81.3 F
Laguna Hills
Sunday, Jun 23, 2024
-Advertisement-

Chipotle VC Fund Invests in Two Farm Companies

Contributes to Greenfield Robotics and Nitricity firms

Chipotle Mexican Grill (NYSE: CMG) today announced its $50 million venture fund has invested in Greenfield Robotics, a tech firm focused on regenerative farming, and Nitricity, a creator of fertilizer products.

Greenfield, based in Cheney, Kansas, develops autonomous robots to cut weeds between crops as an alternative to herbicides and through Chipotle’s investment, it plans to add more capabilities to the robots such as micro-spraying and soil testing.

“We will help Greenfield Robotics scale their robotic offerings and explore how their robots can be deployed on farms within our supply chain,” Chipotle Chief Customer and Technology Officer Curt Garner said in a statement.

Fremont-based Nitricity produces artificial lightning to break down nitrogen for soil to create more sustainable fertilizer. Funding from Chipotle will help scale the firm’s production, build out infrastructure, and support its first commercial product expected to launch within the next two years.

“Partnering with Chipotle will unquestionably accelerate our path toward disrupting the industry with climate-smart technology,” Co-Founder and Chief Executive Nico Pinkowski said.

Newport Beach-based Chipotle has invested in five companies through its venture fund since it was announced in 2022, including Hyphen, Vebu and Meati Foods. Shares of the restaurant chain were unchanged trading at $2,318 apiece with a market cap of $64 billion.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-