Greenleaf Fresh Ltd, from Hamilton, New Zealand, has entered voluntary administration. Greenleaf Fresh is behind Greengrower, a vertical farm in Hamilton. This decision follows recent financial challenges impacting the company's operations, shares tax and advisory firm Grant Thornton, whose employees Adele Hicks and David Ruscoe were appointed administrators by resolution of the company's directors on Dec 31.
"The administration process aims to protect the interests of employees and creditors while working towards a future for the business. Updates will be provided as necessary throughout this period", the message reads.
Greenleaf Fresh is behind Greengrower. In 2023, Elevate Farms and Greengrower commenced operations at Greengrower's first indoor farm in Hamilton, New Zealand, powered by Elevate Farms' patented proprietary technology. Last year, the vertical farm operation received $3.5 million in public funding for research.
The grant from the Ministry of Primary Industries (MPI) under the Sustainable Food and Fibres Futures programme was to allow the business to focus on ongoing research and development for new crops and varietal development, according to media reports at the time. The business and its shareholders reportedly put nearly $5.3 million into the project.
MPI director of investment programmes Steve Penno said it would work with the administrators to "fully evaluate the implications of the company going into voluntary administration".
Read more at RNZ