VANCOUVER, BC, Nov. 9, 2022
/CNW/ - CubicFarm® Systems Corp. ("CubicFarms" or the
"Company") (TSX: CUB), a leading agricultural technology
company, announces the preliminary results from Phase II of its
project to validate its larger FreshHub configuration. CubicFarms'
FreshHub System are a configuration of 96 modules occupying one
acre with the potential to replace 100 acres of outdoor growing
space.
FreshHub Validation
Project
CubicFarms has completed Phase II of its project for the
commercial validation of its larger FreshHub configuration using
CubicFarm Systems' patented technology. CubicFarms recently
completed its first successful harvest from the FreshHub
configuration prototype project with two machines at its research
and development facility in Langley,
BC.
Prior to conducting Phase II testing, CubicFarms was targeting a
viable cultivation output weight of 32 kg per machine per day of
lettuce, with a target of this output level achieving a 20% return
on invested capital in order to validate commercial earnings by the
end of Phase III. The recently completed harvest achieved a maximum
weight of 40 kg per machine, per day equivalent for a specific test
configuration. On the basis of the data collected from this phase,
the Company believes that there are many process optimizations that
can further increase output per machine, per day.
Based on the Phase II cultivation output, the Company expects
that the commercial earnings targets of FreshHub remain achievable,
in particular that the larger FreshHub configurations will be able
to achieve or outperform the target objective of a return on
invested capital of 20%.
John de Jonge, Interim Chief
Executive Officer of CubicFarms, stated, "I am very excited about
the outcome of Phase II of our FreshHub validation project. The
results are extremely promising, and I believe there is a clear
path to commercialization for the FreshHub project alongside the
current focus on our HydroGreen division."
Daniel Burns, Chair of the Board
of Directors and Special Committee, added, "The FreshHub prototype
project can demonstrate the potential for at-scale success of the
patented CubicFarms technology, bringing the approach from a
small-farm agriculture solution to an industrial-scale solution
competitive with field-grown produce."
Phase III of the validation project will include three
sub-phases, of which Phase III - A is currently underway:
|
Intention
|
Target Commercial
Outcome
|
Progress
|
Phase
I
|
Proof of concept using
latest CubicFarm System technology
|
Build and manufacture
the FreshHub prototype modules
|
Complete
|
Phase
II
|
Validate produce
output
|
Growing the volume of
produce necessary at scale and quality to run a FreshHub
operation
|
Complete; validation
achieved
|
Phase III -
A
|
Validate commercial
earnings
|
Optimize output for
crops from the first harvest
|
Targeting November
2022
|
Phase III -
B
|
Grow at least one
alternative crop type (beyond lettuce)
|
Targeting December
2022
|
Phase III -
C
|
Confirmation and
validation of economics on the basis of optimized saleable product
outcomes
|
Targeting February and
March 2023
|
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
"Daniel Burns"
Daniel Burns, Chair of the Board
of Directors
Forward looking and other cautionary statements
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws, including, without limitation,
statements with respect to the anticipated dates for completion of
Phase III A, Phase III B, and Phase III C of the FreshHub
Commercial Validation Project; and targeted commercial outcomes of
the project. Such statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements to be materially different
from any future results, performance, or achievements expressed or
implied by such forward-looking statements. Such statements can be
identified by the use of words such as "intend", "expect",
"believe", "plan", "anticipate", "estimate", "scheduled",
"forecast", "predict", and other similar terminology, or state that
certain actions, events, or results "may", "can", "could", "would",
"might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations
regarding future events, performance, and results and speak only as
of the date of this news release. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except as required by securities
disclosure laws and regulations applicable to the Company, the
Company undertakes no obligation to update these forward-looking
statements if the Company's expectations regarding future events,
performance, or results change.
About HydroGreen
HydroGreen's Automated Vertical Pastures™ technology utilizes a
unique process to sprout grains, such as barley and wheat, in a
controlled environment with minimal use of land, labour and water.
HydroGreen's fully automated indoor growing technology performs all
growing functions including seeding, watering, lighting,
harvesting, and re-seeding – all with the push of a button – to
deliver nutritious fresh forage for livestock without the typical
investment in fertilizer, chemicals, fuel, field equipment, and
transportation. Automated Vertical Pastures™ not only provide
superior nutritious feed to benefit the animal but also enable
significant environmental benefits to the farm.
About CubicFarms
CubicFarms is a leading local chain agricultural technology
company developing and deploying technology to feed a changing
world. Its proprietary ag-tech solutions enable growers to produce
high quality, predictable produce and fresh livestock feed with
HydroGreen Nutrition Technology, a division of CubicFarm Systems
Corp. The CubicFarms™ system contains patented technology for
growing leafy greens and other crops onsite, indoors, all year
round. CubicFarms provides an efficient, localized food supply
solution that benefits our people, planet, and economy.
SOURCE CubicFarm Systems Corp.