A surge of 30.51% in Agrify Corporation (NASDAQ: AGFY) stock was observed this morning, reaching $1.54 as of the last check during the current session. This upswing in Agrify shares on the US stock charts is attributable to a recently announced strategic initiative.
Agrify (AGFY) disclosed today that it has forged a substantial sales agreement, valued in the multi-million-dollar range, with Ocean Deep/Golden Lake Business Park, a vertically integrated cannabis operator based in California. Ocean Deep intends to utilize Agrify’s turnkey PX30 Hydrocarbon Extraction Lab Package to enhance its product lineup by extracting various products.
Furthermore, Ocean Deep plans to commence operations with 120 Vertical Farming Units (“VFUs”) provided by Agrify, with the aim of producing premium cannabis flower in 2024. The PX30 Hydrocarbon Extraction System stands out as the largest system among Agrify’s PX-series. Featuring four material columns each weighing 7.5 lbs., the PX30 can operate in parallel, completing a full 30-pound batch cycle in under 60 minutes.
This positions it as one of the most substantial and rapid extractors available, capable of processing up to 240+ lbs. within an 8-hour shift. The PX30 is specifically designed to meet the demands of commercial operators engaged in large-scale batch processing for the creation of direct-to-consumer products. This significant agreement represents AGFY’s first sale of a combined VFU and PX30 Hydrocarbon Extraction Lab facility in California.
The collaboration with Ocean Deep/Golden Lake Business Park reflects the strategic foresight of selecting Agrify’s technologies in the fiercely competitive California market. Agrify anticipates that its advanced cultivation and extraction technologies will empower Ocean Deep to deliver the utmost quality and consistency in its product offerings.
Agrify’s inclusion of UL-compliant Explosion Proof (EXP) Rooms was a deliberate and optimal choice for Ocean Deep’s C1D1 extraction lab. These rooms, designed for safety and ease of installation, adhere to C1D1/C1D2 standards and can be set up in less than a day.
Equipped with a PSI technical report certification, these rooms are approved for professional engineers to verify in all 50 states. These developments underscore the ongoing commitment to innovation and safety within the cannabis sector, as Agrify adapts to the evolving demands of the expanding market.
