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Converted Organics, a Boston MA-based producer of organic fertilisers hopes to secure the heights of the nascent vertical farming market after buying indoor agriculture specialist TerraSphere Systems and its technology for $26 million (£16.5 million) in July 2010.
The move has also allowed Converted Organics to enter the pharmaceuticals market.
Terrasphere holds three US patents on technologies which it claims can increase organic food production ten-fold for a given area without the use of pesticides.
Converted Organics uses microbial digestion technology to process food waste into dry pellet and liquid concentrate organic fertilisers.
“Current economic, societal, political and regulatory trends have created strong demand for innovative agricultural solutions and a significant market opportunity for innovators such as TerraSphere and Converted Organics,”
Nick Brusatore, inventor and co-founder of TerraSphere Systems
Move enables entry into pharmaceuticals market
In addition to food crops the technology can be used to produce plant-based products for the pharmaceutical, nutraceutical, and cosmeceutical markets.
Following the all stock purchase of TerraSphere, Converted Organics immediately set up a new company, PharmaSphere, which will sell vertical farming technology capable of cultivating plants used in chemotherapy, anti-malarial treatments, and insulin therapy for diabetes.
