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BREAKING NEWS

BREAKING NEWS

Britain's Ocado invests £17 million in vertical farming

Britain's Ocado invests £17 million in vertical farming
FILE PHOTO: A man walks from the main reception of the Ocado CFC (Customer Fulfilment Centre) in Andover, Britain May 1, 2018. REUTERS/Peter Nicholls -
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PETER NICHOLLS(Reuters)
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LONDON (Reuters) – British online grocer and technology company Ocado has invested 17 million pounds in the newly emerging vertical farming industry, it said on Monday.

Vertical farming involves the production of food in indoor facilities where crops are grown on a series of levels in a precisely-controlled environment.

Ocado said it has formed a joint venture with vertical farming participants 80 Acres Farms and Priva Holding, and has also acquired a 58% stake in Jones Food Company, Europe’s largest operating vertical farm, based in Scunthorpe, northern England. Together the equity investments will total 17 million pounds.

(Reporting by James Davey; editing by Kate Holton)

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