NEW YORK, NY, March 6, 2013 – It was announced today that prominent renewable energy
investor Clean Feet Investors has provided BrightFarms with a $3M project equity facility; this
investment is believed to be the first institutional project finance capital for a company focused on
scalable, commercial urban agriculture.
Clean Feet seeks to help socially responsible companies like BrightFarms structure non-dilutive
project finance solutions. BrightFarms builds and operates state-of-the-art greenhouses for the
supermarket industry, creating a dramatically more efficient supply chain. The company’s fresh
supply chain model for scalable local produce offers guaranteed revenues from long-term fixedprice
offtake agreements with supermarkets. BrightFarms has in total raised over $11 million in
capital and has nearly $70 million in contracted backlog with its clients.
BrightFarms’ 56,000 square foot greenhouse in Bucks County, Pennsylvania, has been built with
Clean Feet capital. The Clean Feet capital will also be deployed across other BrightFarms
greenhouse projects, such as those under development in Brooklyn, Saint Paul, Oklahoma City,
and Saint Louis.
“BrightFarms triple bottom line business model prioritizes people, the planet, and healthy profits,”
says Clean Feet Investors Special Manager Jigar Shah. “We are eager to see BrightFarms scale
its innovative business model in a way that eliminates cost and natural resource consumption
from the produce supply chain.”
“We were fully prepared to use our venture capital money to install our first projects, but Clean
Feet offered a better approach. Now we have a project finance structure that can scale with our
business so we can focus on growing good tasting vegetables.” says BrightFarms CEO Paul
“We believe that BrightFarms’ business model, which is based on guaranteed revenues from
fixed-price off-take agreements, makes it uniquely scalable and financeable, and thus very
attractive to investors in our Fund,” says Clean Feet Investors Manager Bernard Zahren.
About Clean Feet Investors
Clean Feet Investors I, LLC (CFI) seeks to provide significant returns from socially responsible
investments in small to medium-sized renewable energy and energy conserving projects. By
employing effective investment structures for sophisticated investors, CFI is helping to fill the
current void in “non-dilutive” capital for an industry segment that is both very attractive and critical
for an effective overall energy policy.
BrightFarms grows local produce, nationwide. By financing, building, and managing greenhouse
farms at or near grocery retailers, BrightFarms eliminates time, distance, and costs from the
produce supply chain. BrightFarms local produce is fresher, more flavorful, and better for the
environment, enabling grocers to change their produce supply chain in a way that improves the
planet and their profits.
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Kate Siskel Karen Labout
BrightFarms Clean Feet Investors