Milano, July 19, 2023 - Agricola Moderna, an innovative company among the first to launch vertically farmed products on the Italian market, and the Infrastructures for Growth – ESG Fund (the “IPC Fund”) managed by Azimut Libera Impresa Sgr SpA have successfully signed a partnership to invest in vertical farming.
The IPC Fund, dedicated to investments in the social infrastructure sector with a specific ESG approach, will invest approximately 15 million euros in both the construction of a modern vertical farm to be leased to the operating company Agricola Moderna srl and in the equity of the latter, which will invest in the technology of the facility (about 13 million euros) and is controlled by Agricola Moderna Holding SpA.
The entry of the IPC Fund contributes to the growth of Agricola Moderna in the Italian market through the realization, by September 2024, of an innovative vertical farming facility powered 100% by renewable energy, which will be located in the municipality of Agnadello, in the province of Cremona. New investments are already planned in Italy and also in Europe by Agricola Moderna Holding SpA, through the construction of additional vertical farming facilities.
The new facility will encompass the entire production chain over an area of approximately 9,000 m2, of which 2,000 are dedicated to vertical farming, resulting in a total cultivation area, across multiple levels, of 11,000 m2. The production will exceed 900 tons per year, averaging 2.5 tons per day, of leafy vegetables including baby and teen leaf salads ready for consumption. If traditional cultivation were used, it would require 30 hectares of agricultural land, an area 18 times the size of Milan's Duomo and about 180 million liters of water per year, equivalent to 73 Olympic swimming pools. Vertical farming is an innovative and sustainable practice of indoor cultivation using hydroponics, where even the water evaporated from the plants is not wasted but analyzed, purified, mineral salts are replenished, and reintroduced into the system. The controlled environment allows for the complete elimination of chemical products such as herbicides or pesticides and can save up to 95% of water and land compared to traditional intensive farming.
“The investment of the IPC Fund in the capital of Agricola Moderna srl is a crucial step for our future. We are proud of the interest and appreciation this important investor has shown towards our project, demonstrating a shared commitment to its goals, including sustainability,” stated Pierluigi Giuliani and Benjamin Franchetti, co-founders of Agricola Moderna - “The goal is to create a model company, focused on sustainable medium to long-term growth based on innovation, capable of generating value for all our stakeholders: from shareholders to employees, from commercial partners to consumers of our salads and herbs.”
“A successful business today more than ever is called to be accountable for the quality of its products and the sustainability of its choices,” concluded Giuliani and Franchetti.
Andrea Cornetti, CEO of Real Estate and Infrastructure at Azimut Libera Impresa Sgr, stated: “The investment made in Agricola Moderna allows us to combine the two main objectives we pursue with the IPC Fund: to invest in infrastructure supporting innovative and rapidly expanding sectors with the prospect of generating value for our investors and, at the same time, to make sustainable and ESG-compliant investments, with positive and measurable impact results over time.”
The production in Agnadello will allow Agricola Moderna to increase distribution throughout the national territory, ensuring super fresh and high-quality products. The facility will specialize in the production of herbs and Teen Leaf, a variety of salads that is less common in the Italian IV gamma market.
Agricola Moderna is among the first companies to have launched vertically farmed products on the Italian market. The company was founded in Milan in 2018 by the two friends and founders Pierluigi Giuliani and Benjamin Franchetti with the aim of producing food sustainably to combat climate change. Since 2020, the Agricola Moderna brand has been distributing its products throughout Lombardy via GDO and specialized e-commerce. Agricola Moderna offers daily salads and herbs, high quality, fresh, healthy, and tasty, without pesticides and nickel, thanks to indoor hydroponic cultivation, which helps preserve useful resources for the Planet, achieving water and soil savings of up to 95% compared to traditional intensive farming.
The innovation of Agricola Moderna also extends to the work environment: 18 employees, nearly all under 35, from various nationalities and with diverse professional backgrounds including agronomists, engineers, data analysts, and managers. 25% of the staff holds a PhD, and many have international experience, fostering a constant exchange of ideas, cultures, and experiences. The business model emphasizes a strong connection with the local territory and communities in which the company operates for a short production and distribution chain. Lombardy is just the beginning of the development plan, which includes new vertical farms in Italy and around the world. Visit the site www.agricolamoderna.com.
Azimut is an independent global group in asset management, wealth management, investment banking, and fintech, serving individuals and businesses. A public company listed on the Milan Stock Exchange (AZM.IM), it is a leader in Italy and present in 18 countries worldwide, focusing on emerging markets. The shareholding includes over 1,900 managers, financial advisors, and employees united in a syndicate that controls approximately 21% of the company. The remaining shares are floating. The Group includes various companies active in the promotion, management, and distribution of financial and insurance products, mainly based in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, the UAE, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey, and the USA. In Italy, Azimut Capital Management Sgr operates in promoting and managing Italian law mutual funds, Italian law alternative investment funds, and also in individual portfolio management on behalf of third parties. Additionally, Azimut Capital Management oversees the distribution of the Group's and third-party products through its network of financial advisors, while Azimut Libera Impresa Sgr handles alternative products. The main foreign companies are Azimut Investments SA (founded in Luxembourg in 1999), which manages the multi-compartment funds AZ FUND1 and AZ Multi Asset, and the Irish company Azimut Life DAC, which offers life insurance products.
