ANAHEIM, Calif., July 10, 2017 (GLOBE NEWSWIRE) -- Greengro Technologies, Inc. (OTC:GRNH), one of the fastest growing companies in the emerging indoor agriculture technology industry, today announced that its majority-owned subsidiary Biodynamics, LLC, Akron, Ohio, has been awarded a contract to sell a branded photovoltaic (PV) solar glass hydroponic vegetable greenhouse as part of a $17 million purchase agreement with GH Farms Group, LLC, an Ohio-based greenhouse company.
Under terms of the agreement, Biodynamics will construct a 254,528 sq. ft. PV solar glass hydroponic vegetable greenhouse for GH Farms Group, with construction expected to start in the third quarter of 2018. The project, incorporating Biodynamics’ industry-leading fully automated off-grid greenhouse technology, will cultivate vegetables hydroponically using Biodynamics’ proprietary controlled environment agriculture (CEA) growing systems and techniques.
“We welcome this opportunity to show that our greenhouses are the market’s best – climate-controlled by a positive pressure HVAC system with water and nutrients managed by an IBM Watson AI computer-automated irrigation system,” noted Trisha Madden, CEO of Biodynamics.
“We are very pleased to be moving forward with the vegetable-growing sector of our operations,” said Greengro Technologies CEO James Haas. “Our indoor growing technologies have enormous potential across many types of agriculture applications and we expect to become a major competitor in the space.”
Haas noted that Biodynamics’ unique PV solar glass hydroponic greenhouses are an environmentally beneficial and economically lucrative alternative to traditional farming methods that are stressful to the environment and present growers with significant operational and economic challenges.
Separately, Greengro Technologies announced progress with a $25 million project signed in February 2017 with Global Renewable Resources LLC (GRR), Shaker Heights, Ohio. The City of Warren, Ohio’s Mayor William D. Franklin recently committed the needed land to develop the project. “The backers of this project are not shy about their intentions to confront the disturbing trend of population decline in this region,” said Franklin. “With careful attention paid to the realities of our current commercial environment, this project helps to inject new opportunities in the community because it has the capability to create exceptional produce and services for a growing market. I support this development and look forward to working with GRR to realize the full potential of this project through land assembly and other supports.”
GRR is a startup specializing in sustainable technologies and renewable energy. After securing the land for the greenhouse project from the City of Warren, GRR management is currently working on completing the project’s capital raise, expected to be closed by the end of second quarter of 2018.
In other news, Greengro has completed all project planning for the Foodraiser Project in Columbus, Ohio as contracted, and is currently waiting for Foodraiser management to respond with a timeline for the completion of land acquisition and financing.
According to a 2016 report published by Markets and Markets Research, the indoor farming market is expected to grow at a CAGR of 24.8% from 2016 and reach USD $5.80 billion by 2022. Based on detailed analysis of all factors impacting the vertical farming market, expected growth will reach the highest CAGR between 2016 and 2022.
CEA
Controlled Environment Agriculture (CEA) is an advanced and intensive form of hydroponic agriculture. Plants are grown within a controlled environment so that best horticultural practices can be implemented. CEA structures optimize the use of resources such as water, energy, space, capital and labor. CEA itself is a combination of engineering, plant science and computer managed greenhouse control technologies used to optimize plant growing systems, plant quality, and production efficiency. CEA systems regulate components such as the temperature, lighting, and CO2, which allow for stable control of the plant environment. CEA also provides separate control of the root-zone environment. CEA provides secure, healthy, and cost-effective year-round production of many premium edible, ornamental, and high-value plant species. CEA agricultural technology enables growers to control a crop's environment to the desired conditions. CEA technologies include greenhouse, hydroponics, aquaculture and aquaponics. Controlled variables include temperature, humidity, pH balance and nutrient analysis.
About Biodynamics
Biodynamics LLC, Akron, Ohio, specializes in innovative renewable energy applications and CEA business solutions in the U.S. market, providing consultancy, project management, construction, system installation and maintenance services for commercial, industrial, institutional, educational, residential, mobile and specialty greenhouse applications using state-of-the-art technologies and processes. Target markets include commercial hydroponic vertical farms that use precision environmental control to protect crops from environmental elements and enable year-round production of high quality, locally grown produce. Biodynamics focuses on offering turnkey, fully automated, off-grid, state-of-the-art, high-tech hydroponic vertical farms as one of the market’s premier indoor CEA systems providers. The company’s target market of customers includes businesses and institutions in the field of produce production and distribution. Secondary markets include corporate R&D laboratories and university agricultural schools. www.biodynamicshydroponics.com
About Greengro Technologies
Greengro Technologies Inc. (OTC:GRNH) is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, and small and large-scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational cannabis sectors. The company’s websites: www.greengrotech.com, offer regular updates including educational videos, projects updates, recipes and nutritional information, and where to find the company’s products.
Forward Looking Statements:
This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all of the matters and transactions considered by the Company may not proceed as contemplated, and by all other matters specified in the Company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission (www.sec.gov), including its recent periodic reports.