Texas Vertical Farms Ventures is set to utilize and distribute Agriplay Ventures Inc. technologies and growing systems within the State of Texas in the United States.
With several projects under development within the state, Agriplay is excited to work with TVFV to improve food security in the state of Texas. "We are very excited to bring the Agriplay technology suite to Texas. We look forward to the great opportunity Texas provides for all involved. In our opinion the timing couldn't be better to bring together a food security leader together with a flagging commercial real estate market to generate prosperity. It's a win/win/win opportunity." said Maria Tochilina, President of TVFV.
Agriplay, under a Territory Licensing Agreement, has secured a Territory Licensee for the State of Texas for a period of Ten years from the date of execution of the License agreement. The target territory contained an estimated population of 29.2M in 2022 and was valued at approximately $3.2M.
"TVFV is a powerhouse team committed to food security initiatives for the state of Texas and beyond. They are already working on some absolutely mind-bogglingly amazing projects right in the heart of Texas. It's fantastic to work with a team that is so in alignment with what we as a company are trying to achieve." says Dan Houston, President of Agriplay.
Agriplay's proprietary growing system enables operators and territory licensees to grow over 150 different varieties of fresh fruits, vegetables, and flowers at scale on a fraction of the consumption footprint of traditional indoor farming, according to them.
They say that Agriplay systems can grow almost any variety of fresh fruit and vegetable, uses up to 10 times less energy, and is up to 40 times more scalable than traditional vertical farms. Agriplay is currently working with its Territory Licensees to convert over 9 million square feet of commercial real estate into productive indoor farms around the world.
"There is a large requirement for owners and lenders to repurpose commercial real estate into adaptive reuse other than residential conversions. Our technology is the only currently available scalable solution for the adaptive reuse of almost any commercial asset class. By snapping our system into a commercial asset, it is adaptively transformed into a profitable urban indoor farm without any long-term structural changes to the building. There are unused office towers everywhere, and there is a need to onshore food production in almost every market, so it really is a multifaceted solution. Licensing enables us to scale operationally to meet the demand we see, which in turn will allow the concept to come to life faster, thus closing the gap on food scarcity," says Dan Houston, President and Founder of Agriplay.