Pond Technologies subsidiary, PaiGE Growth Technologies Inc., signs MOU with vertical farmer CubicFarm Systems Corp.
CALGARY, Oct. 21, 2019 /CNW/ – Pond Technologies Holdings Inc. (“Pond“), (TSX.V: POND) is pleased to announce that on October 18, 2019 its subsidiary PaiGE Growth Technologies Inc. (“PaiGE”) entered into a Memorandum of Understanding (“MOU”) with CubicFarm Systems Corp. (“CubicFarms”) to study the effectiveness of combining CubicFarms vertical farming systems with PaiGE technology. If successful, the partners expect to provide an improved, efficient, modular and readily deployable system to grow vegetables or terrestrial plants using the latest advances in precision agriculture and vertical farming.
CubicFarms is commercializing industrial-scale vertical farming systems for multiple industries worldwide. The CubicFarms platform consists of a containerized, automated and environment-controlled system where trays of high-value crops like leafy vegetables and herbs follow a patented, undulating path that ensures ideal growing conditions.
Pond has developed a growth platform for algae and terrestrial plants using proprietary lighting, controls and artificial intelligence. Pond has granted PaiGE an exclusive license for the application and further advancement of this technology for terrestrial plants.
As part of the MOU, PaiGE and CubicFarms envisage a multi-phase study to test the improvements from retrofitting the CubicFarms system with PaiGE technology. Each phase shall compare plant growth and resource input in a PaiGE-equipped growth cube against a standard unit – first incorporating proprietary lighting, then sensors, and finally a precision nutrient and water dosing system. In each phase, PaiGE shall provide the engineering design, coordinate equipment manufacturing and installation, and run and assess trials. If the trials prove successful and CubicFarms decides to incorporate PaiGE technology into its growth cubes, CubicFarms agrees to pay PaiGE licensing fees for its technology. PaiGE shall retain intellectual property developed by it throughout the joint project.
Dave Dinesen, CubicFarm’s CEO commented: “Our commercial-scale modular CubicFarm growing machines allow our partner farmers to increase local production of nutritious vegetables, herbs, and many other crops, helping to address both food security and the environmental footprint associated with transportation. We’re excited to incorporate PaiGE precision technology with the goal of improving resource efficiency and crop yields.”
Steve Martin, PaiGE CEO stated: “The partnership with CubicFarms allows us to demonstrate Pond’s growth technology in the terrestrial environment, potentially opening the door to a whole new category of applications. CubicFarms is the ideal partner for us to evolve the PaiGE technology as their growth cubes provide a fully controlled environment – similar to Pond algae bioreactors. As a technology provider to CubicFarms, we are excited to support their mission of advancing sustainable precision agriculture and vertical farming.”