Long Island-based vertical farming company, CubicAcres completed a $3.7 million funding round in partnership with Intelligent Growth Solutions. The funds are earmarked to facilitate a tenfold expansion in production capacity by CubicAcres in response to growing market demand for the company's lettuce production.
Ryan McGann, CEO of CubicAcres, remarked, "Our partnership with IGS will bring cutting-edge vertical farming technology to Long Island to meet the insatiable demands we have experienced in the LI and NYC markets for high-quality produce year-round." Ryan added, "Long Island has a unique, robust agricultural ecosystem. By situating our vertical farm within the heart of its agricultural districts, we aim to demonstrate an effective blend of vertical and traditional farming methodologies."
The partnership will begin with the construction of a fully automated vertical farming facility on Long Island, slated to yield one million heads of lettuce annually. The farm will be capable of producing about 3 million heads of lettuce annually from an 11,000-square-foot production facility.
Steve Gereb, Head of North American Operations for IGS, said: "Working with Ryan and CubicAcres has been a significant step on our path to bringing IGS to the North American market, and we are delighted to see the business' continued success. Since launching our US headquarters in November last year, we have grown our team to 15 deployment and operational experts in the region, supported by our more than 200-strong global team. We are excited to work with forward-thinking partners like Cubic Acres as we continue to deliver technology to customers across the world."
For more information:
Cubic Acres
info@cubic-acres.com
www.cubic-acres.com
