Indoor growing units with Agrify’s LEDs have 45% higher yield than conventional HPS lights
in revenue growth, 2019 - 2020
Vertical Farming Units
deployed since Agrify’s founding and 1,140 units in the backlog
The Path to Drawdown: LEDs
Light-emitting diodes (LEDs) were originally invented in 1994 as high-brightness, high-efficiency light bulbs. LEDs work like solar panels in reverse: they convert electrons to photons instead of the other way around. For the same amount of light, LEDs use 90% less energy than incandescent bulbs, and half as much as compact fluorescents. While other lighting technologies convert energy into heat (and most of it wasted), LEDs turn 80% of their energy use into light.
LED lighting has many environmental advantages. Its efficiency in converting energy into light, rather than heat, helps reduce electricity consumption and air-conditioning loads. For people without access to ample energy, LEDs can be powered with small solar cells and can replace expensive kerosene lamps and their noxious fumes and emissions. Where LEDs are used in street lights, they can save up to 70% of energy and substantially reduce maintenance costs.
Project Drawdown projects that if LED lighting becomes widely used in the residential and commercial lighting market, it can help avoid between 10.2 - 10.8 gigatons of CO2 emissions in residences, and between 5.9 - 6.7 gigatons in commercial buildings. To achieve this, the global market share of LEDs will have to scale rapidly:
- In 2018, LEDs comprised 3% of the global commercial lighting market and 2% of the residential lighting market
- By 2050, LEDs should account for 95% and 90% of the residential and commercial markets, respectively
- That’s 12.82% CAGR for residential LED, and 11.21% CAGR for commercial LED lighting between 2018 - 2050.
Agrify Corporation (stock ticker: AGFY) provides biotechnology hardware and software products for indoor agriculture. These products include indoor growing solutions, LED grow lights, environmental threat migration, and integrated grow racks for the cannabis and hemp marketplace. Headquartered in Burlington, Massachusetts,
AGFY's Role in Drawdown
Agrify provides highly advanced and proprietary precision hardware and software growing solutions for indoor agriculture. What their product promises is a new approach to indoor cultivation that’s process driven through technology and measured via data and analytics.
Agrify’s core products are their Agrify Vertical Farming Unit, which is an integrated hardware architecture that houses indoor plants, and their Agrify Insights, a subscription-based software that analyzes the data collected by their vertical farming unit and optimizes agricultural output.
Agrify offers a range of LED grow lighting that can be integrated into their vertical units. Their LEDs offer more light than typical lighting fixtures and enables customers to control over the light’s wavelength.
In addition to being more efficient, AGFY’s lights help push forward the indoor agricultural industry, a critical component of climate adaptation as weather patterns shift.
AGFY: What We Like
We’ll update this section once Agrify makes more of their sustainability information available.