Greengro Technologies, one of the fastest growing companies in the emerging indoor agriculture technology industry, announced that its majority-owned subsidiary Biodynamics in Akron, Ohio, has been awarded a contract to sell a branded PV solar glass hydroponic vegetable greenhouse as part of a $17 million purchase agreement with GH Farms Group, an Ohio-based greenhouse company.

Under terms of the agreement, Biodynamics will construct a 254,528-sq. ft PV solar glass hydroponic vegetable greenhouse for GH Farms Group, with construction expected to start in the third quarter of 2018. The project, incorporating Biodynamics’ industry-leading fully automated off-grid greenhouse technology, will cultivate vegetables hydroponically using Biodynamics’ proprietary controlled environment agriculture (CEA) growing systems and techniques.

“We welcome this opportunity to show that our greenhouses are the market’s best climate-controlled by a positive pressure HVAC system with water and nutrients managed by an IBM Watson AI computer-automated irrigation system,” noted Trisha Madden, CEO of Biodynamics.

“We are very pleased to be moving forward with the vegetable-growing sector of our operations,” said Greengro Technologies CEO James Haas. “Our indoor growing technologies have enormous potential across many types of agriculture applications and we expect to become a major competitor in the space.”

Haas noted that Biodynamics’ unique PV solar glass hydroponic greenhouses are an environmentally beneficial and economically lucrative alternative to traditional farming methods that are stressful to the environment and present growers with significant operational and economic challenges.

According to a 2016 report published by Markets and Markets Research, the indoor farming market is expected to grow at a CAGR of 24.8% from 2016 and reach USD $5.80 billion by 2022. Based on detailed analysis of all factors impacting the vertical farming market, expected growth will reach the highest CAGR between 2016 and 2022.