ELEVATE FARMS ENTERS LONG TERM PARTNERSHIP WITH CULTIVATD FOR EUROPEAN EXPANSION

TORONTO, Sept. 5, 2024 /CNW/ - Elevate Farms Inc. ("Elevate Farms"), a pioneering vertical farming technology company, has officially partnered with Cultivatd Inc. ("Cultivatd"), a leading indoor farming brokerage and Farming-As-A-Service provider to spearhead Elevate Farm's expansion into Europe. This collaboration will focus on a groundbreaking vertical farm in Solothurn, Switzerland.

Following a successful Pre-Series B funding round aimed at scaling its sales team and pre-engineering new sites in Switzerland, Philadelphia and Arizona, Elevate Farms is announcing their strategic long-term alliance with Cultivatd as its farm operations partner. Additionally, Harvestd, Cultivatd's funding subsidiary, will join as an equity partner in the venture.

Eric Bergeron, Managing Partner of Harvestd and co-founder of Cultivatd, highlights the alignment of values: "Harvestd's investment strategy focuses on supporting top-tier, audited vertical farming initiatives, and Elevate Farms meets this standard in every aspect."

Cultivatd co-founder Eric Levesque elaborates on why Elevate Farms stands out: "After extensive evaluation of various vertical farming companies, Elevate Farm's expertise in photobiology and proprietary automation technology distinguishes their growth system as not only more productive but also significantly more cost-effective than any we've encountered." Cultivatd will oversee all farming operations at the new facility.

Amin Jadavji, co-founder and CEO of Elevate Farms, expresses enthusiasm about the partnership: "This collaboration has been in the works for some time. With Cultivatd's validation of our advanced growth technology—rooted in refined photobiology protocols and smart automation—we are poised to offer high-quality leafy greens at a cost-effective rate, tapping into substantial mid-range markets. Having proven our model in three facilities, we are thrilled to partner with Cultivatd and Harvestd to scale our impact and operations."

The Swiss facility, set to commence production in 2025, will be built in two phases and produce leafy greens including herbs and lettuce for local retail and food service customers.

About Elevate Farms

Elevate Farms was founded with the purpose to 'elevate agriculture'. Our mission is to design, build and operate vertical farms that grow incredibly flavorful, highly nutritious foods, and to do so at scale and in a way that contributes positively to our planet.

Elevate already has facilities in Canada, the US and New Zealand and is now entering its second phase of expansion by expanding its US footprint and entering the European market.

About Cultivatd

Cultivatd is an agtech brokerage founded by CEA industry veterans Eric Bergeron and Eric Levesque, that has partnerships with over 75 vertical farming companies - and offers Farming-As-A-Service to manage operations of vertical farms. http://www.cultivatd.com

SOURCE Elevate Farms Inc.

Contact Information:‎ Amin Jadavji, Chief Executive Officer, ‎Email: [email protected]