Sundrop farms looking for new investor. Hemp could be a look in specially since they already supply Coles.
Sundrop farms in SA looks for new investors in greenhouse technology
SUNDROP Farms is looking for potential investors in expanding to new projects after launching a 20ha glass greenhouse at Port Augusta in 2016 that it claims is the largest development of its kind in Australia.
The group said its development has capacity to produce 17,000 tonnes of tomatoes each year using 22.5 per cent less land than more traditional field production and uses significantly less water.
Investec has been appointed to explore strategic options for the company, including partnerships, to “capitalise on the company’s growth opportunities in Australia and abroad”, it announced.
Last year, Sundrop relocated its global headquarters from London to Adelaide and elevated managing director of Australia Steve Marafiote to the company’s global chief executive.
“We’ve successfully delivered against a very ambitious plan to develop Australia’s largest single site glass greenhouse facility utilising a unique combination of renewable energy and desalinated water,” Mr Marafiote said.
“As a result, we have decoupled the traditional greenhouse reliance on fossil fuels and freshwater reserves, providing a genuinely sustainable environment with stable long term operation expenses.”
Mr Marafiote claimed this “eliminated traditional risks” linked to water access, affordable energy and protection from weather events that were usually associated with agriculture investments.
Sundrop has secured a 10-year supply agreement with Australian supermarket chain Coles that has underpinned its Port Augusta development and was named Sustainable and Ethical Supplier of the Year the 2016 Coles Supplier Awards.
The company’s greenhouse is powered by a 115m high state-of-the-art solar tower with 23,000 mirrors while water comes from the Spencer Gulf, desalinated by its thermal desalination plant.
Sundrop founder and chair Philipp Saumweber said Port Augusta underpinned the original investment thesis.
“The farm has been successfully operating for almost two years and as a result we’re seeking new partners with whom Sundrop can embark on its next stage of exciting growth and bring our highly sustainable farming operations to new products and regions,” he said.
RELATED CONTENTSundrop has undertaken pilot projects in Europe and America — with its selling spots being the ability to develop in areas with limited freshwater, high sunlight and volatile energy prices.
