RICHMOND, Va. — Virginia Gov. Glenn Youngkin announced Wednesday that California-based Plenty Unlimited Inc. will build the world’s largest indoor vertical farming campus, a $300 million investment, in Chesterfield County’s Meadowville Technology Park.
The company recently secured $400 million in a Series E financing round, the largest investment to date for an indoor farming company. Plenty has developed the world’s most advanced indoor farm, powered by the company’s more than 200 patent assets, to efficiently and sustainably grow clean, flavorful produce year-round on its more than 30-foot grow towers. Plenty will complete its Richmond Farm Campus in multiple phases over the next six years, creating more than 300 full-time jobs. The company’s first farm on this site, a dedicated Driscoll’s berry farm to be completed by winter 2023-2024, will be the first to grow indoor, vertically farmed strawberries at scale.
Virginia successfully competed with five other states for the project, which further advances the commonwealth’s reputation as a leader in the fast-growing industry of Controlled Environment Agriculture.
“Plenty’s decision to establish its first major east coast vertical farming campus in Virginia shines a spotlight on the advantages that make the Commonwealth the best location in the nation for companies growing our food safely and sustainably indoors,” said Youngkin. “This transformational project further bolsters Virginia’s agriculture and technology industries and positions the Commonwealth as a leader in this next generation of agriculture. I am pleased to welcome Plenty to Virginia and look forward to the company’s growth and success in Chesterfield County.”
“At Plenty, we’re on a mission to sustainably grow fresh food for everyone, everywhere,” said Plenty CEO Arama Kukutai. “This campus will raise the bar on what indoor vertical farming can deliver. The scale and sophistication of what we’re building here in Virginia will make it possible to economically grow a variety of produce with superior quality and flavor. We look forward to continuing to work in close partnership with the government of Virginia as we endeavor to rewrite the rules of agriculture.”
Founded in 2014, Plenty is rewriting the rules of agriculture through its advanced technology platform that can grow fresh produce anywhere in the world, year-round, with peak-season quality and up to 350x more yield per acre than conventional farms. Plenty’s proprietary approach preserves the world’s natural resources, makes healthy produce available to all communities, and creates resilience in our food systems against weather, location, pests, and climate.
Plenty operates the largest-of-its-kind indoor plant science research facility in Laramie, Wyoming, and is currently building the world's most advanced, vertical indoor farm in Compton, California.
The Virginia Economic Development Partnership and the Virginia Department of Agriculture and Consumer Services worked with Chesterfield County, the Greater Richmond Partnership, and Dominion Energy to secure the project for Virginia. Youngkin approved a $2.4 million grant from the Commonwealth’s Opportunity Fund, as well as a $500,000 grant from the Governor’s Agriculture and Forestry Industries Development Fund to assist Chesterfield County in winning this project for Virginia. The company is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program, as well as the Major Business Facility Job Tax Credit for new, full-time jobs created.
Support for Plenty’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governor’s administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
FAQs
Plenty Unlimited, a California-based vertical farming company, is building what it says will be the world's largest indoor-farming campus on 120 acres of land outside Richmond, where it plans to grow strawberries for Driscoll's.
What is the largest vertical farm in the world? ›
In 2022, Dubai unveiled the world's largest vertical farm. The 31,000-square-meter indoor facility at Dubai's Al Maktoum International Airport, comprised of trays stacked in towers growing plants with minimal water and soil, produces more than one million kilograms of high-quality leafy greens each year.
Why vertical farms fail? ›
High capital costs can be a barrier to entry for many potential vertical farmers and recovering these would hard. 2. Operating Expenses: Vertical farms often have higher operating expenses due to the need for artificial lighting, heating, cooling, and ventilation.
Is indoor vertical farming profitable? ›
Gordon-Smith says that most vertical farms in the U.S. are a long way from profitability. “Based on an analysis we did for a large private-equity firm, we don't actually see a scenario where in the next 10 years vertical farming will compete with field-grown at scale in North America,” he says.
What is the best vertical farming stock? ›
Top vertical farming stocks in 2024
| Vertical Farming Stock | Ticker Symbol | Market Cap |
|---|
| Realty Income | (NYSE:O) | $39.2 billion |
| Village Farms International | (NASDAQ:VFF) | $94.7 million |
| Hydrofarm Holdings | (NASDAQ:HYFM) | $44.8 million |
Feb 5, 2024
1. High startup costs. The first big disadvantage of vertical farming is the high startup cost involved in setting up a vertical farming operation. As of now, most technologies and tools related to vertical farming are still rather new and thus – also expensive.
Where is the largest vertical farm in North America? ›
Plenty Unlimited Inc. is poised to build the largest indoor vertical farm in the world with a $300 million, 120-acre campus near Richmond, Va. Ground has already been broken on the new facility and it is expected to begin rolling out produce by late 2023 or early 2024.
Can vertical farming feed the world? ›
Undoubtedly, vertical agriculture in controlled environments has enormous potential to feed the world, provided that the existing challenges are adequately addressed.
How many vertical farms are there in the US or the world? ›
More than 2000 vertical farms currently are operating in the US. While vertical farms use much less land and water than conventional outdoor farms they are large consumers of electricity.
Why vertical farming is not the future? ›
The surge in energy prices in Europe has led to the closure of numerous vertical farms. Despite strides in energy efficiency, notably through advanced LED lighting technologies that more closely replicate natural sunlight, energy costs continue to represent a significant portion of operational expenses.
Like many other cleantech ventures, vertical farms are limited by the need for large initial investments in equipment, plus high energy costs that make only certain crops financially viable.
Why is vertical farming not sustainable? ›
Unlike open fields or greenhouses, there is no sunlight in vertical farms. Lamps are the only light source, and these farms need a lot of energy. Controlling the climate within vertical farms requires energy, too. The energy use of vertical farms is one of their major limitations.
Is there a future in vertical farming? ›
Vertical farming is not just an agricultural novelty; it's a testament to human ingenuity and adaptability. The blending of agronomy with technology offers a valuable future for our food supply. We don't have a choice, we must support it's efforts to succeed and feed our planet.
Is vertical farming healthy? ›
Vertical farms prioritize food safety by eliminating the need for harmful pesticides through biological controls. Controlled growing environments significantly reduce the risk of contamination from physical hazards, microbial hazards, and pesticide usage.
How big is the vertical farming industry? ›
The global vertical farming market size was estimated at USD 5.89 billion in 2022 and is expected to reach USD 6.92 billion in 2023.
How big of an industry is vertical farming? ›
The global vertical farming market has been steadily growing over the last years as population size increase and living in urban cities become more popular. In 2022, the vertical farming market reached some 5.6 billion U.S. dollars , but the market value is expected to increase to over 35 billion U.S. dollars by 2032.
What is a vertical farming company? ›
Vertical farming is exactly what it sounds like: farming on vertical surfaces rather than traditional, horizontal agriculture. By using vertically stacked layers, farmers can produce much more food on the same amount of land (or even less).
What are the major hydroponic companies? ›
Hydroponics farming is an innovative industry that uses nutrient-rich water to grow plants instead of soil. These companies, such as Infarm, AppHarvest, and BrightFarms, utilize advanced technology, artificial intelligence, and ingenious methods to offer an eclectic array of fresh, healthy, and local produce.
