CubicFarms is expanding into Australia with the sale of 18 modules of their onsite indoor growing technology to BoomA Food Group in New South Wales.
Food production in Australia has been significantly impacted year over year by devastating wildfires and major flooding. Farming currently covers 385 million hectares, or 58 per cent of Australia, and accounts for 59 per cent of the water extracted.
Crops and horticulture in Australia are generally concentrated near the coast, while areas of New South Wales have been cleared at more than double the rate of the previous decade—and agriculture was responsible for more than half the area cleared.
With the USD $2.7 million purchase, the BoomA Food Group will operate the first commercial scale vertical farm in Australia, positioning the company as a market leader specializing in herbs and microgreens.
“We searched the world over for the right sustainable growing technology to serve our communities in New South Wales and beyond. Australia has experienced the challenges of climate change, the devastating effects of drought, and significant impacts on our food production. CubicFarms’ patented technology is superior to other vertical farming options because it provides commercial scale output while minimizing environmental impact and maximizing cost efficiencies,” said Cory Robertson, Managing Director, BoomA Food Group.
“I’m thrilled to announce our newest farmer partner in Australia, as the initial launch of our global markets expansion, bringing our technologies to another continent,” said Dave Dinesen, CEO, CubicFarms. “For a region that’s been devastated by natural disasters and food scarcity, our local chain ag-tech will empower local farmers to improve independent food production with predictable fresh produce 365 days a year. Our technology was founded by farmers as a solution to help farmers to succeed despite unpredictable outdoor growing conditions.”
Last week CubicFarms updated the market on its financial results and reporting having 157 CubicFarms modules under contract, valued at an estimated USD $21 million to the company.