DKK 62M to one of Europe's largest vertical farms

Plants on shelves 14 storeys high, as far as the eye can see, will from the end of the year grow in a hall in Taastrup by Copenhagen Markets - Northern Europe's largest wholesale market for food. And a large number of investors see great potential in why the company has just closed an investment round of DKK 62 million. This month, Nordic Harvest will start construction of an indoor, high-tech production of locally grown salads and herbs that have a short path from harvest to consumer.

"The world is facing major challenges around sustainability and population growth, and therefore we need to rethink the ways we produce our food. Vertical farms can create a more sustainable food system with local production, which at the same time provides a higher quality and better taste experience than conventionally grown food, "says Anders Riemann, founder and director of Nordic Harvest.

The first stage of construction in Taastrup will be completed as early as the autumn of 2020, with the first harvest in January 2021. Thereafter, it will be harvested continuously 15 times a year - or every 25 days. Over the next two years, production will be expanded to over 7,000 sqm and to a height of 14 storeys. When the plant is fully developed, it will be able to deliver 1,000 tonnes of food per year.

"It is the first time in Denmark that we see a vertical farm on this scale. With a strong board of directors and a number of solid collaboration and financing partners, we have ensured the best conditions for getting off to a good start. The plan is that we spend the first time optimizing production and then expand production in Denmark and in the rest of the Nordic region, "says Anders Riemann.

"The world is facing major challenges around sustainability and population growth, and therefore we need to rethink the ways we produce our food. Vertical farms can create a more sustainable food system with local production, which at the same time provides a higher quality and better taste experience than conventionally grown foods."

?Wide investor circle behind Nordic Harvest

New technology is widely used to produce better food, which at the same time reduces the load on the earth's resources, and which in the case of vertical farming uses a fraction of the land area and not least water resources required by traditional production methods. Since 2012, venture investments in new agricultural and food technology companies globally have grown by over 500 percent.

A large number of Danish and foreign investors have joined forces to finance Nordic Harvest, including a group of major farmers, businessman Johan Hoffmann, Maj Invest's CEO Jeppe Christiansen and Vćkstfonden, as well as Denmark's Green Investment Fund, which is the lender. According to the CEO of Vćkstfonden, Rolf Kjćrgaard, the investments must help to ensure that Denmark can continue to be at the forefront when it comes to the production of quality food.

"In Denmark, we grow world-class food, and we are known for our high quality. But in order to create sustainable food production, we must continue to develop and innovate. Nordic Harvest is a really good example of this, and therefore we are pleased that we, both through an investment and through a loan from the Danish Green Investment Fund, can follow Nordic Harvest's journey, "says Rolf Kjćrgaard.

The majority of the first year's harvest from Nordic Harvest has already been pre-sold to canteens and hotels, which have a strong profile and great ambitions within sustainability, taste and quality of a very high class. The remaining part of the production is planned to be sold to the retail trade.

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About Nordic Harvest

Nordic Harvest is a sustainable food producer. The company uses vertical farming technology which is optimized for the greatest possible yield in the least possible space with as little environmental impact as possible. Nordic Harvest delivers locally produced products that have more flavor and better durability than traditionally grown ones. And genetic engineering, pesticides or other toxic chemicals are never used in production. See more at nordicharvest.com

About Vćkstfonden and Danmarks Grřnne Investeringsfond

Vćkstfonden is the state's financing fund, which works to strengthen Danish companies' access to risk capital, so that they can create new innovation, growth and jobs. In close partnerships with banks and private investors from home and abroad, Vćkstfonden finances companies in all industries across the country. Since 1992, Vćkstfonden has co-financed growth in more than 7,900 companies for a total commitment of more than DKK 24.9 billion. Vćkstfonden is also the secretariat for Denmark's Green Investment Fund, which aims to co-finance investments that promote a green transformation of Danish society.

See more at vf.dk and at gronfond.dk

Source and Photo Courtesy of Agritech Tomorrow

Source: Agritech Tomorrow