Houweling’s Group is teaming up with sustainability investment firm Equilibrium to modernize its existing facilities in California and expand its production capacity at its Utah facility, according to a press release.
"We had been seeking a strategic equity partner for the past few years, recognizing the need for outside capital to react to growing customer demand for fresh, safe, and 365 day-a-year production,” said Kevin Doran, Houweling’s President and CEO. “By partnering with Equilibrium, who bring a deep understanding of the greenhouse and agriculture sectors, we expect to unlock the full potential of our company. The waste heat and CO2 from the adjacent power plant is sufficient to support a greenhouse twice the size of what we have now. With Equilibrium, we can realize the economies of scale from a second 30-acre phase, planned to commence construction in 2019.”
“[Houweling’s] state-of-the-art greenhouse in Utah captures waste heat and CO2 from the neighboring power plant, reducing the amount of fossil fuels consumed compared to a traditional greenhouse operation, and recycling CO2 that would otherwise enter the atmosphere. This is exactly the kind of economic and sustainability impact we look for in our strategies," Equilibrium’s Chairman Dave Chen said. “We see a tremendous opportunity in the future of controlled environment agriculture and foods."