The purchase of GoLocalProduceRI, LLC may lead to advances in New England's vertical farming sector. This may be of interest to individuals who are planning to apply their green MBA to the organic produce industry.
Converted Organics Inc., a company that is dedicated to the development and operation of technologies that are beneficial to the environment, recently acquired the majority ownership of GoLocalProduceRI, LLC. This purchase may lead to the creation of the first TerraSphere facilities in the U.S.
TerraSphere Systems, a division of Converted Organics Inc., designs and builds vertical systems for growing fruits and vegetables in a controlled, indoor environment, according to the company's official website.
Construction of a TerraSphere in New England will provide the region with a year-round supply of fresh produce, according to company officials.
Approximately 73 percent of the U.S. lettuce supply originates in either Arizona or California. A TerraSphere in New England might eliminate the need for the vegetables' cross country transport to the Northeast, and reduce carbon emissions in the process.
For Edward J. Gildea, president and CEO of Converted Organics, "the opportunity in Rhode Island is exciting in that it provides both an opportunity to deliver $1 million in sales in 2011 and close to $3 million in 2012."