Controlled environment agriculture (CEA) is reaching new heights in market momentum and attracting interest from various industry players. Accordingly, large corporations are placing their bets, and in parallel, a number of CEA startups have announced plans to go public.
In February 2021, AeroFarms, a leading CEA developer that produces leafy greens using an aeroponic production system, announced a deal to go public with special-purpose acquisition company (SPAC) Spring Valley. The company currently has four vertical farms situated in and around Newark, New Jersey, and is building an R&D farm in Abu Dhabi as part of a $100 million investment by the Abu Dhabi Investment Office. However, AeroFarms and Spring Valley mutually called off the deal in October 2021, without specifying the reason behind the merger's termination.
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