Las Vegas-based Indoor Farms of America LLC received an equity investment from Co-Alliance LLP.
Terms of the transaction are private, according to a news release, and it comes just weeks after Co-Alliance purchased two “warehouse” farms.
“Becoming a part owner of Indoor Farms of America represents our belief in its products and people,” Kevin Still, CEO for Co-Alliance, said in the release. “We see the potential of integrating this world class indoor agriculture equipment into traditional farming operations as a way to diversify family farms, add a year-round income stream and bring the next generation back to the farm.”
Co-Alliance, Avon, Ind., will use traditional growers to trial and evaluate the farms’ capabilities.
“We are evaluating the commercial application and income generating potential of the farms here in Indiana, so when we introduce the technology to our member-growers on a large scale, we have a turnkey, replicable, scalable complete production process in place,” John Graham, CFO for Co-Alliance, said in the release.
Kevin Still, CEO of Co-Alliance, said investing in Indoor Farms is the best way to give growers opportunities to have an effect on the locally grown movement.
“Co-Alliance is positioning itself and its farm owners to be able to capitalize 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,” Still said in the release.
Indoor Farms builds indoor aeroponic equipment.
“Our aeroponic farms have proven reliable in three years of test growing of over 30 types of greens, strawberries, cherry tomatoes, peppers, beans and edible flowers. The equipment will produce strong economic results that make it more than viable in the indoor growing environment, more so than any other equipment that exists today, due to far higher yields in a given space,” Ron Evans, president of Indoor Farms, said in the release.