Mastronardi & AppHarvest - AgTech CEA Venture to Feed America
KINGSVILLE, ON and MOREHEAD, Ky., Aug. 11, 2021 /CNW/ - Mastronardi Produce Ltd. and AppHarvest have announced a new endeavor that will further strengthen their relationship and cement their leadership as true visionaries in the AgTech sector. The companies have signed a non-binding letter of intent to form FarmCo, a joint venture to develop a portfolio of controlled environment agriculture (CEA) facilities to expand supply of fruits and vegetables including leafy greens to Mastronardi's existing fresh produce marketing and distribution business.
FarmCo is planned to have its own leadership team, and calls for the two partners to contribute equity and assets of over $100M. The venture would use the equity contributed from both companies to raise additional capital to fund its growth, targeting to build over 750 acres of CEA Facilities in the United States to grow fresh fruits and vegetables including leafy greens.
"We are extremely pleased to be entering into this letter of intent with AppHarvest," says Paul Mastronardi, President and CEO of Mastronardi Produce Ltd. "We have seen the demand for locally-grown produce skyrocket, particularly over the past 18 months as more people are cooking from home, and this partnership will allow us to significantly increase our ability to get more fresh, flavorful locally-grown produce to tables across America."
"Mastronardi is the unquestionable leader in marketing and distributing CEA-grown produce to top grocers and restaurants in North America, and partnering more closely with them to fulfill the growing demand for quality local, fresh produce across the United States positions us together to make an even greater impact to establish a climate-resilient, sustainable food system to ensure food security," adds Jonathan Webb, AppHarvest Founder and CEO.
About Mastronardi Produce Ltd.®
A pioneer and industry leader in the gourmet greenhouse industry, Mastronardi Produce grows and markets nationally recognized products under the SUNSET® brand, including Campari®, Flavor Bombs®, and Angel Sweet® tomatoes. Mastronardi Produce has been family-owned for over 70 years and prides itself on producing consistently flavorful gourmet tomatoes, peppers, cucumbers, and berries.
About AppHarvest
AppHarvest is an applied technology company in Appalachia developing and operating some of the world's largest high-tech indoor farms, designed to grow non-GMO, chemical pesticide-free produce, using up to 90 percent less water than open-field agriculture and only recycled rainwater while producing yields up to 30 times that of traditional agriculture on the same amount of land without agricultural runoff. The company combines conventional agricultural techniques with cutting-edge technology including artificial intelligence and robotics to improve access for all to nutritious food, farming more sustainably, building a domestic food supply, and increasing investment in Appalachia. The company's 60-acre Morehead, Ky. facility is among the largest indoor farms in the world. For more information, visit https://www.appharvest.com/.
SOURCE Mastronardi Produce Ltd.
Mastronardi Contact: Richard Ball, CFO, c: 519-819-1381, [email protected]; AppHarvest Contact: Travis Parman, Chief Communications Officerc: 606-548-4507, [email protected]
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