October 18, 2023

photo credit: Eden Green Technology

By Lynda Kiernan-Stone, Global AgInvesting Media

Vertical farming is an innovative and sustainable approach to agriculture that has gained significant attention in recent years. But while vertical farming holds great promise for addressing the world’s growing food and resource challenges, securing funding remains a significant bottleneck for startups in this sector. 

However, it remains important to note that while some vertical farming companies may face bankruptcy or financial challenges, others continue to thrive and expand, benefiting from advancements in technology, increased consumer interest in sustainable agriculture, and effective business strategies. 

One such company is Eden Green Technology, a next-gen indoor vertical farming company that has just broken ground on their $40 million Phase 2 expansion plan, and has appointed Will Parkey as its new CFO to drive its strategic growth. 

Setting itself apart, Eden Green is taking a hybrid approach to controlled environment agriculture (CEA) by combining the best of vertical farming with greenhouse production for increased yields and efficiencies. 

The company explained that by leveraging its patented hydroponic technology and proprietary microclimate environments, hydroponic vine systems, and cutting-edge lighting solutions, it is able to use 95 percent less electricity than more conventional indoor farms, enabling it to price its lettuce at up to $2 less per head compared to both its greenhouse and vertical farming competitors. 

“Extreme weather events, an unstable market and an ever-rising demand for fresh, affordable produce year round has created a perfect storm in our food supply chain,” said Eddy Badrina, CEO, Eden Green. “Eden Green was founded to solve these challenges and this next phase of growth is a critical stepping stone.”

When examining Eden Green’s five-year plan, the company expects to build a network of 20 greenhouses across the U.S. This process has already begun with the company breaking ground on two additional greenhouses in Cleburne, Texas – both of which are scheduled to open in early 2025, creating 100 new jobs in the Dallas-Fort Worth metro area. 

Today the company supplies two million pounds of produce per year to hundreds of retailers, including Walmart, across the U.S. However, together these new facilities are to triple the company’s rapidly growing capacity to just under 6 million pounds of lettuce per year on its Cleburne campus, and in the process, enable the further development of innovative technologies that improve efficiency, reduce impact, and result in products with extended freshness. 

And since these facilities are located within one mile of major retail distribution centers, it will enable the company to fulfill 48-hour delivery from greenhouse to store and a 95 percent reduction in transportation miles.

Tasked with leading the company through this new phase of growth is Will Parkey, who joins the company as its newly appointed CFO, and who will be responsible for driving its strategic expansion. 

Parkey brings more than a decade of experience in financial management and strategic growth, having held executive roles in private equity and investment banking, and more recently as CFO at Amtel, one of the largest operators of T-Mobile retail stores. There he executed five add-on acquisitions and doubled the company’s store base before guiding the company through a merger with the largest legacy Sprint operating partner in 2023, and Firestone & Robertson Distilling Company, the producer of TX Whiskey and TX Bourbon, where he grew the company leading up to its acquisition by Pernod Ricard in 2019. 

“Bringing on an executive with such deep experience in strategic growth, while simultaneously expanding our capacity, will dramatically accelerate our ability to deliver accessible, delicious produce to the average consumer,” said Badrina. 

“This is an exciting time to join Eden Green,” said Parkey. “Controlled environment agriculture is beginning to find its footing, and the market demand for sustainable, safe and affordable produce year round is only continuing to grow.”

“Eden Green has combined proprietary technology with a unique distribution model to create a strong foundation for rapid growth within this emerging space,” Parkey continued. “As the company enters this new phase, I look forward to driving strategic development and helping advance Eden Green’s incredible mission.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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