Crop One Holdings, an Oakland, Calif.-based vertical farm operator through its FreshBox Farms brand, announced plans to invest in the building and operating of a new vertical farm in Texas through its first Vertical Farm Opportunity Fund #1.
The new farm will be located in a qualified Opportunity Zone in the Austin-San Antonio, Texas, corridor, will primarily serve the Austin area and will have easy access to San Antonio, Houston and the Dallas-Fort Worth Metroplex.
Crop One anticipates locating many of its future farms in Opportunity Zones that have potential for farm-to-table distribution, in locations that may range from rural to urban settings. These farms require that temperature, humidity, light, water and plant nutrients be provided in a controlled environment.
“With this Opportunity Zone Fund, we are bringing scalable, vertical farming technology to Texas,” says Sonia Lo, chief executive officer. “The new farm will be environmentally conscious and produce fresh, locally-grown food that is healthy and affordable. Our expert staff of farmers, resource conservation specialists and ag-tech leaders are changing the way we grow and enjoy food, and we are looking forward to providing great, fresh produce to the Austin-San Antonio area."
“With the creation of at least 75 new jobs in its initial phase, the farm will have a positive economic impact on the local economy,” adds Deane Falcone, chief science officer. “As with all of our farms, the farm is expected to use 99% less water compared to conventional farming. Our products are pesticide-free, non-GMO, nutritious and delicious, and because our produce can reach more than 17 million people within a 3.5-hour radius, we will be able to reduce food miles and food waste.”