LBBB - Nature's Miracle enters into an MOU with PowerGrow to further the agricultural revolution with a sustainable ecosystem of food and energy infrastructure | Benzinga
NEWPORT BEACH, Calif., Sept. 27, 2023 /PRNewswire/ -- Nature's Miracle Holdings Inc. ("Nature's Miracle"), a leader in the controlled environment agriculture industry, announces that it has entered into a non-binding Memorandum of Understanding ("MOU") with PowerGrow Inc. ("PowerGrow") to, subject to the execution of a final agreement, work cooperatively to develop a nationwide portfolio of clean energy enclosed greenhouses containing indoor grow, processing and packaging spaces and incorporate 10 MW to 40MW of clean power generation systems. The high-tech, clean energy powered enclosed greenhouse and packaging, facilities, are expected to incorporate advanced LED lighting; packaging, washing and cooling facilities; automated watering and fertilizing and harvesting systems; control software, sensors and advanced AI-based solutions; and other novel, leading-edge agritech solutions.
Management Comments
"We are excited to work with PowerGrow to make agriculture more sustainable with advance technologies and clean energy." said Tie "James" Li, Founder, Chairman and Chief Executive Officer of Nature's Miracle."
"By working with Nature's Miracle, we are getting closer to living at the nexus of water, waste, energy and food." said Sean Lyle, CEO and co-founder of PowerGrow. "We believed in a shared goal of a world where growers can deliver healthier, locally grown produce in a sustainable manner that optimizes land use, limits water consumption and increases crop yields while generating minimal waste."
About Nature's Miracle Holdings Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing services to growers in the Controlled Environment Agriculture ("CEA") industry which also include vertical farming in North America. Nature's Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle, through its two wholly-owned subsidiaries (Visiontech Group, Inc. and Hydroman, Inc.), provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America. Nature's Miracle has also developed a robust pipeline to build commercial-scale greenhouse in the U.S. and Canada to meet the growing needs of fresh and local vegetable products. Nature's Miracle has established its first manufacturing footprint in North America with its grow-light assembly plant in Manitoba, Canada and is expected to set up additional manufacturing/assembly facilities in North America.
Nature's Miracle Inc. and Lakeshore Acquisition II Corp. ("together with its successors, Lakeshore") (NASDAQ:LBBB) previously announced that they entered into a definitive business combination agreement (the "Merger Agreement"). Upon closing, the combined company is expected to change its name to Nature's Miracle Holding Inc. and its common stock is expected to be traded on the Nasdaq Global Market.
About PowerGrow Inc.
PowerGrow (www.powergrowing.com) lives at the Nexus of Water, Waste, Energy & Food. Our mission is to create a more sustainable world by developing, integrating and operating green data centers, zero carbon - zero waste greenhouses and waste to energy clean-power generation assets on our Clean Energy Campus™️ locations, in communities strategically located across the United States. We are Powering the Future of Food™️.
Important Information About the Proposed Business Combination and Where to Find It
This press release includes information about a proposed business combination between Lakeshore and Nature's Miracle. Lakeshore's subsidiary has filed a Registration Statement on Form S-4 relating to the business combination. Once finalized, a definitive proxy statement will be mailed to Lakeshore's shareholders as of a record date to be established for voting at the shareholders' meeting relating to the proposed transactions. This press release does not contain all the information that should be considered concerning ...