Eider Vertical Farms (EVF) has secured £50 million to fund new sites that will grow produce all year round.
The investment in the Redditch firm from Slate Asset Management, brokered by Burges Salmon, will be used to fund the construction of EVF’s first five facilities by 2024.
Slate’s investment, through its Cities and Communities Impact Infrastructure Strategy, will allow the creation of farms to sustainably grow produce year round, significantly reducing wastewater, nutrient usage and biohazard risk.
Founded in 2016, EVF develops farms growing produce to be sold to the UK mass market. EVF’s products are grown in standard warehouses that are adapted to house vertical farms.
The Burges Salmon team advising on the deal was led by partner Danny Lee, alongside director Joanna Monaghan and solicitor Victoria MacAulay, all from the firm’s Corporate team.
Danny Lee said: “This deal was perfect for the firm given our focus on sustainable projects and our expertise in the food and drink sector. As one of the few law firms with a genuine track record in advising on the development, construction and funding of vertical farms, we look forward to assisting EVF as it works towards transforming the impact of UK businesses.”
Vertical farming is a high-efficiency renewable food production technique which produces a consistent yield and is less vulnerable to increasing food production costs.
Mike Davies of Eider Vertical Farming, said: “We’ve worked closely with Danny and the rest of the team to achieve another important milestone in the Eider journey. The Burges Salmon team’s energy and pragmatic advice has helped enormously and we look forward to working with them again.”
The news follows an announcement in February by Coventry firm V-Farm that it had gained £10,000 from the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub for its rooftop vertical farming concept.
The business secured a £10,000 Proof of Concept grant which forms part of the Coventry and Warwickshire Business Support Programme which is part-funded by the European Regional Development Fund (ERDF) and is delivered by Coventry University Enterprises Limited. A match funded grant was awarded at a rate of 40 per cent with V-Farm’s 60 per cent contribution.