Westport, CT, USA – Locally based Alquimi Renewables announced today that it has successfully formalized an exclusive long-term licensing agreement with engineering firm Megalo Solutions Inc., of Phoenix Arizona, to supply and construct off-grid hydroponic solar greenhouses throughout the Caribbean and Latin America trade regions. Alquimi has also secured project financing sources who have dedicated US$300m towards the establishment of sixteen planned operations in the Caribbean alone. In addition, a major US grower company has agreed to manage all greenhouse operations.
The agreement appoints Alquimi Renewables as the exclusive project developer for the region utilizing the Megalo proprietary agricultural technologies employed in their commercial off-grid solar greenhouse systems. The technology represents the first engineered, hurricane resistant solar greenhouse system in the market, and will directly support much needed agricultural development across a region constantly threatened by high-risk climate conditions. The systems can also supply the electrical utility or other off-takers with up to 5-7MW of electricity generated from a typical 15-25 acre greenhouse site.
The Caribbean region (Cuba excepted) currently imports approximately US$1.3b of its annual fresh produce requirements from the US and other markets. The establishment of a series of commercial scale greenhouse growing systems, utilizing state-of-the-art solar energy generation, thermal storage technologies, and climate controlled hydroponic growing systems, will accelerate the displacement of this imported food bill and create the opportunity for the region to achieve self-sustainability in local food production. Substantial job creation, export opportunities, and agri-processing investment will stem immediately from these agricultural investments.
Alquimi plans to partner with existing commercial farmers in each location to help accelerate local indigenous crop production and provide access to supply chain relationships. The business model also includes working with learning institutions to help “Grow More Farmers” by bringing young people back to farming through new technologies.
Alquimi currently has four projects under development in the Caribbean, each comprising a minimum of 500,000 square feet of climate controlled solar powered greenhouse space, and eleven other operational sites under consideration through a strategic deployment plan across the region.
“We’re extremely excited about formalizing our relationship with the PowerGrow/Megalo team.” says John Martin, Principal and Managing Partner of Alquimi. “This will allow Alquimi to continue its strategic development of our technology based solar greenhouse projects across a broad region which has been consistently challenged by commercial grade food and energy production.”