All Updates

All Updates

icon
Filter
Partnerships
Agrify signs USD 23.8 million deal with first customer in Arizona
Vertical Farming
Oct 28, 2021
This week:
Product updates
Burcon unveils canola protein isolate for egg replacement
Plant-based Dairy & Egg
Yesterday
Product updates
Bene Meat Technologies produces first cultivated burger at parity with premium beef
Cell-cultured Meat
Yesterday
Geographic expansion
Regulation/policy
The Better Meat Co. expands to Asia with Singapore approval for Rhiza mycoprotein
Plant-based Meat
Yesterday
Listing
Pony.ai files for US IPO
Auto Tech
Yesterday
Product updates
MineOS launches DSR management 2.0
Digital Privacy Tools
Yesterday
Product updates
LatticeFlow launches the first evaluation framework for EU AI Act compliance
Generative AI Infrastructure
Yesterday
Product updates
Cognitive3D launches custom dashboards for XR analytics
Extended Reality
Oct 16, 2024
Funding
Mindtech raises GBP 4.4 million in funding to develop AI vision technology
Extended Reality
Oct 16, 2024
Partnerships
Zscaler and Okta partner to enhance zero trust security initiatives
Identity & Access Management
Oct 16, 2024
Partnerships
Zscaler and Okta partner to enhance zero trust security initiatives
Next-gen Cybersecurity
Oct 16, 2024
Vertical Farming

Vertical Farming

Oct 28, 2021

Agrify signs USD 23.8 million deal with first customer in Arizona

Partnerships

  • Agrify, a US-listed company offering vertical farming solutions, announced that it has signed a definitive agreement with Olive El Mirage Partners LLC (an Arizonian contract cultivation operator) to support the latter in building a 30,000-square-foot vertical farming facility and to install 400 Agrify Vertical Farming Units (VFUs).

  • The deal is valued at around USD 23.8 million which includes USD 9.4 million for the 400 VFUs and the remaining as recurring SaaS revenue for using the Agrify Insights cultivation software over a ten-year period. Apart from this, Olive El Mirage will take responsibility for the construction cost of the facility.

  • Via the partnership, Agrify has now entered the Arizona cannabis market.

<ul><li> Analyst QuickTake: The Olive El Mirage partnership follows the company’s two other Total Turn-Key (TTK) solution customer partnerships , which it signed this year, strengthening its presence in Massachusetts. The first partnership was with Bud & Mary’s Cultivation Inc., which involved installing up to 1,200 Agrify’s VFUs, presenting a revenue opportunity of USD 28 million annually. This was followed by True House Cannabis LLC with a total revenue opportunity of around USD 45.3 million over a ten-year period. This month, Agrify also announced that it has continued to upgrade its VFU and unveiled a new and improved microenvironment-controlled VFU, which is expected to commercially launch by Q2 2022.</ul>

Contact us

Gain access to all industry hubs, market maps, research tools, and more
Get a demo
arrow
menuarrow

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.