Converted Organics getting into vertical farming

Boston-Converted Organics Inc. (CO), which uses a proprietary thermal process to produce organic fertilizer from food waste, continues to diversify, with plans to acquire TerraSphere Systems, a Massachusetts LLC and a rapidly growing pioneer in the vertical farming market. Completion of the $26 million all-stock transaction would be the company’s largest acquisition to-date and is subject to the approval of shareholders. TerraSphere designs, builds, and operates vertically-stacked modules to house rows of plants, which are then placed perpendicular to an interior light source to grow pesticide-free organic fruits and vegetables, enabling fresh produce to be grown year-round in a controlled, indoor environment at any location or climate world-wide. TerraSphere expects this innovation will revolutionize the $180 billion agriculture market by producing ten times the per-square-foot crop yield utilizing compact facilities, which reduces the need for land, water, power, and other critical resources. “Converted Organics’ acquisition of TerraSphere would expand our growing portfolio of sustainable, environmentally-friendly businesses, and would provide an immediate revenue stream for our company,” said CO President Edward Gildea. “We believe TerraSphere’s unique business model and range of patents will allow Converted Organics to quickly emerge as an early leader in the dynamic, new vertical farming industry.”