Langley-based CubicFarms announced a major sale today.
NTE Discovery Park, owned by New Times Energy in Hong Kong, is acquiring 26 CubicFarm System modules at a sale price of $4.4 million, the company announced this week.
At Discovery Park, a former pulp mill located in Campbell River in BC, NTE Discovery Park says it will operate the manufacturing and fabrication of the cold-formed steel framing for modular construction of the CubicFarm System modules.
The CubicFarm System controlled environment agriculture technology grows commercial-scale amounts of fresh produce in modular, food-grade steel systems using the company’s proprietary Crop Motion Technology—moving plants throughout the system ultimately using less water, land, energy, and labour.
“We’re excited about … installing CubicFarms’ impressive indoor farming technologies, and localizing fresh produce for communities in BC,” said John Tang, CEO of NTE Discovery Park. “Building and operating vertical farms in Western Canada has a purpose of providing communities with better access to delicious fresh food year-round without importing.”
“We’re honoured to partner with NTE Discovery Park and parent company New Times Energy Limited in manufacturing CubicFarm Systems,” said Dave Dinesen, CEO of CubicFarms. “The visionary leaders of this successful, international company are aligned on the importance of all the ways we can localize food production and improve food security in Canada.”
In March, CubicFarms announced the sale of 27 CubicFarm System modules in Winnipeg at a sale price of $5 million. The new modules were purchased by experienced greenhouse farmers Sheldon and Carrie Enns, who operate the Green Valley Garden Centre.
“CubicFarms is the best local chain ag-tech solution we’ve found,” said Enns. “We’re starting a long-term relationship and joining a network of seasoned Cubic farmers. It’s important for us to be a part of CubicFarms mission and commitment to improve food security.”
In 2020, the global vertical farming market was estimated at $3.2 billion and is expected to reach $24 billion by 2030.