Agrify Corp (AGFY)

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Agrify’s Enters Into First Hydrocarbon Extraction Lab & Vertical Farming Unit Facility in California
TROY, Mich., Jan. 18, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced it has entered into a multi-million dollar sales agreement (“the Agreement”) with Ocean Deep/Golden Lake Business Park, a California-based vertically integrated cannabis operator. Ocean Deep will be extracting products with Agrify’s turnkey PX30 Hydrocarbon Extraction Lab Package to bolster its product offerings. Ocean Deep is also expected to begin operation with an estimated 120 Vertical Farming Units (“VFUs”) sold by the Company to produce high-quality cannabis flower in 2024.

The PX30 Hydrocarbon Extraction System is the largest system of Agrify’s PX-series. The PX30’s four 7.5 lbs. material columns can be run in parallel, allowing a complete 30-pound batch cycle in under 60 minutes, and making it one of the largest and fastest extractors on the market with up to 240+ lbs. per 8-hour shift. This robust system is poised to offer enhanced capabilities for hydrocarbon extraction, catering to the demands of commercial operators focusing on large-scale batch processing and extracting for the creation of direct-to-consumer products.

Raymond Chang, Chairman and CEO of Agrify, shared that “We are very excited to announce this agreement for the sale of our first combined VFU and PX30 Hydrocarbon Extraction Lab facility in the state of California. We applaud our partner Ocean Deep/Golden Lake Business Park’s foresight for selecting Agrify’s technologies in the fiercely competitive California market. We believe our superior cultivation and extraction technologies will allow Ocean Deep to offer the highest quality and most consistent products to its customers.”

The addition of Agrify’s UL-compliant Explosion Proof (EXP) Rooms was, the Company believes, an ideal choice for Ocean Deep’s C1D1 extraction lab. Agrify’s safe and easy to install C1D1/C1D2 extraction rooms are designed to be easily set up in less than one day and are equipped with a PSI technical report certification for professional engineers to field verify in all 50 states.

“As CEO of Ocean Deep/Golden Lake Business Park, it is with great enthusiasm that I disclose our new alliance with Agrify, renowned for their trailblazing cannabis cultivation and extraction innovations. Our southern California operations will proudly serve as a showcase for their end-to-end cannabis solutions,” said Mr. Sun, CEO of Ocean Deep/Golden Lake Business Park. “We chose Agrify because their approach to the industry is grounded in science and focuses on efficiency which resonate with our mission to redefine industry benchmarks through the adoption of forefront technologies that amplify our production capabilities and assure superior product quality. We look forward to the advancements and triumphs that our combined efforts will yield.”

These industry developments illustrate the continuous innovation and commitment to safety within the cannabis sector as Agrify adapts to expanding market demands.