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AeroFarms, a leader in indoor vertical farming, has commenced construction on its second commercial farm in Danville-Pittsylvania County, Virginia. The new 136,000 square foot facility is expected to be operational in the second quarter of 2022, enhancing AeroFarms' position in the market. This farm will utilize advanced agSTACK technology, significantly improving productivity while reducing water usage by up to 95% and eliminating pesticides. The farm aims to serve over 1,000 food retailers and access approximately 50 million consumers within a day’s drive.
AeroFarms announced it has received a certificate of occupancy for its expanded global headquarters in Newark, New Jersey, adding 25,000 square feet for new office space and R&D facilities. Since relocating to Newark in 2015, AeroFarms has generated over 75 jobs and currently employs over 150 team members. The company focuses on innovation in vertical farming using patented technology, employing 95% less water and no pesticides. AeroFarms is set to go public through a merger with Spring Valley Acquisition Corp. (Nasdaq: SV).
AeroFarms has appointed Gary M. Cohen as Chief Revenue Officer, overseeing farm development and business growth. Cohen will lead commercialization efforts related to a partnership with Hortifrut S.A. He brings 37 years of experience from BD, where he held executive roles, focusing on global health initiatives. This strategic hire aims to enhance AeroFarms' market position and drive expansion into new product categories, particularly berries. The company emphasizes its commitment to sustainable agriculture, utilizing advanced technology to optimize quality and reduce costs.
AeroFarms and Hortifrut S.A. have announced a multi-year partnership to advance research and development in indoor blueberry and caneberry production. This collaboration aims to optimize plant varieties for vertical farming, enhancing sustainable agriculture. Currently, the partnership is in its initial phase, with blueberry plants arriving at AeroFarms' Newark facility. The companies aspire to commercialize these berries globally, ensuring quality and availability. Both CEOs express excitement about their shared goals and the potential of this innovative farming approach.
AeroFarms has announced a merger agreement with Spring Valley Acquisition Corp. (Nasdaq: SV), enabling AeroFarms to become publicly traded under the ticker symbol 'ARFM'. This transaction is valued at approximately $1.2 billion, with an expected $317 million in unrestricted cash for future growth. AeroFarms, a leader in vertical farming, focuses on sustainable agriculture, utilizing innovative technology to enhance productivity and efficiency. The merger aims to capitalize on a $1.9 trillion market opportunity in leafy greens and related sectors.
