Ocado completes vertical farming joint venture deal

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.

The business will design “turnkey solutions” for vertical farming to clients and fits into Ocado’s wider Solutions business, which exports its automated grocery picking technology to supermarket clients around the world.

Ocado also completed the acquisition of a 58% stake in Jones Food Company, a Scunthorpe-based vertical farm operator in June

Ocado head of corporate development Stewart McGuire 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.”