US agriculture company Co-Alliance invests in Indoor Farms of America
US-based agriculture company Co-Alliance has partly acquired farm equipment supplier Indoor Farms of America using an equity investment.
Financial details of the deal have not been revealed by either company.
The investment marks the completion of the final phase of its initial relationship with Indoor Farms of America.
Indoor Farms of America CEO David Martin said: "When we had our first visit from the folks at Co-Alliance late last year, we expressed our commitment to having traditional agriculture in the US embrace this technology in a manner that would benefit them, and we discussed in detail just how that would take shape.”
Prior to this investment, Co-Alliance purchased two ‘warehouse’ style farms.
According to Co-Alliance, the indoor farms will be trialled with traditional farmers before introducing the technology to its member-growers.
This will allow the company to evaluate the commercial application and income generating potential of the farms.
It also anticipates that its initiative will create opportunities for farmers to have a major impact on the ‘locally grown’ food movement.
Co-Alliance CEO Kevin Still said: "Co-Alliance is positioning itself and its farmer owners to be able to capitalise on the growing consumer demands for truly fresh, locally grown, and high-quality products available to them from local farmers they know and trust, year round.
“And to do so, we believe investing in Indoor Farms of America is the right way to go about it."
Established in the 1920s, Co-Alliance is a partnership of cooperatives with operations spread across 50 locations in Michigan, Ohio and Indiana, US.
Image: Recent Indoor Farms of America installation. Photo: courtesy of Indoor Farms of America.