Springworks raises $22M for fourth aquaponic greenhouse in Northeast
Who says lettuce and fish don’t make a great couple?
Springworks Farm, a certified organic aquaponic greenhouse company based in Lisbon, Maine, has received a $22 million round of fresh funding that will fuel the company’s regional expansion. Raised through equity and debt, the capital will fund construction of Springworks’ fourth and largest greenhouse, which adds 120,000 square feet of production area, according to a news release.
This is Phase 1 of Springworks’ plan to build 500,000 square feet of greenhouse space in the next six years.
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Springworks uses aquaponics, a recirculating ecosystem that combines fish and plants, to grow organic bibb, romaine, and green leaf lettuce. After completion of Greenhouse No. 4, Springworks will produce about 5 million heads of organic lettuce and 315,000 pounds of tilapia per year, according to the release.
The expansion will allow Springworks, which already supplies more than 300 stores, to meet 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 Market and Roche Bros. Supermarkets to increase access to high-quality, local food year-round.
“Regional agriculture is core to the sustainable future we want to help build,” Trevor Kenkel said. He 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. The investor met the Springworks team in 2021 and has followed the progress since then.
“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 said in the release.
Springworks is also supported by several economic development organizations, such as the Maine Technology Institute.
“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,” MTI President Brian Whitney said in the release. “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 partners with the Finance Authority of Maine, which furthers the creation of well-paying jobs for Maine residents by working at the nexus of economic and workforce development. The authority 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. Pro rata is a process where whatever is being allocated will be distributed in equal portions, according to Investopedia.
“The innovative, eco-friendly aquaponic farming being done in Lisbon by Trevor and his team is remarkable and benefitting Maine and the public,” Finance Authority of Maine Board Chairman David Daigler said in the release.
Aquaponics is a farming technique in which fish and plants support each other’s growth in a symbiotic closed-loop system. Nutrient-rich water from raising fish is filtered and pumped below the plants, which use the nutrients to clean the water for the fish.
