Plenty Vertical Farming: The World’s Biggest Vertical Farming Facility Is Officially Underway
Key takeaways
- Vertical farming pioneer Plenty Unlimited has broken ground on a world-leading vertical farming plant
- The facility, in partnership with Driscoll’s, uses AI and data analytics to grow the perfect strawberry
- The start-up has raised close to $1 billion so far
Agriculture start-up Plenty Unlimited has broken ground on what will be the world’s largest indoor vertical farming facility. The project, which is expected to be completed in a matter of months, will supply its partner Driscoll’s with a whole lotta berries. The company itself looks like a solid investment — here’s what we know so far.
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What is Plenty Unlimited’s latest project?
Plenty Unlimited is a vertical farming start-up that wants to create a more sustainable way of growing fruit and vegetables by using less water. The answer? Vertical farming. Now it’s entering the big leagues with a custom-built vertical farming plant.
After first announcing the facility last year, Plenty has now broken ground on Virginia’s $300 million campus. Once completed, set for late 2023 or early 2024, the strawberry farm will be the largest indoor vertical farming facility.
It’s a new direction for Plenty, which has focused on growing leafy greens in the past. That’s why the company has partnered with berry experts Driscoll’s to get the facility off the ground (literally).
The 30-foot towers will have AI, data analytics and customized lightning to simulate the perfect spring day for the strawberries. The venture will also use Driscoll’s proprietary genetics to grow the berries. Sounds like a berry-good deal to us (sorry!).
Could the company go public in the future?
It’s still too early to tell whether Plenty’s new vertical farm will succeed, though we imagine the project will likely go well with long-term partner Driscoll’s in the picture. The two companies have been working together for some time, with Plenty currently growing Driscoll’s strawberries at a facility in Wyoming until the Virginia project is completed.
The agriculture start-up already has some promising roots. In early 2022 the company was valued at $1.42 billion, with its last funding round at $400 million. To date, Plenty has raised $940 million with high-profile names like Softbank and Walmart as investors.
In February, Realty Income announced it invested up to $1 billion to build farming space leased to Plenty. It’s already put $42 million into the new Virginia facility.
It looks to us that Plenty has a promising future if it can scale up and cut costs on its vertical farming concept.
The bottom line
If Plenty can crack the nut on vertical farming, we could see a new industry born. As for investors, the nascent technology is high risk and reward, but those with the appetite could see some significant gains.
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