OWATONNA, MINN. - Revol Greens has closed a $68 million funding round that will fund the construction of the company's third facility — a 20-acre phase of a planned 80-acre facility in Texas.
The latest funding round led by Equilibrium Capital brings the company’s financing total to $215 million as it works to build its portfolio to five locations in five years. With facilities in three states, Revol is building a regional network of high-tech greenhouses that will initially supply 33 million pounds of greens annually and reach a third of the US population within 24 hours of harvest.
“Revol has spent three years bundling technology, applications, recipes and data in a Minnesota climate where temperature and humidity reach extremes,” said Mark Schulze, chief executive officer of Revol Greens. “We are confident that we can deploy our technology anywhere on the planet. Our team has unparalleled experience in designing and deploying controlled environment agriculture (CEA) technology, and with Equilibrium at our side, we have become very efficient at doing so. By the end of next year, Revol will be the world’s largest indoor lettuce producer. Our goal is to lead the agtech revolution in leafy greens.”
Revol Green’s greenhouses use a climate-controlled environment that utilizes closed-loop hydroponics to eliminate potentially harmful runoff seen in traditional field-grown greens. The greenhouse method provides 80% of needed sunlight, optimizing inputs needed for plants to grow and limiting waste of resources.
The new funding announcement follows Revol’s recent expansion in Minnesota, along with a new facility in Tehachapi, Calif. The company also released three new products in July including Romaine Twins, Green Leaf Crunch and Power Up Blend, bringing Revol Green’s product portfolio to 10 varieties.