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May 27, 2022

Farmington firm backs new organic basil line with $7.5M debt investment

Farmington-based Horizon Technology Finance has provided $7.5 million in debt financing to certified organic Indolce basil grown in Soli Organic's newly upgraded, automated indoor farm in Elkwood, Virginia.

The investment is part of a $50 million financing arrangement with Horizon Technology Finance and Bridge Bank.

Soli Organic says it will use the money to scale technology and operations. The Rockingham, Virginia-based company developed the nation's largest commercial indoor organic, soil-based growing system, which provides cost savings and the ability to grow without the use of synthetic fertilizers, the company said. 

On May 24, the company announced that its new line of Indolce basil would land on shelves in more than 2,000 grocery stores, including Ahold Giant Stores, Lidl, Walmart, Publix, Whole Foods, Tops Markets, Lowes Foods, Southeastern Grocers/Winn Dixie, Mom's Organic, Target and Giant Eagle.

Indolce basil will be available at nearly $1 less per ounce on average than field-grown organic produce, the company said. 

"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,” said Matt Ryan, CEO of Soli Organic. 

The company is working to grow production capacity to meet rising demand.

Gerald A. Michaud, president of Horizon, said Soli Organic’s technology is environmentally conscious and brings “game-changing innovation to our food system.”

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