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Ocado invests £17m in vertical farming

ritish online grocer and technology company Ocado has invested 17 million pounds in the newly emerging vertical farming industry.

Article originally published by Reuters. Hargreaves Lansdown is not reponsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

British online grocer and technology company Ocado has invested 17 million pounds ($21.6 million) 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.

($1 = 0.7871 pounds)

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Copyright (2019) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Article originally published by Reuters. Hargreaves Lansdown is not reponsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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