Revol Greens, a Minnesota-based agtech company specialising in high-tech greenhouses producing lettuces, has raised US$68 million in a recent investment round, boosting its total finance to US$215 million. The funding follows the company’s recent expansion in Minnesota, along with the opening of a new facility in Tehachapi, California.
Led by Equilibrium Capital, the money raised will enable Revol to launch its third facility – a 20-acre phase of a planned 80-acre facility in Texas, which will be the largest greenhouse of its type in the world – as part of an overall strategy to open five locations in as many years. The company says its planned network of high-tech greenhouses will initially supply 33 million pounds of greens annually and reach one third of the US population within 24 hours of harvest.
Revol’s technology-driven greenhouse production revolutionizes a US$20 billion salad and lettuce market threatened by climate change and concerns over food security. Founded in 2016, it has built a controlled-environment platform that reduces the risk of spoilage and contamination of its greens, and enables the sustainable growing of lettuce in any environment, without the need for pesticides, herbicides or chemicals.
Using advanced, closed-loop hydroponics, the facilities eliminate harmful agricultural runoff common in traditional field-grown greens. The greenhouse also provides 80% of the needed sunlight for the plants. This sustainable growing system captures and utilizes data at all levels from seed to shelf, optimizing the inputs needed for plants to grow and limiting the waste of valuable natural resources. The company also stores and UV-sterilises rainwater and snowmelt from its greenhouse roof for irrigation water. All of this eliminates waste and run-off resulting from an outdoor environment.
“Revol has spent three years bundling technology, applications, recipes and data in a Minnesota climate where temperature and humidity reach extremes,” said Mark Schulze, CEO of Revol Greens.
“We are confident that we can deploy our technology anywhere on the planet. Our team has unparalleled experience in designing and deploying controlled environment agriculture (CEA) technology, and with Equilibrium at our side, we have become very efficient at doing so. By the end of next year, Revol will be the world’s largest indoor lettuce producer. Our goal is to lead the agtech revolution in leafy greens.”
“CEA is becoming an alternative to the tradition of growing crops in the field,” added David Chen, CEO of Equilibrium. “High-tech greenhouses give us the ability to return to regional food systems with farms that produce our food near our communities. Regionalism gives us resiliency, food security, and addresses the threat of climate change to our food system. Greenhouses are the tech disruptor in a 10,000-year-old agriculture sector. Equilibrium’s investment strategy is to find the industry leaders that will create the future of agriculture. Revol Greens, their ag-technology platform, and their ‘5-in-5 strategy’ are poised to be one of those tech-driven disruptive agriculture market leaders.”