Soli Organic's™ Indoor Grown 'Indolce' Basil Now in Thousands of Mid-Atlantic Retailers at Lower Cost Per Ounce Than Field-Grown, Other CEA Competitors
USDA-certified organic 'Indolce' basil grown in Soli Organic's newly upgraded, automated soil-based indoor farm in
Soli Organic has also secured
Soli Organic's proprietary soil-based, organic, indoor production system enables the Company to unlock the full value of controlled environment agriculture (CEA), including considerable cost savings and the ability to grow without the use of artificial substrates or expensive synthetic fertilizers, like most of its hydroponic competitors. As a result, 'Indolce' basil will be available at nearly a dollar less per ounce on average than field-grown organic produce – for a superior quality product, demonstrating for the first time the true potential of CEA technology.
"We called our new basil 'Indolce' because it's a unique varietal that delivers exactly what consumers dream basil can be: sweet and indulgent, with just a hint of peppery kick. Priced below competitors – for a larger quantity – it delivers on our promise of high-quality organic produce that everyone can afford with a better environmental footprint," said
The harvest comes out of the Company's newly upgraded soil-based indoor farm located in
Venture Debt Financing Arrangement to Fund Continued Expansion
The Company today also announced a $50 million financing arrangement with Horizon Technology Finance (HRZN), a leading venture lending platform focused on technology, life science, healthcare information and services and sustainability companies, and Bridge Bank, a leading financial resource to innovative companies nationwide. The new joint relationship provides Soli with expanded capital, a key component of the Company's strategy to further grow production capacity to meet rising demand.
"Soli Organic's advanced solutions and environmentally conscious approach to controlled environment agriculture are bringing game-changing innovation to our food system, and ensuring produce is grown in ways that are more efficient, sustainable and resilient to climate impacts," said Gerald A. Michaud, President of Horizon. "We are excited to support Soli as it accelerates its indoor farming capacity and deploys next-generation BioFarms across a national platform of operations."
"As a company with 30 years of outdoor farming experience, it's exciting to see Soli Organic's highly successful transition toward indoor soil-based controlled environment agriculture," said
Today's announcement comes amid Soli Organic's accelerating growth and follows the recent announcement of a
About Soli Organic Inc.
Founded in 1989 as Shenandoah Growers, Inc., Soli Organic Inc. is the leading grower and marketer of fresh organic culinary herbs in
About Horizon Technology Finance
Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of HRZN is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin,
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in
Media Contact:
dhelms@soliorganic.com
View original content:https://www.prnewswire.com/news-releases/soli-organics-indoor-grown-indolce-basil-now-in-thousands-of-mid-atlantic-retailers-at-lower-cost-per-ounce-than-field-grown-other-cea-competitors-301553663.html
SOURCE Soli Organic Inc.