Building on the memorandum of understanding (MoU) announced in August 2023, FarmByte, a digital-first agrofood company under the Johor Corporation (JCorp) Group, and Archisen, an agritech company from Singapore, have today embarked on a 70:30 joint venture agreement to develop a new vertical farm in Johor Bahru.
Spanning 52,000 square feet with an estimated total capital requirement of USD 7.81 million, the vertical farm is planned to operate by the end of Q4 2024. The joint venture will also see an additional investment of USD 2.6 million into Archisen to foster the company's long-term growth and partnership. The farm is expected to produce over 306,000 kg of premium leafy vegetables, including crystal lettuces, mustard greens, and ice plants, per annum.
Syed Aiman shared, "The joint venture provides us with the opportunity to gain valuable insights and expertise on applying innovative, high-technology solutions to enable more sustainable and efficient farming practices. We can then use these insights to support and empower our local farmers through our digital aggregator platform. Furthermore, the vertical farm that we will develop in Johor as part of this joint venture supports our ongoing efforts in creating high-value jobs in agriculture and attracting youth and talent into the industry."
Witnessed by the Chairman of the state's Agriculture, Agro-based Industry and Rural Development Committee, Datuk Zahari Sarip, the joint venture agreement was sealed by Mr Syed Aiman Kifli Syed Jaafar, CEO of FarmByte Sdn Bhd, and Mr. Vincent Wei, CEO of Archisen Pte Ltd.
As part of the agreement, FarmByte and Archisen will commit their respective resources and industry and technical expertise to the establishment of the indoor vertical farm. While FarmByte will provide local farming and agrofood insights, Archisen will provide the technical know-how on vertical farming as well as farm installation, supply, and maintenance expertise to ensure the smooth operation of the vertical farm.
Vincent Wei adds, "Innovation, to serve the ultimate goal of food security, is key to what we do at Archisen, and we are inspired by FarmByte's vision of becoming a digital network of processors, distributors, and retailers, aiming to enhance food production, create farm-to-fork opportunities, and uplift communities. This aligns perfectly with ours, and we look forward to nurturing a thriving relationship with FarmByte as we work to provide a consistent stream of high-quality produce to both countries, help develop a new generation of urban farmers, and advance vertical farming technology across Southeast Asia."
For more information:
Archisen
[email protected]
www.archisen.com
Farmbyte
https://farmbyte.com