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South Korea: N.Thing begins work on $73M vertical farming project

N.THING (CEO Kim Hye-yeon), a smart vertical farm specialist company, is pushing ahead with a 100 billion won logistics center-type vertical farm smart farm development project based on a project financing (PF) structure.

This project is a new agricultural and food infrastructure model that integrates production and distribution by building a smart vertical farm on a similar scale to the construction of existing cold chain logistics centers. It was planned based on the needs of large domestic and international distribution and food companies that want to solve the problem of unstable supply of fresh vegetables due to the climate crisis and aging agricultural population.

Through this project, Ensing plans to create industrial agricultural assets that combine food production facilities with smart logistics bases and gradually expand them through a cooperative structure (PF method) with domestic and foreign logistics and infrastructure developers, financial institutions, and infrastructure funds. It plans to concretize investor attraction and development plans with the goal of closing the first PF within the second half of the year.

Founded in 2014, Ensing has attracted over KRW 32 billion in cumulative investment up to Series C and is aiming for an IPO (initial public offering) in 2027. It has developed the world's first organically connected modular smart farm, 'CUBE', and was the first to win the 'Best Innovation Award' in the agricultural field at CES 2020 and has been recognized for its technological prowess by obtaining a TI-2 rating from Technology Credit Bureau (TCB).

Read more at www.venturesquare.net