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Agrify Enters into Binding Letter of Intent for Build-Out of Research and Development Facility in Partnership with Atlantis Hydroponics

Agrify Corporation (NasdaqCM:AGFY) ("Agrify" or the "Company"), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture

· 03/16/2021 07:25

Agrify Corporation (NasdaqCM:AGFY) ("Agrify" or the "Company"), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has entered into a binding letter of intent, which sets forth the principal terms of a partnership currently being negotiated with Atlantis Hydroponics ("Atlantis") to build out a 2,500 square foot research and development facility (the "R&D facility"). The new R&D facility will be at the Atlantis location in Georgia, where Atlantis has a license to grow hemp in the state.
 

"At Agrify, we passionately believe indoor, large-scale cultivation is the future of agriculture, and by investing in R&D partnerships, we can continue to foster the necessary data and technology needed to advance the industry," said David Kessler, Chief Science Officer of Agrify. "We are excited to be potentially working with Atlantis to improve sustainable growing practices while addressing the market need for consistent high-quality products. Our solution works for a wide variety of crops, and we expect that this new facility will help further develop the technology for our offering in the hemp space."

"This collaboration with Agrify is intended to advance our mission to bring self-sustaining gardening practices to the forefront of agriculture and help them become an integral part of our communities," said Jeremy Doan, Certified Master Grower of Atlantis Hydroponics. "We are dedicated to the manufacturing of great products using a data-first approach, and this facility should enable us to determine how we can grow high-quality consistent hemp in a future forward and sustainable manner."   

The R&D facility is expected to focus on increasing concentrations of certain phytochemicals and metabolites (e.g., CBG, CBD, terpenes, and flavonoids) via the manipulation and control over abiotic elements in the growing environment, such as temperature and light spectrum. Agrify and Atlantis believe this research will lead to further stabilization and control over the chemotypic expression, and ultimately to safer and more consistent phyto-derived medicines and products. Testing capabilities at the R&D facility will also include mechanical component testing and improvements, new product development evaluation, remote customer "simulation" studies, and LED light mapping and evaluation.

The completed R&D facility will be comprised of Agrify's Vertical Farming Units ("VFUs"), Integrated Grow Racks ("IGRs"), and Agrify Insights software platform, and operations are expected to commence in April of 2021, subject to entry into a definitive agreement.