BURLINGTON, Mass. – Agrify Corporation (NasdaqCM: AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has launched its new comprehensive customer offering, the Agrify Total Turn-Key Solution (“Agrify TTK Solution”). This first-of-its-kind program is designed to offer qualified strategic partners the capital, hands-on support, resources, and know-how needed to quickly establish cutting-edge cultivation facilities that leverage the power of Agrify’s fully integrated grow solution, including its Vertical Farming Units (“VFUs”) and proprietary SaaS solution, Agrify Insights. Agrify currently has up to $50 million in new TTK opportunities identified.
The Agrify TTK Solution addresses many obstacles that have historically hindered the progress of new cultivation ventures. Through this program, the Company intends to enter into long-term 10-year partnerships with customers and provide them with prompt access to funding, facility design and construction services, cultivation equipment and software, standard operating procedures, extensive training through Agrify University, data and insights, and ongoing maintenance, support, and equipment upgrades throughout the life of the relationship. The Agrify TTK Solution is intended to be the industry’s first true end-to-end solution.
In turn, the Agrify TTK Solution should enable the Company to secure more opportunities earlier in the customer journey, increase adoption of its core technologies, accelerate recognition of yield-based and recurring SaaS revenues, and achieve overall higher return on investment. Agrify is targeting an Internal Rate of Return (“IRR”) of 40-50% for this program through the Company’s comprehensive 10-year production-based revenue streams as well as repayment of construction loans and fixed monthly lease payments from customers. Agrify will initially be focused on working with customers based in states that feature favorable wholesale pricing as well as attractive regulatory conditions.
“As the industry’s first total turn-key solution, we believe we can now provide customers with a truly comprehensive end-to-end offering that should allow them to get to market faster and consistently grow the high-quality products that their customers expect, in a controlled and replicable environment, all at a significantly lower cost of production,” said Raymond Chang, Chief Executive Officer of Agrify. “We feel as if the Agrify TTK Solution provides the access to capital and high-touch support that today’s growers are looking for, and we anticipate that this launch will be met with significant interest and excitement from prospective customers. Overall, we are confident that this diverse offering of hardware, software, capital, and complementary services will enable us to increase our total addressable market, gain additional market share, and enhance long-term shareholder value.”
About Agrify (NasdaqCM: AGFY)
We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com.
