Secures the Company’s largest project to date with new 96 module system
VANCOUVER, B.C., September 1, 2021 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a local chain agricultural technology company, today announced a new project to deliver a new commercial scale FreshHub with 96 CubicFarm System modules, the Company’s largest project to date.
This next generation high-density system, called FreshHub, is the next level of indoor growing aiming to significantly localize food production. Leveraging the significant land and water efficiencies of the award-winning CubicFarm System technology, the new stacked configuration of this FreshHub will include a remarkable 96 modules occupying one acre of land. New features of this FreshHub include a new efficient agricultural building design that reduces capital costs, new farm infrastructure, workflow design, automation components, and proprietary software.
“The CubicFarms FreshHub is the real breakthrough design of the ag-tech industry because it dramatically shortens the long supply chain and localizes food production,” said Dave Dinesen, Chief Executive Officer, CubicFarms. “On just one acre of land, this new FreshHub will grow the equivalent of 100 acres of field production. We’re exponentially increasing commercial scale growing with a scalable solution that grows superior, more nutritious fresh produce without any pesticides or herbicides. Growing locally eliminates truckloads of produce arriving from far away, so the food that ends up on your table is affordable, better for you, stays fresher for longer, and reduces greenhouse gas emissions from shipping.”
“FreshHub meets the increasing demand for more reliable and sustainable independent local food supply with high-density, cost-efficient food production,” said Jeff Booth, Chair, CubicFarms. “By delivering high quality fresh produce at a price that beats traditional growing, FreshHub becomes a true contender to break our reliance on long chain food supply and provides additional advantages, like growing more nutritious produce in any climate without the challenges of drought or climate change.”
The Company has received a CAD$1.2 million deposit from a private investor group for the FreshHub purchase and installation in the Lower Mainland area of Vancouver, British Columbia. Once installed, this will be the largest commercial scale CubicFarm System in the world.
The private investor group includes entrepreneurs Duane Indenbosch, Vaughn Penner, and Howie McCollister, collectively bringing generations of farming and agriculture, as well as real estate investments.
Indenbosch is a successful investor in real estate development, Penner has a strong agriculture and business background as a founding partner of Independent Crop Inputs Inc., with gross revenues of over CAD$50 million, and McCollister is an experienced CEO steering National HealthClaim Corp. and ATR Benefits Corp. from foundation to operational successes in Canada.
“We’re excited to be first to market with this game-changing, next level vertical farming technology,” said Indenbosch. “Reducing food imports is critical to food security in Canada. We chose the award-winning CubicFarm System technology because we believe it’s the most cost-effective, efficient, and sustainable indoor growing system. We’re excited to work collaboratively with the CubicFarms team on this project to meet growing market demand, better conserve our natural resources, and impact and improve food security.”
“The FreshHub is more than just our CubicFarm System, it’s a combination of our modules, supporting infrastructure configuration, and new features, culminating in a truly breakthrough design,” said Dinesen. “The market is demanding larger systems. We’re already fielding significant interest and a growing sales pipeline for FreshHubs. We’re localizing food by providing people with direct, independent access to delicious, affordable fresh food and minimizing our environmental impact by using substantially fewer resources. With our technology, we’re also creating new specialized ag-tech farming jobs for the next generation, boosting local economies and developing a passionate local farming workforce for the future.”
CubicFarms is a local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
Dave Dinesen, Chief Executive Officer
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