AgriTech to Acquire Technologies SGG Canada Inc. in $165M Deal
Vancouver, British Columbia -- July 31, 2024 -- NewsGenie -- AgriTech has announced an agreement to acquire Technologies SGG Canada Inc. (SGG) for $165 million, based on estimated earnings. The deal, finalized on July 19, 2024, is contingent upon audited financials and verification of SGG's projected gross sales. AgriTech will issue sales from a new class of multiple voting shares and absorb certain costs related to SGG.
SGG, with 12 years of experience, specializes in cold storage manufacture and installation, offering optimal storage conditions for various goods. The company has developed or licensed agricultural technology IP covering controlled atmosphere, indoor cultivation, and waste-to-energy solutions. Its team of over 80 technicians and engineers from six countries are experts in these technologies.
SGG's controlled atmosphere (CA) technology extends the storage life of fresh produce by controlling air molecules in gas-tight environments, using its patented CAHYB facilities. The company also holds patented IP for advanced indoor vertical cultivation, employing robotic systems and proprietary software to optimize crop yields without pesticides or chemicals.
Addressing energy costs, SGG's waste-to-energy technology produces on-site electricity using high-temperature systems that convert waste into syngas, which then activates a gas turbine. These facilities generate additional revenues from tipping fees for incoming waste and the monetization of biochar and carbon credits.
SGG refers to its facilities as "Agroville," agriculturally zoned properties that integrate food storage, crop production, and on-site energy production, aiming for a Net Zero carbon footprint. SGG has a pipeline of ongoing projects, including building storage and cultivation facilities with waste-to-energy equipment for large farmers in North America and deploying its first two corporate-owned Agroville sites.
AgriTech focuses on identifying and improving indoor agriculture storage and vertical grow properties for sale and lease opportunities. The company aims to upgrade existing cold storage facilities with CA technology, vertical farming, and modern energy capture techniques. On June 25, 2024, AgriTech announced the acquisition of two cold storage facilities in New York state for development into Agroville sites.
Donald Gordon, Director and CFO of 1325966 BC Ltd., provided the contact information for AgriTech.