On July 7, 2023, Freshbay Inc. announced the signing of a definitive agreement with Novus Earth for its Geothermal Controlled Environment Agriculture ("GeoCEA") project outside of Hinton, Alberta. The $29 million agreement demonstrates a portion of the major investment that Freshbay, in partnership with Novus Earth, is providing in the area, creating a new economic driver for the Yellowhead region. This follows the successful signing of a definitive agreement with Affinor Growers on June 16, 2023.
Freshbay is a leading agriculture company focused on sustainable and locally sourced food production. With a strong commitment to innovation and environmental stewardship, Freshbay utilizes geothermal energy and advanced farming techniques to cultivate high-quality produce.
Novus Earth is a recognized leader in geothermal energy solutions, providing sustainable and efficient solutions for various industries. Their expertise in geothermal technology and commitment to environmental sustainability make them an ideal partner for the Freshbay geothermal agriculture project.
Affinor Growers is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.
With the definitive agreements in place, Freshbay is set to construct a cutting-edge geothermal-heated, cogeneration powered, agriculture facility, spanning approximately 864,000 square feet. The facility will feature state-of-the-art vertical farming systems, leveraging Novus Earth's geothermal energy solutions to provide a sustainable and reliable source of heat and power.
Construction of the GeoCEA facility is expected to commence in the later half of 2023, with plans for full operation by Summer 2024.
Gowling WLG advised Freshbay with respect to the negotiation of these agreements with a team that included Zafar Jaffer and Andrew Lamb.