Norwegian vertical farming company Grønt fra Nord AS has received court approval for its proposed restructuring plan, clearing the way for the company to restart operations and implement a phased production ramp in the coming months.
"We now have a legally confirmed framework for the debt solution and can fully focus on restarting and scaling operations," says Marius Johansen, Founder and CEO. "Practically, it clears the way for completing the creditor process, executing our production ramp-up, and finalizing the new organization and financing structure."
© Gront Fra Nord
Phased production ramp targets
With the restructuring framework in place, the company has outlined a phased production ramp for the coming months.
In March, the facility is targeting 1,650 heads per day, representing about 50 percent capacity and requiring around seven full-time employees.
In April and May, production is expected to increase to roughly 2,300 heads per day as the operation reaches around 70 percent capacity and staffing expands to around 10 employees.
By June, the company aims to reach approximately 3,300 heads per day at full operational capacity with a workforce of up to 13 employees.
"This is the production level we are aiming for, not the theoretical maximum production capacity, but the targets we have set."
New team and commercial structure
As part of the restart, the company is establishing a new operational and commercial structure to support scaling production. Johansen says the planned organization will include nursery and seeding operations, rack placement, crop monitoring, harvesting, packing, sanitation, warehouse logistics, maintenance, finance, and commercial operations.
On the commercial side, the company is building a lean sales structure consisting of two dedicated roles. "One inside sales position will focus on contracts, recurring orders, customer follow-up, and forecasting, and a field sales role will focus on new customer acquisition across the company's delivery corridor from Brønnøysund to Tromsø, targeting HoReCa, independent retail, and new distribution channels."
A new CFO has also been appointed and is expected to begin the role on March 19.
Investor discussions ongoing
"We are in ongoing discussions with several interested parties. In parallel, we have progressed further with a preferred investor grouping that we would like to work with."
According to Johansen, the court approval represents an important milestone for the investment process. "This is a meaningful de-risking milestone, and we anticipate the process will accelerate accordingly."
Commercial deliveries continue
While production remains below full capacity, the company says it is supplying existing customers. "We are maintaining deliveries to our key customers today. Volumes will be increased in line with our ramp-up plan, starting with existing customers and framework agreements, and then scaling as each production phase comes online."
For more information:
Grønt Fra Nord
Marius Johansen, Founder and CEO
+47 900 20 797
[email protected]
www.grontfranord.no
