Terra Tech, Edible Farms to set up 10-acre hydroponic greenhouse

Terra Tech Corporation, a leader in sustainable agricultural products, announced today (October 1) that it has signed an agreement with New Jersey based Edible Farms, a division of NB plant products, to jointly construct and operate up to 10 acres of commercial hydroponic greenhouse specialising in the production of locally grown produce.

Edible Farms cultivates and sells their line of living basil and other fresh hydroponically grown produce to the Northeast such as Shoprite, Fairway, D'Agostino, Kings, The Food Emporium and other retailers. The company, with annual revenue of more than $2 million, expects to increase production capacity as a result of the new partnership. Based on their current gross revenue per square foot the first 2.5 acre facility should produce close to $7,000,000 in additional annual revenue. Several of their current retail customers have indicated a desire to purchase a greater degree of product as their production increases. This project will be 51% owned by Terra Tech who is responsible for securing the necessary capital for the expansion plan.

“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,” explains 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.”

The agreement between the two companies is to identify opportunities that exist in the production of locally grown produce as well as brand expansion throughout the Northeast. Together they will work to develop marketing collateral, invest in increased automation, develop a marketing and branding strategy, design and source LED lighting technologies, secure additional contracts with major retail chains, brand a specialised nutrient line and plan the construction of an additional 2.5 acres of hydroponic greenhouse to complement the existing operation on their 116 acre family farm in Belvidere, New Jersey. The agreement is effective for 100 days, after which Terra Tech and the family will assess their continued joint efforts.