Agrinam announces business combination with Freight Farms

Added on 12 September 2023

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Agrinam announces business combination with Freight Farms

In a significant development for the agriculture technology (agtech) sector, Agrinam Acquisition Corporation has entered into a binding letter of intent (“LOI”) with Freight Farms, Inc. The proposed business combination aims to accelerate the adoption of sustainable, hyper-local food production systems worldwide.

About Freight Farms

Founded in 2012, Freight Farms has become a global leader in modular controlled environment agriculture. With over 600 modular farms sold across 40 countries, the company has a diverse client portfolio, including for-profit farmers, educational institutions, healthcare providers, and non-profit organizations. Freight Farms has raised over $43 million in external funding, enabling it to develop its 11th-generation modular platform.

Key Offerings

The Greenery™ S is a closed-loop hydroponic container farm offering turnkey precision growing. It promises a return on investment (ROI) comparable to a typical retail franchise model.
Farmhand®: A proprietary automation software that optimizes performance and crop yield through real-time and historical data analytics.
Farmhand Shop: A one-stop solution for farming needs, including supplies, nutrients, and seeds.

Management Commentary

Rick Vanzura, CEO of Freight Farms, expressed enthusiasm about the partnership, stating that it aligns with its mission and values of sustainability and efficient resource use. Agustin Tristan Aldave, CEO of Agrinam, echoed these sentiments, highlighting the scalability and sustainability of Freight Farms’ platform.