plans to convert the LS450 electric trucks into mobile units that will grow micro-greens and herbs for consumers and businesses. The company’s CEO, James Li, highlighted the partnership’s role in advancing their farm-to-table model. “Securing Robostreet’s LS450 electric trucks provides an infrastructure to develop a farm-to-table paradigm, combining vertical farming with clean energy and EV technologies to provide consumers with direct access to fresh produce,” Li stated.
Deployment and Operational Support
The Mobile E Farms will initially be deployed in the Los Angeles area, where Robostreet will install a photovoltaic and energy storage-integrated charging station at Nature’s Miracle’s California warehouse. This facility will serve as a central hub for charging and maintaining the electric fleet, aligning with Nature’s Miracle’s sustainability goals by combining renewable energy with advanced farming infrastructure.
Nature’s Miracle Holdings Latest News
Reports Q2 2024 Performance (2024/08/19)
Nature’s Miracle reported a 75% increase in revenue for Q2 2024, driven by increased demand for its Efinity LED light products. The company’s gross profit increased to $0.5 million, largely due to higher margin components and favorable pricing trends from Asian manufacturers. However, the company also saw an increase in selling, general, and administrative (SG&A) expenses to $1.5 million. Despite the revenue growth, the company reported a net loss of $1.8 million, compared to $0.4 million in the same period last year. The company’s cash position was $30,532 as of June 30, 2024, down from $221,760 at the end of December 2023. The company plans to focus on its existing, new, and licensed products as key drivers for revenue growth in Q2 2024 and beyond.
Read the entire financial results here.
Nature’s Miracle Holdings Inc. Partners with BeGrow Sera Limited Sti to Distribute Stone Wool Substrate Products in the U.S. (2024/06/13)
Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) has signed a distribution agreement with BeGrow Sera Limited Sti, making it the primary distributor of BeGrow’s Stone Wool Substrate products in the United States for a three-year period. BeGrow has 15 years of experience in producing high-quality stone wool substrates for hydroponic production of fruits and vegetables. The partnership aims to expand BeGrow’s market reach in the U.S. and enhance Nature’s Miracle’s position as a leader in providing comprehensive solutions for indoor farming.
Signs Strategic Agreement with Traxon Technologies Ltd (2024/06/07)
Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) has partnered with Traxon Technologies Limited to distribute OSRAM general lighting luminaires for horticulture lighting in the U.S. Nature’s Miracle will be the exclusive distributor of these products, which are known for their advanced smart sensor technology and energy-efficient LED lighting. Sales are expected to begin in the third quarter of 2024, with projected minimum sales of at least $8 million by 2026. James Li, Chairman and CEO of Nature’s Miracle, expressed his enthusiasm for the partnership, stating that it will help the company achieve its objective of supplying innovative products for controlled environments in the agriculture industry.
Nature’s Miracle Holdings Launches efinity Dehumidifier for Indoor Growing Market (2024/05/29)
Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) has launched its efinity brand dehumidifier, aimed at the indoor growing market. The dehumidifier includes two models, with a more powerful model in development. It adheres to R-32 AIM standards to reduce HFC usage and lower GWP. The product is expected to be available for shipping in Q3 of 2024, with an anticipated annual revenue of over $20 million. Management is optimistic about the product’s impact, aiming to enhance both topline growth and margin expansion. The dehumidifier comes with advanced features designed for the indoor growing market. The company aims to solidify its position as a comprehensive provider of indoor growing technology, aligning with the company’s vision of offering a full range of solutions to its customers.
Agrify Corporation and Nature’s Miracle Holdings Terminate Merger Agreement (2024/05/21)
Agrify Corporation (Nasdaq: AGFY) has terminated its merger agreement with Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) due to unfavorable market conditions. Despite the termination, Agrify reports strong growth and strategic focus in its cultivation and extraction business divisions. Nature’s Miracle Holding Inc. will focus on its core indoor growing products.
Complete Merger With Agrify Corporation (2024/05/17)
Nature’s Miracle Holding Inc. (NASDAQ: NMHI; NMHIW) and Agrify Corporation (NASDAQ: AGFY) have announced a definitive agreement for a merger. Under the agreement, a new subsidiary of Nature’s Miracle will merge with Agrify, making Agrify a wholly-owned subsidiary of Nature’s Miracle. Agrify shareholders who do not dissent to the merger will receive 0.45 shares of Nature’s Miracle common stock for each Agrify share they hold. The merged organization will focus on indoor vertical farming and a prominent cannabis extraction division.
James Li, CEO of Nature’s Miracle, stated, “The unified Nature’s Miracle and Agrify business will significantly grow our market share as consumer adoption increases across the vertical farming agriculture industry.” Raymond Chang, CEO and Chairman of Agrify, commented, “The combined forces of Agrify and Nature Miracle will elevate our innovative, disruptive, and high-quality technology and service offerings for both the cannabis and agriculture industries.”
Strategic Expansion in Vertical Farming (2024/04/26)
Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) has shipped its first two “MiracleTainer” container farms to Growterra, LLC, an Ohio-based vertical farming company. The “MiracleTainer” series features LED grow lights, hydroponic systems, and sensors to optimize growing conditions. James Li, Chairman and CEO of Nature’s Miracle, emphasized the company’s commitment to advancing agricultural productivity. The recent acquisition of Agrify and its Agrify Insights™ SaaS Software platform is expected to enhance the “MiracleTainer” container farms.
Acquires Agrify Corp For $6.35M (2024/04/18)
Nature’s Miracle Holding Inc. has announced the acquisition of Agrify Corporation, a leading provider of cultivation and extraction solutions. This all-stock transaction will create financial and operational synergies and enhance the companies’ revenue. The merger will integrate Agrify’s innovative SaaS and AI technologies with the companies robust vertical farming operations. Raymond Chang, CEO of Agrify, will lead the Agrify division within Nature’s Miracle and join its Board of Directors. The merger is subject to shareholder approval and customary closing conditions and is expected to close within six months.
Partners with MZ Group to Bolster IR (2024/04/10)
Nature’s Miracle Holding Inc. has hired MZ Group for investor relations and financial communications after its recent listing on Nasdaq. MZ will help the company increase its profile in the investment community by conducting roadshows and participating in investment conferences. The collaboration is expected to strengthen Nature’s Miracle’s presence in the market, as the global commercial greenhouse market is projected to grow to $76 billion by 2030.
To Acquire Future Tech Inc. (2024/03/21)
Nature’s Miracle Holding Inc. (NASDAQ: NMHI) has signed an MOU with Ohio-based Future Tech Inc. (FTC). The agreement could lead to NHMI acquiring FTC, a financial technology, data systems, and energy integrator company. Under the MOU, the company would acquire all issued and outstanding shares of FTC’s common stock in exchange for shares of common stock of NMHI. James Li, Chairman and CEO of Nature’s Miracle, stated that this deal would allow the company to expand into the indoor growing markets of Ohio, Illinois, and Michigan.
Rings Closing Bell in NASDAQ (2024/03/20)
In a significant development for NHMI, Chairman and Chief Executive Officer James Li participated in the Nasdaq Stock Market’s traditional closing bell ceremony in Times Square, New York City. This event highlighted the commencement of trading for the company’s stock and warrants on the Nasdaq Global Market and Nasdaq Capital Market, under the symbols “NMHI” and “NMHIW”, respectively.
Nature’s Miracle and Afafa’s Joint Development Agreement (2024/02/12)
Nature’s Miracle Holdings Inc. and Afafa, Inc. have announced a strategic partnership to develop and market the MiracleFarm “5+1” container farm units. This innovative approach to vertical farming aims to reduce costs and increase yields through automation and renewable energy sources. Nature’s Miracle will handle marketing and distribution, while Afafa will take on manufacturing. The planned launch of the MiracleFarm “5+1” container farms in North America by mid-2024 is expected to have a significant impact on the controlled environment agriculture industry.
Partners with Growterra (2023/09/29)
Nature’s Miracle Holdings Inc. has announced a Master Supply Agreement with Growterra, LLC to provide hydroponic agriculture solutions. The partnership aims to optimize conditions for maximized yield in locally grown produce. Nature’s Miracle has also entered a non-binding Memorandum of Understanding with PowerGrow Inc. to develop clean energy-enclosed greenhouses, incorporating advanced technologies for sustainable agriculture.
To Be Listed on NASDAQ At A USD 265 Million Valuation (2023/09/13)
Nature’s Miracle Inc. and Lakeshore Acquisition II Corp. have entered into a business combination agreement. Upon closing, the combined company is expected to change its name to Nature’s Miracle Holding Inc. and its common stock is expected to be traded on the Nasdaq Global Market. NHMI plans to offer an alternative farming mode that saves transportation cost, reduces irrigation water requirements by up to 90% and ensures fresh and local supply of produces for health-conscious consumers. The merger has been approved by the boards of directors of each of Lakeshore and Nature’s Miracle and is expected to close in the first quarter of 2023.
Form MOU With UFO To Establish Farm-To-Fork Vertical Farms (2022/12/05)
Nature’s Miracle has entered into a Memorandum of Understanding with “UFO” (Urban Farm Organization) to open indoor farms with stores in urban areas of America. Under the MOU, Nature’s Miracle will provide technical expertise to design and build vertical farms as well as offer hardware and software to complete the construction within an urban setting. The UFO organization is identifying urban locations suitable for indoor farms and advising on obtaining private and public financing to build such facilities. Both sides are working on a pilot project with USC/Keck Hospital at Verdugo Hills as the first vertical farm at a hospital.
