- IGS secures £22.5 million for global expansion in vertical farming.
- IGS collaborates to build a 900,000 sq ft gigafarm, aiming to transform food production and recycle 50,000+ tons of waste annually.
- Andrew Lloyd becomes CEO as IGS prepares for global deployment, expressing confidence in addressing food security challenges.
Edinburgh-based Intelligent Growth Solutions (IGS) has secured an impressive £22.5 million in a recent funding round, aimed at supporting its ambitious global expansion plans. The Scottish indoor farming company, a pioneer in vertical farming technology, is set to utilize the funding for significant worldwide deployment of its innovative agricultural solutions.
The funding achievement follows IGS’s announcement during COP28 of its collaboration with Dubai-based partner ReFarm to construct a groundbreaking 900,000-square-foot “gigafarm” in the United Arab Emirates. This mega-farm is anticipated to have a transformative impact, potentially replacing 1% of the country’s food imports. The gigafarm is not just about food production; it also incorporates cutting-edge waste-to-value technology, capable of recycling over 50,000 tonnes of food waste annually and facilitating the growth of an astounding two billion plants each year.
The Series C funding round was spearheaded by existing institutional investors, showcasing the continued confidence and support in IGS’s vision. Key contributors include COFRA Holding A/G, DC Thomson, and S2G Ventures. Additional support comes from Cleveland Avenue LLC, Ospraie Ag Science, and Scottish Enterprise. This financial backing also saw participation from private shareholders and dedicated IGS staff.
In a leadership transition, Andrew Lloyd, formerly the deputy chief executive, has taken the helm as the new chief executive, succeeding David Farquhar. As the company gears up for the monumental task of delivering the world’s first gigafarm, Lloyd expresses confidence in the venture’s potential to address global food security challenges. Sonya Hotson, who served as interim chief financial officer since July, has been officially appointed, joining the IGS board alongside Lloyd. Their combined expertise is expected to be crucial to the company’s scaling-up success.
Lloyd reflects on the transformative year ahead for IGS, emphasizing their readiness to deploy what is hailed as the most advanced indoor farm globally. The Middle East project, in particular, is seen as a market-defining initiative that promises to substantially impact food security. The institutional investors and shareholders backing IGS position the company well to deliver this game-changing project.
Acknowledging the visionary leadership of David Farquhar, Lloyd extends his appreciation for guiding IGS from an innovative concept to a global leader in vertical farm technology. With the concerted efforts of institutional investors, private shareholders, and the IGS team, the company is poised for significant strides in the field of indoor farming, contributing to a more sustainable and secure global food supply.
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Last Updated on January 20, 2024 by Safiya K
