Nature's Miracle Holding Inc. Announces Agreement with Robostreet to Launch Mobile E Farm in California

Rhea-AI Summary

Nature's Miracle Holding (NASDAQ: NMHI) has signed a Cooperation Agreement with Robostreet to acquire 150 LS450 electric trucks, with 40 units scheduled for delivery by end of 2024. The company plans to convert these vehicles into mobile vertical farms for growing micro-greens and herbs in the Los Angeles market. The purchase is expected to be subsidized through California's energy incentive program. Robostreet will provide maintenance support and install charging infrastructure at Nature's Miracle's California warehouse. This initiative aims to create a farm-to-table platform combining vertical farming with clean energy and EV technologies.

Positive

• Secured 150 electric trucks for mobile vertical farming expansion
• Purchase costs expected to be subsidized by California state incentives
• Infrastructure support included through Robostreet partnership
• Geographic expansion into Los Angeles market

Negative

• Significant capital investment required for fleet acquisition
• Delivery timeline extends over one year
• Early phase of strategic development indicates execution risks

News Market Reaction

-6.31%

1 alert

-6.31% News Effect

On the day this news was published, NMHI declined 6.31%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

~ Nature's Miracle to Receive 150 LS 450 Electric Trucks from Robostreet; 40 Electric Trucks Expected Before End of 2024 ~

~  Electric Trucks will be Converted into Mobile Vertical Farms ~

~ Cost of E-Trucks Expected to be Subsidized by the State of California's Energy Incentive Program ~

ONTARIO, Calif., Oct. 28, 2024 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today announced it has entered into a Cooperation Agreement (the "Agreement") with Robostreet Inc. ("Robostreet") to order a total of 150 LS450 electric trucks from Robostreet. As part of the agreement, Robostreet will coordinate a third-party agency to assist Nature's Miracle in applying for California's incentive program to fund the purchase.

Nature's Miracle plans to convert these electric trucks into mobile vertical farms in order to grow micro-greens and herbs which will be delivered to an end customer base including consumers and businesses.   Nature's Miracle will order 150 LS 450 electric trucks from Robostreet, 40 of which will be delivered by the end of 2024, and the remaining will be delivered within one year. Nature's Miracle plans to initially deploy the Mobile E Farms in the Los Angles market. Simultaneously, Robostreet will provide the required resources to maintain its electric trucks including a photovoltaic and energy storage integrated charging station at Nature's Miracle's California warehouse.  

James Li, CEO of Nature's Miracle, commented, "We are excited to collaborate with Robostreet as we pursue our next growth initiative with an all electric mobile farming and distribution service. Securing Robostreet's LS450 electric trucks provides an infrastructure to develop a farm to table paradigm on the foundation of our mission focusing on sustainably sourced and cultivated agriculture made widely available to the end consumer. While we are currently in the early phase of strategic development, our objective is to establish a seamless platform that will combine our core vertical farming business, clean energy and EV technologies to provide consumers with direct access to fresh vegetable products."

About Nature's Miracle Holding Inc.

Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture ("CEA") industry which also includes vertical farming in North America. Nature's Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle, through its two wholly-owned subsidiaries (Visiontech Group, Inc. and Hydroman, Inc.), provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America.

About Robostreet Inc.

Robostreet (www.robo-street.com) is a Boston-based smart and clean energy truck manufacturer specializing in advanced robotic trucks that can autonomously handle complex tasks. By combining artificial intelligence, clean energy, and robotics, Robostreet is shaping the future of transportation with innovative solutions focused on sustainability and efficiency. With a talented team and technology, Robostreet has partnered with several truck manufacturers to co-develop a series of electric truck chassis, designed to upgrade work trucks and utility vehicles.

Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intends," "may," "will," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: the intended use of proceeds from the offering; successful launch and implementation of Nature's Miracle's joint projects with manufacturers and other supply chain participants of steel, rubber and other materials; changes in Nature's Miracle's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; Nature's Miracle's ability to develop and launch new products and services; Nature's Miracle's ability to successfully and efficiently integrate future expansion plans and opportunities; Nature's Miracle's ability to grow its business in a cost-effective manner; Nature's Miracle's product development timeline and estimated research and development costs; the implementation, market acceptance and success of Nature's Miracle's business model; developments and projections relating to Nature's Miracle's competitors and industry; and Nature's Miracle's approach and goals with respect to technology. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company's shares on Nasdaq; changes in applicable laws or regulations; the effects of the coronavirus (COVID-19) and any future outbreaks on Nature's Miracle's business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which Nature's Miracle's operates; the risk that Nature's Miracle's and its current and future collaborators are unable to successfully develop and commercialize Nature's Miracle's products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that Nature's Miracle's is unable to secure or protect its intellectual property; the possibility that Nature's Miracle's may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in Nature's Miracle's filings from time to time with the SEC.

Contacts
George Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com

MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us

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SOURCE Nature's Miracle Holding Inc.

FAQ

How many electric trucks will Nature's Miracle (NMHI) receive from Robostreet?

Nature's Miracle will receive a total of 150 LS450 electric trucks from Robostreet, with 40 units to be delivered by the end of 2024 and the remainder within one year.

What will Nature's Miracle (NMHI) use the Robostreet electric trucks for?

Nature's Miracle will convert the electric trucks into mobile vertical farms to grow and deliver micro-greens and herbs to consumers and businesses.

Where will Nature's Miracle (NMHI) deploy its Mobile E Farms initially?

Nature's Miracle plans to initially deploy the Mobile E Farms in the Los Angeles market.

How will Nature's Miracle (NMHI) finance the electric truck purchase?

The cost of the electric trucks is expected to be subsidized through California's energy incentive program, with Robostreet coordinating the application process.