Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) formally announced today that Intelligent Growth Solutions (IGS), a Scotland-based agricultural infrastructure company supplying vertical farms to growers has selected Loveland, Colorado for expansion.
“This is a great addition to Colorado’s strong, innovative, and climate-smart agriculture sector. Plus this expansion creates over 100 jobs in Loveland, helps our economy thrive, and contributes to a great future for agriculture,” said Gov. Jared Polis.
IGS designs and produces vertical farming equipment that enables indoor growing, eliminates the need for pesticides and fungicides, and reduces water consumption by recycling up to 95%. Because no arable land is required, these systems can also be used to reduce the carbon footprint of food production by locating farms closer to the point of consumption or production. Opening a base of operations in Loveland will allow the company to better support North American consumers, the company’s fastest-growing market.
“The forward-looking approach to economic development within the city of Loveland and the state of Colorado fits perfectly with Intelligent Growth Solutions’ purpose of working with growers to help deliver sustainable food security,” said David Farquhar, CEO of IGS. “The location is within easy reach of a huge market as well as supply chain partners and is a great place for our people — and their families — to live, with 300 days of sunshine and just 30 miles from Rocky Mountain National Park.
“The location of our North American headquarters is a pivotal decision in our evolution as a market leader. We are confident that our new Loveland base will allow our rapidly growing business to continue to expand and thrive on a global platform, as we deliver vertical farming infrastructure to enable real farmers to grow an expanding range of crops reliably, profitably and sustainably because we give them total control of the weather for the first time: designed in Scotland manufactured in Colorado.”
The company also chose Loveland for the strong, skilled labor pool. Overall, IGS expects to create 114 net new jobs at an average annual wage of $98,991, which is 183% of the average annual wage in Larimer County. Positions will include engineers, supply chain managers, customer support, human resource and legal managers, as well as roles in marketing and sales.
“IGS’ technology, mission and people are a perfect fit for the ag-tech ecosystem that continues to flourish across our region and in Loveland,” said City of Loveland Economic Development Director, Kelly Jones. “Northern Colorado provides tremendous value to a diverse range of industries and we are proud of this truly collaborative, regional effort to bring this innovative company, as well as high paying jobs, to the area.”
“Innovative companies like IGS are building on Colorado’s strong agricultural heritage to create a future-thinking ag tech industry that will feed communities and support a thriving economy across our state. We are pleased to see Loveland become IGS’s North American headquarters and look forward to celebrating future accomplishments,” said Patrick Meyers, OEDIT Executive Director.
“We couldn’t be happier to welcome Intelligent Growth Solutions to Colorado—their innovative thinking and accomplishments in sustainability make them a great fit for the state,” said Metro Denver EDC president, Raymond H. Gonzales. “Agriculture is both an economic driver and a part of history for Colorado, and as advances in ag-tech continue to evolve, we want our state front and center in innovative and sustainable solutions in this industry. The addition of Intelligent Growth Solutions will help bring this vision to reality.”
The State of Colorado will provide up to $2,758,845 in performance-based Job Growth Incentive Tax Credits to IGS, referred to as Project Sprout during the OEDIT review process, over an 8-year period. The company currently has 220 employees, one of whom is already in Colorado. In addition to Colorado, the company considered Washington and
Massachusetts.