Mary Agrotech (MARY) has entered a strategic partnership with Changzhi Yufeng Agricultural Technology Development.
Based in Shanxi, China, Yufeng owns and operates one of China’s largest vertical farms, which is commonly referred to as The Plant Factory.
The parties will collaborate on a 700 square meter pilot project using Mary’s proprietary vertical farming hardware and AI-driven automation software.
According to official data, 16.1 per cent of China’s soil and 19.4 per cent of its arable land is contaminated, an area larger than the U.K., France and Spain combined. As China’s middle class reached 700 million in 2020 and is expected to add another 350 million by 2030, demand for quality food has been increasing at an exponential rate.
Frank Qin, Mary Agrotech’s CEO, stated,
“The farm is in a great location as over 600 million people reside within its 500-mile radius. As only about 12 per cent of China’s landmass is arable, food security is a key focus for the country and this pilot is proof that our technology has its unique advantages to be a part of that massive market. It’s a foot in the door.
Now that Yufeng – one of China’s leaders in vertical farming and controlled-environment agriculture – is adopting our technology, we are already fielding additional opportunities.”
Mary Agrotechnologies develops, manufactures and markets automated growing systems integrated with data-driven artificial intelligence.
Mary Agrotech (MARY) is unchanged trading at $0.38 per share as of 11:57 am ET.