Key Takeaways
- Planet Farms and Swiss Life Asset Managers create a new joint venture dedicated to controlled environment agriculture (CEA) infrastructure, with a planned investment of up to €200 million.
- Swiss Life Asset Managers to provide up to €125 million, with Planet Farms contributing its proprietary indoor farming technology and operational expertise.
- The partnership includes Planet Farms’ flagship Cirimido facility (20,000 sqm growing area) and future projects in the UK and Scandinavia.
- The move follows recent milestones, including $40 million raised in late 2023 for UK and Italy expansion and the company’s recovery plans after a fire incident at its Cavenago plant in January 2024.
- The company continues to position itself as a major player in Europe’s vertical farming and CEA sector.
Strategic Partnership for Europe’s Indoor Farming Growth
Planet Farms and Swiss Life Asset Managers have entered into a new industrial joint venture to accelerate the development of controlled environment agriculture (CEA) infrastructure across Europe. The platform, backed by an initial capital commitment of up to €200 million, will focus on large-scale vertical farming projects to meet rising demand for local, sustainable produce.
Swiss Life Asset Managers will contribute up to €125 million to the partnership, while Planet Farms brings advanced vertical farming technologies and operational know-how.
“This joint venture marks the next chapter of Planet Farms’ growth as a technology-driven company,” stated Planet Farms in its announcement. “Swiss Life Asset Managers’ commitment reflects confidence in our proven industrial model and technology potential.”
Initial Projects and Focus Areas
The new partnership will cover existing and future infrastructure, including:
- The operational Cirimido facility (Italy)
- One of the world’s largest vertical farms with 20,000 sqm of growing space.
- Already part of Planet Farms’ ongoing expansion efforts in Italy.
- Planned developments in the UK and Scandinavia
- UK market entry expected with a new site north of London by the second half of 2025.
- Scandinavian market initiatives also underway.
The partnership aims to combine financial strength and agricultural technology expertise to build and operate high-yield, low-footprint indoor farms.
Recent Milestones and Context For Planet Farms
Planet Farms’ joint venture follows several key developments that reflect both momentum and challenges:
| Date | Event | Highlights |
|---|---|---|
| Jan 2024 | Fire at Cavenago Plant | Substantial damage; expansion at Cirimido unaffected. |
| Nov 2023 | Raised $40M for Italy and UK expansion | Completion of Cirimido facility and new UK farm planned. |
| Dec 2022 | €17.5M loan from UniCredit & Sace | Supported Cirimido construction and growth plans. |
Despite the fire setback, the company emphasized its commitment to expansion and technological advancement, with the Cirimido project progressing and new market entries on schedule.
Planet Farms: Positioning in the Evolving AgTech Landscape
While Planet Farms continues to move forward, several vertical farming and agtech companies — including Bowery Farming, Plenty, Freight Farms and Jones Food Company — have ceased operations in recent months due to market headwinds
3 Comments