New Jersey-based company AeroFarms is set to go public in a $1.2 billion Spring Valley SPAC deal. AeroFarms was established in 2004. The company’s goal is to, “Transform agriculture by building and operating environmentally responsible farms throughout the world.”
According to a recent Bloomberg report, AeroFarms will go public in a merger with Spring Valley Acquisition Corp. Thanks to the pending merger, the two companies will have a combined equity value of $1.2 billion. AeroFarms was co-founded by David Rosenberg, Ed Harwood, and Marc Oshima. Rosenberg now serves as the CEO. Harwood is the Chief Science Officer, and Oshima is the Chief Marketing Officer.
AeroFarms: An Explainer
How does AeroFarms achieve its aim of transforming agriculture? The company utilizes a technique called indoor vertical farming. The benefits of indoor vertical farming include reduced space which results in greater productivity per square foot.
AeroFarms says this method makes productivity per square foot 390 times more effective than traditional farming methods.
The indoor vertical farming method also, as AeroFarm purports, results in using 95% less water and zero pesticides. AeroFarms has a smart strategy for keeping plants healthy. This includes a combination of smart aeroponics, light, nutrition, data, substrate, pest management and scaling.
The AeroFarms method means that the agriculture involved is fully controlled by one entity. This allows AeroFarms complete control over every aspect of greens, herbs and more that they grow for clients.
From the size, color, shape and most importantly, the flavor, AeroFarms has complete control. Besides curating custom greens for food clients, AeroFarms also sells their own products at local retailers that are called Dream Greens. According to AeroFarms, Dream Greens are grown on indoor vertical AeroFarms locations in New Jersey. They are organic, pesticide-free, and non-GMO.
Potential clients can choose to use AeroFarms’ food service. The benefits of their customized food service includes year-round availability, a longer shelf life, consistent pricing, no weather interruptions, heirloom greens varieties and more.
More About AeroFarms
The AeroFarms technology was named one of TIME’S best food and drink inventions of 2019. Some of AeroFarms other financial partners include Ikea, Prudential, and Goldman Sachs. Rosenberg, who is also the CEO of AeroFarms said this about the upcoming merger and initial public offering via a Business Wire report.
“At AeroFarms, our mission is to grow the best plants possible for the betterment of humanity, and we are executing on this by taking agriculture to new heights with the latest in technology, innovation and understanding of plant science. Our technology empowers our operations – this is how we get closer to where the problems, opportunities and solutions are. We also have the capabilities to innovate fast by turning our crops a typical 26 times per year that allows us to continuously learn and improve yield and quality while simultaneously reducing capital and operating costs.”
After the merger is completed and closed, AeroFarms will be publicly traded on Nasdaq under the ticker ARFM. The official date for the AeroFarms IPO has yet to be confirmed.