Sustainable hydroponically grown producewebsite
Bright Farms designs, finances, builds and operates hydroponic greenhouse farms at or near food retailers or food service sites. The Company enters into 10-year produce purchase agreements with grocery retailers, requiring the retailer to purchase 100% of the output at fixed prices (adjusts by CPI), and simultaneously contracts with local growers to guarantee the volume of output. Growers are paid a percentage of revenue and are responsible for site operating costs and working capital requirements. The business model eliminates time, distance and costs from the produce supply chain and cuts costs of cross-continent shipping, the middleman between growers and retailers.