- Dream Harvest is auctioning off over $8 million in unused equipment purchased in 2022 for its Houston expansion, including machinery, LED lighting, and irrigation systems.
- The auction, scheduled for January 14-16, comes after the company decided it no longer needs these assets at its Houston facility due to sufficient resources at other locations.
- The vertical farming industry has faced challenges, with companies like Smallhold and Bowery closing, while Plenty is undergoing leadership and financial restructuring.
- Experts highlight the industry’s struggle with defining market needs and balancing technology with agricultural best practices, though some companies, like Oishii, continue to attract investment.
Dream Harvest, a vertical farming company that raised $50 million in late 2021 for its Houston, Texas expansion, is auctioning off a significant portion of equipment purchased in 2022 but never deployed.
The auction, scheduled for January 14-16, will feature over $8 million worth of unused equipment, including packaging and harvesting machinery, LED lighting, and irrigation systems.
CEO Zain Shauk, who co-founded Dream Harvest in 2015, confirmed the sale, explaining that the company no longer needs these assets at its Houston facility, as they have sufficient resources at other locations.
This move comes amid ongoing challenges for the vertical farming industry, which has faced significant correction since 2022. Notable closures include companies like Smallhold and Bowery, while Plenty is undergoing leadership changes and financial restructuring.
Experts point to the industry’s struggle with defining clear market needs and balancing technology with agricultural best practices. Despite these hurdles, some companies, such as Oishii, have continued to attract investment.
Read Also: Urban Crop Solutions Partners with Inagro to Launch Pioneering Vertical Farming Tower
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