Aquaponics Greenhouse Company Springworks Kicks Off Massive Expansion
February 14, 2023 Springworks, a Northeast-based certified organic aquaponic greenhouse, has announced a $22 million round of new funding that will fuel the company’s regional 120,000 square-foot expansion. The capital, raised through a combination of equity and debt, will fund the construction of Springworks’ fourth and largest greenhouse. This is Phase One of Springworks’ plan to build 500,000 square feet of greenhouse space over the next six years.
Springworks uses aquaponics to grow organic bibb, romaine, and green leaf lettuce. The expansion will allow Springworks, which already services over 300 stores, to meet the increasing demand for local, safe, and sustainable food. By investing regionally, Springworks cuts thousands of food transportation miles for customers such as Hannaford, Whole Foods, and Roche Bros. to increase access to high-quality, local food year-round.
“Regional agriculture is core to the sustainable future we want to help build,” says Trevor Kenkel, who founded Springworks in 2014 at the age of 19. “By delivering organic greens to customers faster, we are able to cut food waste and improve quality.”
Karin Gregory led the investment for Blue Highway Capital.
“We first met the Springworks team in 2021 and began to follow their progress. We look in rural areas for companies with strong management teams in sectors positioned for growth and are pleased to have participated in this financing with Farm Credit East,” Gregory says.
Springworks is also fortunate to have the support of several economic development organizations, such as the Maine Technology Institute (MTI). MTI has been a pivotal leader in Maine’s innovation economy, making Maine an ideal environment for entrepreneurs.
“MTI is proud to support Springworks Farm as it utilizes innovation to grow high-quality organic lettuce year-round in Maine,” says Brian Whitney, President of MTI. “It’s clear that we need to grow more of our food locally if we want to develop a more resilient and sustainable food system. That’s why we have provided funding and assistance to Springworks Farms in its pursuit to become the largest aquaponics farm in the U.S. and, indeed, the world.”
Springworks also partnered with the Finance Authority of Maine (FAME), which helps lead the creation of jobs for Maine people by working at the nexus of economic and workforce development. FAME provided financing to Springworks in the form of 75% pro rata loan insurance on a $5 million loan and a $1 million line of credit by Farm Credit East.
“FAME is pleased to help finance Springworks’ expansion,” says David Daigler, FAME Board chair. “The innovative, eco-friendly aquaponic farming being done in Lisbon by Trevor and his team is remarkable and benefitting Maine and the public.”
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