Under the Definitive Agreement, Affinor will provide Freshbay with the necessary products and services to support strawberry production at the project site, including the installation of 17,530 vertical hydroponic towers, 34 polycarbonate Atlantis greenhouses, and an automated irrigation and fertilization system. Additionally, Affinor has facilitated the introduction between Freshbay and Berrymobile Fruit Distribution Inc., ensuring offtake for the strawberries grown on-site.
Freshbay aims to revolutionize sustainable agriculture by combining geothermal energy with vertical farming and greenhouse methods to grow tropical fruits, strawberries, and fresh herbs indoors. The company had also previously announced a strategic partnership with Novus Earth Energy, which will manage the drilling, installation, and maintenance of the geothermal wells.
“I initially envisioned differentiating myself from the competition with a variety of products and potentially automating my whole facility. As I became more immersed in the Controlled Environment Agriculture (CEA) space, I realized that what I truly needed to differentiate my company was to find a solution to high energy costs and carbon taxes while providing well paying jobs for the local community. Along my journey, I have built an amazing team, and they have inspired many of my ideas, focal points, and vision for Freshbay,” said Vic Reddy, CEO of Freshbay Inc.
“As Freshbay embarks on this pre-launch project in its infancy, we are excited to partner with Affinor Growers,” added Reddy. “Together, we will create a groundbreaking geothermal agricultural site that revolutionizes the way strawberries are cultivated, setting a new standard for sustainability and quality in the industry.”
Reddy also stated from a previous release that there is a plan on operating an R&D division for a variety of exotic fruits such as bananas, papaya, dragon fruit, and passionfruit.
The successful execution of this Definitive Agreement is contingent upon Freshbay securing adequate financing and the agreement on a work schedule for the project. Upon satisfaction of these conditions, Freshbay will make an aggregate payment of CAD$135,757,350 to Affinor.
Freshbay and Affinor are eager to embark on this transformative journey, driving innovation in the agriculture sector while seeking financing and commencing engineering for the new facility. The partnership represents a significant step forward in bringing sustainable indoor farming to the forefront and meeting the growing demand for fresh, locally grown strawberries.
