After near shutdown, AeroFarms has new owners

Months after it appeared headed for an abrupt shutdown, AeroFarms has a new owner, a new CEO and another chance to prove indoor vertical farming can succeed.

On June 11, Palm Ventures, an investment firm based in Connecticut and Texas, announced that an affiliate had purchased AeroFarms in April. Terms of the deal were not disclosed. Palm Ventures did not respond to requests for comment.

AeroFarms’ future looked far less certain on Dec. 11, 2025, when the company’s leaders notified state officials of plans to close the Ringgold facility on Dec. 19 after an investor unexpectedly withdrew financial support, eliminating 173 jobs.

Days later, however, AeroFarms got a reprieve when an existing stakeholder provided funding to keep the company operating while leaders pursued a long-term solution, according to the company.

In a June news release, Palm Ventures said it invested in AeroFarms partly because it sees growing consumer demand for “nutrient-dense, sustainably grown, clean-label foods,” particularly as use of GLP-1 medications increases.

AeroFarms grows microgreens, including arugula, broccoli and kale, at its facility at Cane Creek Centre, a joint industrial park for the city of Danville and Pittsylvania County.

Palm Ventures has not disclosed how many employees remain at the vertical farming facility in Cane Creek. A March 27 WARN compliance letter noted that AeroFarms had 133 workers.

In the release, Palm Ventures said it is “significantly” reducing AeroFarms’ debt while prioritizing sustainable growth and long-term profitability.

In June, Palm Ventures announced Gustavo Burger had been hired as CEO of AeroFarms. He most recently led Believer Meats, a cultivated meat startup that shuttered in December 2025, and previously was an executive at The Kraft Heinz Co.

Matt Rowe, Pittsylvania County’s economic development director, said he is pleased the AeroFarms facility, which opened in 2022, has another opportunity to succeed under its new ownership. “We look forward to working with them and developing a strong relationship and ensuring that they have a prosperous future,” he says.

Scott Lowman, vice president of applied research at the Institute for Advanced Learning and Research in Danville and co-director of the Controlled Environment Agriculture Innovation Center, also welcomed the news. The center previously collaborated with AeroFarms on grants and research.

“It is certainly nice having one of the most advanced plant production facilities in the world located nearby,” Lowman says.