Bayer, Temasek Form New Company Focused on Vertical Farming
12 Agosto 2020 - 05:29AM
Dow Jones News
By Giulia Petroni
Bayer AG Wednesday said its impact investment arm Leaps by Bayer
made a joint investment with Singapore-based Temasek Holdings to
form a new company focused on vertical farming.
The German pharmaceutical and chemical conglomerate said the new
venture, which is called 'Unfold', will be focused on innovating
vegetable varieties to improve the quality, efficiency and
sustainability of vertical farming.
The company will be led by Chief Executive John
Purcell--currently head of vegetables research and development at
Bayer's Crop Science--and headquartered in the Davis area,
California. Commercial, research and development operations will be
located in both California and Singapore.
Bayer said the company "raised $30 million in the initial
funding round and entered into an agreement for certain rights to
germplasm from Bayer's vegetable portfolio."
Vertical farms are indoor farms or plant facilities with
artificial light allowing the growth of fresh, local produce.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
August 12, 2020 04:14 ET (08:14 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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