Key Takeaways:
- Significant Financing: Vertical Harvest Farms closes $59.5 million in project financing to develop a 51,000 square-foot vertical farm in Westbrook, Maine.
- Local Food Production Goals: The project aims to support the New England Food Vision by locally producing 30% of the region’s food by 2030.
- Impact on Nutrition and Waste: The facility will produce 2.5 million pounds of fresh greens annually, improving nutritional intake and reducing food waste.
- Employment and Inclusivity: The project continues Vertical Harvest’s mission to provide meaningful employment for people with disabilities.
- Diverse Funding Sources: Financing includes federal loans, private loans, and public-private partnerships, showcasing a robust investment model.
Project Overview
Vertical Harvest Farms, a pioneer in indoor farming and social inclusivity, announced the closure of $59.5 million in financing for a new hydroponic vertical farm in downtown Westbrook, Maine. This facility is poised to be a crucial part of Maine’s food system infrastructure, aligning with regional goals to increase local food production significantly.
Strategic Impact and Community Benefits
The new facility will produce approximately 2.5 million pounds of leafy greens, herbs, and other vegetables annually, focusing on delivering fresh produce within 24 hours of harvest. This initiative is expected to drastically reduce the loss of nutritional value that occurs when produce is shipped long distances and will help decrease food waste at the retail level.
Inclusivity and Employment
Echoing its founding principles, Vertical Harvest emphasizes its dual mission to grow food and futures, particularly for people with disabilities. This project underlines the company’s commitment to creating tech-forward, inclusive employment opportunities in the agricultural sector.
Comments from Leadership
Nona Yehia, CEO of Vertical Harvest, expressed the company’s dedication to local and fair food production, stating, “We’re on a mission to grow food as local, fresh, and fair as possible, and ensure there’s a place at the table for everyone in the future of food.”
Government and Partner Support
The project has garnered significant support from both public and private sectors. Rhiannon Hampson, USDA Rural Development Maine State Director, highlighted the project’s alignment with federal goals: “As ‘The People’s Department’ we are happy to support fresh food, and good jobs here in Maine, as well as the equity of access to both.”
Alexios Georgousis of Madison One CUSO also noted, “Through two pioneer programs from the USDA and other community facilities, we were able to creatively structure this challenging project. We believe this will have a tremendous impact on the local community and the future of food production.”
Funding Details
The financing package includes substantial federal and private loans, supplemented by a pioneering Commercial Property Assessed Clean Energy (C-PACE) loan, the first of its kind administered in Maine by the Efficiency Maine Green Bank and issued through Nuveen Green Capital. Additional funding comes from the American Rescue Plan (ARPA) through the Finance Authority of Maine (FAME).
Future Prospects
This financing model, initially piloted in Wyoming and now successfully applied in Maine, sets a precedent for future developments, including a planned facility in Detroit, Michigan, developed in partnership with Bedrock. This approach demonstrates Vertical Harvest’s strategy of leveraging public-private partnerships to strengthen local food systems and deliver impactful, inclusive community benefits.
Vertical Harvest Latest News
Discover the company’s profile here.
Partners With Elevated Signals (2024/03/14)
Elevated Signals Inc. collaborates with Vertical Harvest, Inc. to digitalize its vertical farming operations. The partnership aims to drive the digital transformation of Vertical Harvest’s operations and support its planned expansion. Vertical Harvest is a pioneering venture in North America, known for its innovative approach. With Elevated Signals’ cloud-based platform, the company aims to transform its challenges by automating inventory data capture and simplifying batch reporting processes. The technology promises to offer precision and flexibility for the unique operations of sectors like vertical farming, enabling the company to expand its cultivation space by 800 folds.
Vertical Harvest Partners with Food Bank of Wyoming to Expand Hunger Relief Efforts (2023/09/11)
Vertical Harvest is an indoor farming company in Wyoming that employs people with disabilities. They have partnered with the Food Bank of Wyoming to distribute fresh greens to Wyoming Hunger Relief Partners. The pilot program has been successful, and they plan to expand further. The company’s expansion into new markets prioritizes local and state produce distribution. The Lander pantry has absorbed 225 lbs of greens delivered over the partnership’s first three months. Plans are underway to expand access further across the state.
Bedrock & Vertical Harvest to Explore Indoor Farming Initiative (2023/07/03)
Bedrock, the leading city builder headquartered in Detroit, and Vertical Harvest, a community-focused indoor farming organization, jointly revealed plans to probe into the development of Vertical Harvest Detroit. Positioned within Detroit’s Milwaukee Junction neighborhood, the prospective 60,000-square-foot building, rising to a height of 74 feet, would boast a 205,000-square-foot growing canopy. The structure aims to incorporate hydroponic, vertical, and controlled environmental agricultural methodologies.
Wins Gold & Silver at Anthem Awards (2023/02/20)
Vertical Harvest Farms has been awarded a Gold and Silver for Diversity, Equity, & Inclusion (“DEI”) at the 2nd Annual Anthem Awards. The competition received nearly 2,000 entries from 43 countries worldwide. In addition, the company won Gold in the DEI category for Community Engagement and Silver in the DEI category for Learning Training & Development for their Grow Well customized employment program.
Vertical Harvest Wins The 2022 Tony Hsieh Award (2022/10/26)
Vertical Harvest, Inc., won the 2022 Tony Hsieh Award for its Grow Well approach to customized, integrated employment. The approach is designed for the disability community and cultivates meaningful careers while developing soft skills. The company provides various types of training in the green jobs-oriented AgTech sector and practices Competitive Integrated Employment. By doing so, they’ve disrupted the $5 trillion agriculture industry. The Tony Hsieh Award recognizes the company’s management philosophies and company culture as clear differentiators.
Vertical Harvest Farms and FundHER World Capital Form Partnership for Long-Term Growth (2022/10/18)
Vertical Harvest, Inc., a hydroponic, vertical farming company based in Jackson, Wyoming, is partnering with FundHER World Capital and DRA Family Office to support the expansion plans for Vertical Harvest’s urban vertical farm locations, starting with the large-scale farm in Maine. The partnership aims to address the major issues and lack of funding that female-led companies have. Vertical Harvest Farms co-locates their urban indoor vertical farms with affordable housing, creating jobs for the underemployed and producing sustainable nutrition-rich produce. This funding partnership comes after the company raised $9.5 million earlier this year and lays the foundation for a Series B funding round.
Vertical Harvest Farms Appoints Michael Chin as Chief of Farm Operations (2022/06/28)
Vertical Harvest has recently appointed Michael Chin as Chief of Farm Operations. This comes after a Series A financial close that will fund Vertical Harvest’s expansion to new locations across the US. Chin will lead the operating systems, technology integration, and product innovation strategy implementation into the company’s new facilities while meeting the unique needs of each individual city. With over 20 years of experience, Chin has a proven track record in taking new technology products from R&D to operational scale, making him the perfect fit for Vertical Harvest’s growth trajectory.
Image provided by Vertical Harvest
