<div>
  <ul>
    <li>
      <p>
        Infarm: Indoor Urban Farming B.V., the Dutch branch of Infarm, a Berlin-based hydroponic vertical farming system startup offering herbs and green leaves, has been declared bankrupt by the court in Amsterdam due to the termination of the suspension of payment on September 19, 2023.
      </p>
    </li>
    <li>
      <p>
        R. Suurmond has been appointed as the curator to look into the case.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Infarm was one of the vertical farms affected by the energy crisis in Europe and beyond, resulting in the downsizing of its operations in the UK, France, and the Netherlands. The company had to 
        <a href="https://sp-edge.com/updates/14956">
          lay off up to 500 employees
        </a>
         (November 2022) and cease operations in 
        <a href="https://sp-edge.com/updates/17740">
          Frankfurt and Copenhagen
        </a>
         (April 2023) due to escalating energy prices, inflation, supply chain disruptions, and challenging financial markets. However, the company is currently building its Toronto facility and reportedly has plans to grow its business in North America.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.faillissementsdossier.nl/en/bankruptcy/1758861/infarm-indoor-urban-farming-b-v.aspx">
      Bankruptcy notice
    </a>
  </p>
  <p>
    <a href="https://www.verticalfarmdaily.com/article/9563262/infarm-s-dutch-branch-declared-bankrupt/">
      Vertical Farm Daily
    </a>
  </p>
  <p>
    <a href="https://sifted.eu/articles/infarm-bankrupt-netherlands">
      Sifted
    </a>
  </p>
  <p>
  </p>
</div>


Vertical Farming

ANALYST_QUICK_TAKE

DISRUPTOR_PRESENT

Infarm, the Berlin-based hydroponic vertical farming startup, has seen its Dutch branch, Infarm: Indoor Urban Farming B.V., declared bankrupt by a court in Amsterdam. The suspension of payment was terminated on September 19, 2023, leading to the bankruptcy declaration. The company has been affected by the energy crisis in Europe, resulting in downsizing operations in the UK, France, and the Netherlands. Additionally, they have laid off up to 500 employees and ceased operations in Frankfurt and Copenhagen due to various challenges in the market. However, Infarm is reportedly building a facility in Toronto and plans to expand its business in North America.

Infarm's Dutch branch declared bankrupt

AeroFarms, a company specializing in aeroponic vertical growing, has announced its completion of the restructuring process and emergence from Chapter 11 bankruptcy. The company received court approval for an Asset Purchase Agreement (APA) with existing investors and expanded its partnership with Doha Venture Capital. Molly Montgomery, a venture partner at Grosvenor Food & AgTech, has been appointed as the acting CEO and executive chairperson. Despite previous challenges, AeroFarms has continued to expand its retail availability and aims to achieve operational profitability in the near future. The company's Danville operation is expected to be fully operational by the end of 2023.

AeroFarms emerges from Chapter 11; appoints Molly Montgomery as acting CEO

Dutch hydroponic vertical farming operator, OneFarm, has filed an intention to appoint administrators for its UK subsidiary, OneFarm Limited, in an attempt to avoid liquidation. The company had announced plans to build a 6,400 sq m vertical farm in Suffolk, UK, with hopes of it being operational in early 2023. OneFarm had also raised GBP 7.5 million in funding for the first phase of the facility. The filing of the notice of intention suggests uncertainty regarding the future of the project.

OneFarm files NOI for UK subsidiary

Canadian hydroponic vertical farm operator, GoodLeaf Farms, has completed the construction of a 96,000 sq ft vertical farm facility in Calgary and has started planting its first test crops. The facility is expected to begin full production by late fall and will produce over two million lbs of leafy greens annually. The company received a CAD 2.73 million grant from the Government of Alberta to fund the project. This Calgary facility is GoodLeaf Farms' second in Canada, with its flagship commercial farm in Guelph, Ontario, and a third farm in Montreal currently under construction and set to be operational by 2024.

GoodLeaf constructs Calgary farm; plants first test crops

PROMINENT_CATEGORY

Colorado-based vertical farming company, urban-gro, has secured contracts worth over USD 3 million in the cannabis sector. The contracts involve providing architecture and design, engineering, and equipment integration services for clients in the Northeastern US, Midwestern US, and Western Europe. The company anticipates generating revenue from these projects over the next three quarters.

urban-gro signs cannabis contracts worth USD 3 million

Vertical farming company 80 Acres Farms has opened a $74 million facility in Florence, Kentucky, which will produce leafy greens, herbs, microgreens, and tomatoes. The company, which recently announced a 10% layoff, plans to create over 100 new jobs with the opening of the new facility. 80 Acres Farms currently operates nine other facilities across the US and has been expanding its presence. The company has also launched ready-to-eat salad kits and expanded its retail partnership with Kroger to supply around 1,000 stores. The Kentucky farm is the latest addition to the company's portfolio.

80 Acres Farms opens vertical farming facility in Kentucky

Swedish company Grönska Stadsodling has secured funding from the Nordic Green Bank to expand its vertical farming solution, GrowOff, in Europe and the US. Grönska specializes in closed-loop vertical farming cabinets called GrowOff units, which consume less water, minimize nutrient loss, and eliminate the need for pesticides. The company released its first GrowOff in 2017, which can grow 300 plants per month in just one square foot. The exact amount of funding from the Nordic Green Bank has not been disclosed.

Grönska secures Nefco funding for European and US market expansion

Vertical farming company Oishii has collaborated with brewery Grimm to create a new beverage called Ambient Fizz: Koyo Berry. It is made by macerating over 300 lbs of Oishii's Japanese omakase strawberries and combining them with barrel-aged sour beer and water. Oishii was previously featured in the EDGE100 report, which recognized it as one of the top 100 promising early-stage startups. The partnership with Grimm follows Oishii's earlier collaboration with Yaskawa on robotic strawberry harvesting and the introduction of the Koyo Berry in February 2023.

Oishii partners with Grimm to make strawberry beer

Boston-based hydroponic shipping container vertical farm company Freight Farms has entered into a binding letter of intent (LOI) to merge with special purpose acquisition corporation (SPAC) Agrinam Acquisition Corporation. The proposed merger would result in a new public company with a pro forma enterprise value of approximately $147 million. Under the terms of the LOI, current Freight Farms shareholders would exchange their shares for equity in the new company. Agrinam aims to secure $20 million from sponsors and strategic investors, $4 million of which has already been committed. The completion of the merger is subject to various factors, including due diligence, regulatory approvals, and approval from both companies' boards and shareholders. More details about the merger are expected in Q3 2023.

Freight Farms to go public via SPAC deal

UK-based controlled environment agriculture (CEA) company, Harvest London, has partnered with AgriData Innovations to install camera systems at its unit in Beddington, London. The 140,000 sq ft unit will be converted into a vertical farm growing salads and herbs. In March 2023, Harvest London secured funding from Foresight Group to construct and open its vertical farming facility in South London. The company currently operates two proof-of-concept farms and previously partnered with Pizza Pilgrims to supply basil.

All Updates