The 61-Acre Site is set to Produce Millions of Pounds of Produce Annually While Expanding Regional Career Opportunities
Richmond, VA – September 19, 2024 – Governor Glenn Youngkin attended the ribbon-cutting ceremony of a next-generation hydroponic greenhouse to celebrate the facility’s official opening. The project was made possible by Generate Capital, a leading sustainable infrastructure investment and operating platform, and Better Future Farms, Inc., the Virginia-based developer and operator of high-tech greenhouses. The facility, located on a 61-acre site in Louisa County, will annually produce several million pounds of high-quality leafy greens for major retailers and food services customers and provide year-round job opportunities while expanding Virginia’s growing indoor agricultural industry.
The Virginia Department of Agriculture and Consumer Services (VDACS) and the Virginia Economic Development Partnership (VEDP) worked with Louisa County and the Louisa County Industrial Development Authority to secure the project for the Commonwealth. Governor Youngkin approved a $200,000 grant from the Governor’s Agriculture and Forestry Industries Development Fund, which Louisa County will match with local funds. As part of the investment, Better Future Farms secured a sales agreement with Taylor Farms, the nation’s largest salad producer, to provide fresh produce from the greenhouse and processing facility to customers across North America.
“This investment from Better Future Farms and Generate Capital affirms Virginia’s leading role in the controlled agriculture environment industry,” said Governor Glenn Youngkin. “Through the Virginia Talent Accelerator Program, this project will drive career opportunities and expand our talent pipeline in Louisa County, bolstering the Commonwealth’s leadership in high-tech agriculture. We are proud to welcome Better Future Farms to Virginia and look forward to supporting their innovative approach to the future of farming.”
“Generate is excited to see this facility operational, leveraging advanced technology to grow healthy produce, doing more with less water and land and offsetting CO2 emissions from cross country transportation. We are grateful to Governor Youngkin and his administration for their support and partnership to make this investment a reality,” said Nam Nguyen, COO, Generate Capital. “Our work in Louisa County will help build the future of agriculture, delivering direct economic benefits to local residents and offering more sustainable options to retailers and customers alike.”
“We are thrilled to officially open our Louisa County greenhouse site and start delivering local, fresh and high-quality greens to customers in Virginia and across the country,” said John McMahon, COO, Better Future Farms, Inc. “We extend our thanks to Generate for partnering with us on this project and to Governor Youngkin for supporting the project as we harness local talent to advance innovative agriculture solutions.”
Generate Capital is a leading sustainable investment and operating platform driving the infrastructure transition. Generate aims to provide the capital and help that developers, businesses, cities and communities need to accelerate cost savings, resilience and decarbonization. Since 2014, Generate has invested in and operated sustainable assets across six sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With more than $10 billion raised since inception, 50+ technology and development partnerships and more than 2,000 assets globally, Generate’s one-stop-shop offers proof, not promises that sustainability pays. For more information, please visit www.generatecapital.com.
Founded in 2022, by business partners John McMahon and David Drescher, Better Future Farms will produce a variety of fresh leafy greens year-round for the wholesale market in its first state-of-the-art indoor hydroponic greenhouse operation. McMahon and Drescher are seasoned entrepreneurs who bring a wealth of business and indoor growing experience to the new company along with established produce industry relationships. For more information, please visit www.betterfuture.farm.
