Vertical Harvest Farms Secures USDA Loan Guarantee & Maine’s First C-PACE Funding for Industry-Leading Project Financing
Summary
PORTLAND, ME / ACCESSWIRE / April 24, 2024 / Vertical Harvest Farms, an indoor farming company focused on customized employment for people with disabilities, is proud to announce the closing of $59.5 million in project financing to develop and operate a 51,000-square-foot hydroponic vertical farm in downtown Westbrook, Maine.Vertical Harvest Farms location in Westbrook, Maine, is currently under construction.The project is a critical piece of the states food system infrastructure and will significantly contribute to the New England Food Vision, where the regions six states committed to a goal of locally producing 30 percent of the food consumed in the region by 2030 (and 50 percent of the regions food by 2060), by producing approximately 2.5 million pounds of fresh, leafy greens every year - ranging from mature lettuce, petite greens, microgreens and herbs.This project also aligns with Vertical Harvests "feed locals first" philosophy and goal of providing greens from farm-to-fridge within 24 hours. In this way, the company helps New Englanders avoid the 30 percent loss of nutritional value that occurs within three days of harvest, which widely affects the produce shipped into the region from California, Arizona and abroad. "As the U.S. became a net food importer for the first time ever in 2023, stakeholders are realizing that traditional agriculture is under greater stress from extreme weather, water scarcity and climate change. "This array of funding follows Vertical Harvests model of using public-private partnerships to catalyze resilience within a states food system. By bringing together municipal, state and federal funding alongside private capital, not only is the company relocalizing production of perishable produce closer to consumers, but because of Vertical Harvests social mission, delivering outsized impact, inclusively.Vertical Harvest is a hydroponic, vertical farming company dedicated to community-oriented farms, food and futures.