Soli Organic's brand-new line of USDA-certified organic 'Indolce' basil is landing on produce aisle shelves in over 2,000 select stores across more than 15 Mid-Atlantic distribution centers. Soli Organic is the nation's only soil-based, controlled environment agriculture company delivering 100% USDA-certified organic produce to more than 20,000 retail stores nationwide.
"Our proprietary soil-based, organic, indoor production system enables us 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", the company says. 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 Matt Ryan, Chief Executive Officer (CEO) of Soli Organic.
"To consumers, the organic seal is the trusted gold standard for food they can feel good about. We don't believe they should ever have to settle for anything less, and with products like our indoor, soil-grown Indolce basil, they don't have to. We're proud to bring a premium organic product to market at this price point in the current inflationary environment, and this is one of many new comparably priced products we'll roll out under the Soli Organic brand in the near future."
Venture debt financing arrangement to fund expansion
The company also announced a $50 million financing arrangement with Horizon Technology Finance, 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 are 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."
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