Market Overview

Ocado and Infinite Acres Complete Deal for Partnership in Global Indoor Farming Venture

Share:

DELFT, Netherlands, Sept. 25, 2019 /PRNewswire/ -- Ocado Group (LSE: OCDO), the world's largest dedicated online grocery retailer, has completed its deal to partner and invest in Infinite Acres, a full-service, global solutions provider to the indoor horticulture and agriculture industries.

Infinite Acres is a partnership of three companies working together to scale indoor food production through vertical farming done in environmentally controlled, pesticide-free facilities.  The joint venture was first announced in June and since has been engaged in several international projects.

Along with UK-based Ocado, the Infinite Acres partnership includes Netherlands-based Priva Holding BV, a leading provider of technology solutions, services and automation systems to horticultural and other industries; and U.S.-based 80 Acres Farms, a leader in technology-assisted indoor growing and a multi-farm operator marketing a wide variety of freshly-harvested vegetables and fruits.

Infinite Acres' mission is to provide best of breed technology and expertise to grow the highest quality produce near urban population centers throughout the world.  The three Infinite Acres partner companies are combining their individual strengths to more rapidly expand vertical indoor farming – and to optimize its economics -- at a time when consumers seek fresher, tastier locally-grown produce.  

"Infinite Acres is the only full-service solution available today addressing the difficult challenges of season-limiting produce production and the long-distance travel from field to the consumer," said Tisha Livingston, chief executive officer of Infinite Acres. "In our experience, consumers prefer their produce to be grown nearby and freshly harvested when they purchase it.  That's something we can now provide year-round.  We welcome Ocado's innovative technology and customer-centric software systems, robotics, automation, and market intelligence as we revolutionize food production together with Priva and 80 Acres Farms."

Stewart McGuire, Ocado Group head of corporate development, said: "Ocado Group is delighted to be part of the Infinite Acres joint venture, which will bring together unprecedented and complementary expertise in vertical farming.  The future is about great tasting food, sustainably produced.  Infinite Acres, supported by Ocado's technology, will be an important catalyst in making this happen." 

About Infinite Acres
Infinite Acres' mission is to provide the best technology and knowledge available to grow the highest quality produce near population centers throughout the world.  Its three primary partners – Priva, Ocado and 80 Acres Farms – provide a unique combination of advanced technology and engineering systems, operational mastery, and food and horticultural industries expertise.  Infinite Acres will custom-design, build, install, and maintain automated indoor grow centers.  Through state-of-the art facilities, it can provide its customers with uniquely developed crop recipes and the right unit economics.  In addition, 80 Acres Farms offers the option of facility management for Infinite Acres customers seeking an operating partner responsible for yield guarantees, product packaging, distribution, branding, and marketing. Infinite Acres is headquartered in Delft, Netherlands.  For more information, visit www.infinite-acres.com.

About Ocado
Ocado is a U.K. based company admitted to trading on the London Stock Exchange (LSE: OCDO). It comprises one of the world's largest dedicated online grocery retailers, operating its own grocery and general merchandise retail businesses under Ocado.com and other specialist shop banners, together with its Ocado Solutions division. For more information, visit www.ocado.com.

Contacts:




Ocado:

David Shriver


david.shriver@ocado.com



Infinite Acres:

Jack Modzelewski


jack@jackknifePR.com      


+01 312 259 2792

 

Cision View original content:http://www.prnewswire.com/news-releases/ocado-and-infinite-acres-complete-deal-for-partnership-in-global-indoor-farming-venture-300924828.html

SOURCE Infinite Acres

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com