World’s Tallest Vertical Farm Opens in Import-Reliant Singapore
(Bloomberg) -- Singapore opened the world’s tallest vertical farm on Wednesday, as the city-state tries to reduce its reliance on imported food.
The S$80 million ($62 million), 23-meter-high facility, developed by Singaporean company Greenphyto Pte Ltd., was launched despite other operators struggling with rising costs and the government lowering targets for domestic agricultural production.
A string of closures in recent years underlined how high-tech agriculture is far from being a definitive solution for the island-state’s food security. Still, Singapore is betting that size and automation can make vertical farming profitable.
The fully automated farm is designed to produce up to 2,000 tons of vegetables a year, including lettuce and spinach, delivering as much as 45 times more yields per hectare compared to traditional farming.
The company has sales offices in Malaysia and the Netherlands, and is “looking to supply beyond Singapore”, founder Susan Chong said.
Greenphyto’s farm, which has been operational since last year ahead of the formal inauguration, was supported through debt financing by United Overseas Bank Ltd. as well as other individual investors, Chong said.
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