NTE Purchases 26 CubicFarm Systems Modules And Will Manufacture Components
Dave Dinesen is CEO of CubicFarms Systems Corp.
CAMPBELL RIVER – There’s a new business in Campbell River that is all about growing.
As in vertical farming, as Langley-based CubicFarm Systems Corp., which trades on the TSX, has announced it has entered into a $4.4 million agreement with NTE Discovery Park Ltd. to purchase 26 modules, as well as the rights to manufacture those modules as well as manufacture other components for contracts throughout North America at the former Campbell River pulp mill site at Discovery Park.
The announcement signals NTE’s move to diversify its operations that have been primarily oil and natural gas industry related, and they plan to buy at least 100 more CubicFarm modules and install them across Western Canada.
NTE will operate the manufacturing and fabrication of the cold-formed steel framing used in modular construction of the CubicFarm System modules. The CubicFarm System is environment agriculture technology that allows the growth of commercial scale amounts of fresh produce, using less water, land, energy and labour.
Some of the produce grown with CubicFarms Systems Corp. technology
John Tang, Chief Executive Officer of NTE Discovery Park, says “We’re excited about operating the CubicFarm System and diversifying our operations by manufacturing major hardware components, installing CubicFarms’ impressive indoor farming technologies, and localizing fresh produce for communities in B.C.”
Tang adds “We are also providing new jobs with the ongoing manufacturing of CubicFarm System modules for installation across Canada and North America. We were impressed by the CubicFarm System’s lower energy usage compared to other vertical farms, and we’re proud to use power sourced BC Hydro with a hydroelectric dam located 4 kilometres from the site.”
CubicFarms Chief Executive Officer Dave Dinesen states “We’re honoured to partner with NTE Discovery Park and parent company New Times Energy Limited in manufacturing CubicFarm Systems.
“The visionary leaders of this successful, international company are aligned on the importance of all the ways we can localize food production and improve food security in Canada. This manufacturing agreement for hardware made in Canada is in addition to the Company’s existing manufacturing facilities in China, allowing CubicFarms to meet increasing demand for our technology and leading CEA platform.”
New Times Discovery Park Ltd. is 100 per cent owned by New Times Energy Corporation Limited (“NTE”), a Hong Kong-based company listed on the Hong Kong Stock Exchange.
CubicFarm’s 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.
