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Definitive agreement signed to build geothermal agricultural site

June 27, 2023 – Freshbay, Inc., an agriculture company specializing in sustainable indoor farming, have signed a definitive agreement with Affinor Growers Inc., a developer of vertical farming technologies.

As part of the agreement, Freshbay will construct a state-of-the-art geothermal agricultural site near Hinton, Alberta, spanning approximately 864,000 square feet of greenhouse facilities. Leveraging Affinor’s technologies, Freshbay will focus on the cultivation and commercialization of its premium Affrinoira Fragaria strawberries.

Under the Definitive Agreement, Affinor will provide Freshbay with the necessary products and services to support strawberry production at the project site, including the installation of 17,530 vertical hydroponic towers, 34 polycarbonate Atlantis greenhouses, and an automated irrigation and fertilization system. Additionally, Affinor has facilitated the introduction between Freshbay and Berrymobile Fruit Distribution Inc., ensuring offtake for the strawberries grown on-site.

The execution of this Definitive Agreement is contingent upon Freshbay securing adequate financing and the agreement on a work schedule for the project. Upon satisfaction of these conditions, Freshbay will make an aggregate payment of CAD$135,757,350 to Affinor.