Ocado has completed its deal to invest in the vertical farm partnership that it first mooted in June.
The retailer has today completed its Infinite Acres partnership, which will see it own a joint one-third stake in the wider business, alongside Netherlands-based technology company Priva Holding BV and US-based 80 Acres Farms, which creates vertical farming technology and is a multi-farm operator.
The grocery etailer announced it had signed a memorandum of understanding with 80 Acres Farms and Priva Holding in early June and said it expected to complete the transaction by the month’s end. However, it has only now confirmed the partnership deal has been agreed.
As part of the tie-up, the former president of 80 Acres, Tisha Livingston, has been appointed as chief executive of Infinite Acres, which will be based out of the Netherlands.
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