With headquarters in Irvine, the Terra Tech Corporation, a provider of sustainable agricultural supplies, has signed a contract with New Jersey-based Edible Farms to explore the joint construction and operation of up to ten acres of commercial hydroponic greenhouse for locally grown, hydroponic produce.
The 100-day agreement will assess the opportunities that can arise from the partnership between Terra Tech and Edible Farms, including the production of locally grown produce and brand expansion throughout the Northeast. The companies will collaborate to develop marketing strategies, increase automation, and sign additional contracts with major retailers, brand a nutrient line and add an additional 2.5 acres to the New Jersey-based family farm.
“The potential for expansion is significant with Edible Farms and Terra Tech, our core strength is technology and branding, while their core strength is in the cultivation of some of the finest produce I have had the pleasure of consuming,” said Derek Peterson, CEO of Terra Tech. “Together we can leverage their current relationships with some of the largest retailers in the Northeast to further introduce a product that is not only more healthy for your body, but for the planet as well.”
Terra Tech specializes in agricultural design, development and construction with products including commercial hydroponic and aeroponic systems, and digital atmospheric controllers that monitor ambient conditions including lighting, humidity, and carbon dioxide levels, as well as commercial greenhouse manufacturing. The company works in large and small markets with operations in commercial agriculture and through its retail agriculture subsidiary, GrowOp Technology Ltd.
Edible Farms, a division of Naturally Beautiful Plant Products, is a family operated business providing fresh, locally grown herbs and leafy greens to retail grocers and restaurants throughout the Northeast. With current annual revenue of more than $2 million, the company is looking at Terra Tech to help facilitate expansion. Edible Farms is hoping the partnership will produce $7 million in additional revenue for the first 2.5-acre facility. Terra Tech will own 51 percent of the project and is responsible for securing the needed resources for expansion.
“With over 12,000 grocery retailers within a 6-hour drive of our farm we are uniquely positioned to deliver produce that is extremely fresh and sustainable,“ said Ken Vande Vrede, director of marketing for Edible Farms. “We have estimated the local market opportunity to be in excess of $500 Million and the appetite for locally grown sustainable produce to be enormous. This relationship with Terra Tech gives us a technological advantage over our competition and allows us to expand quicker and become more environmentally friendly in our cultivation.”
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