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US (AL): Future Farm, Volunteers of America to build vertical farm
Future Farm has already secured site control of a facility in Mobile, Alabama and is in the process of completing that facility’s design and budget. The property consists of 21,123-sf under roof and 2.71 acres of land. The facility design is underway and is expected to be completed within 2-3 weeks.
The company has also identified a site and negotiations are under way with respect to the previously announced second location in Baltimore. This particular site is more accommodating to the company’s controlled environment agriculture technology and requires less construction build-out.
CBO Financial will act as the company’s financial advisor with respect to New Market Tax Credits (NMTC) and will be arranging for $4,000,000 in NMTC-based financing for the Alabama farm. The NMTC program is a $65 billion federal program designed to incentivize private investment in low-income communities. NMTCs are provided to financial institutions in exchange for equity investments that eligible businesses can use to subsidize project development costs. CBO Financial helps driven organizations, such as Future Farm, to finance facilities that will provide goods and services that benefit populations in need and revitalize communities.
“We see this second project with Volunteers of America and CBO Financial as a new and important milestone for Future Farm as it now positions us with almost 75,000 sq ft. of indoor urban farming, making us a major multi-state player in the rapidly growing vertical farming market,” says Mr. William Gildea, Future Farm’s CEO and Chairman. “Our goal was always to create impactful social and corporate programs that are mutually beneficial for all involved, from the community, to the company and our shareholders. Partnering with Volunteers of America and CBO Financial puts us in the position to achieve that goal.”
The primary objectives of all three locations (two in MD and one in AL) remain the same — establish economical and environmentally friendly vertical farms; provide job training opportunities (specifically to the VOA’s reentry program for ex-offenders in Baltimore, MD and to the mentally disadvantaged/formerly homeless community in Mobile, AL) as well as to the local communities of both; provide therapeutic programs, which will be expanded to the disabled population; support entrepreneurship development; and establish a model for replication at other reentry and social services facilities.
For more information:
Future Farm Technologies
342 Compass Circle
North Kingstown RI 02852
T: (617) 834-9467
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Other news in this sector:
- 2021-10-21 Teens for Food Justice program awarded 300k by USDA for hydroponic expansion
- 2021-10-20 Tackling climate issues with low-resource consuming growing towers
- 2021-10-20 Collaboration on 700m2 pilot farm in China
- 2021-10-19 ‘It’s not as carbon-hungry’: UK’s largest sunlit vertical farm begins harvest
- 2021-10-19 Unmanned vertical farm in China: is this what the future looks like?
- 2021-10-15 "We can focus more on quality and how the product satisfies consumer needs”
- 2021-10-15 UK grower trials aeroponic propagation system
- 2021-10-13 Irish supermarket to sell hydroponic microgreens
- 2021-10-08 China: Why the growth cycle of rice can be split in half
- 2021-10-01 Todd P. Hanna announced as new COO
- 2021-09-22 This "glass tree" vertical farm could solve urban food deserts
- 2021-09-16 Chinese scientists grow rice that yields twice faster in hydroponic experiment
- 2021-09-02 Building facilities across Canada, as well as in Greater London and Copenhagen
- 2021-09-01 US (PA): Mobile lab brings aquaponics closer to society
- 2021-08-26 Fresh herbs from halls and bunkers
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- 2021-08-16 "We reduced the cost of cooling by just cooling the plant roots”
- 2021-07-08 "Crops from the vertical farm have more flavor and a longer shelf life"
- 2021-07-08 Danish retail is committed to vertical crop products
- 2021-07-06 "Central and Eastern Europe can be the powerhouse of global food security"