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Horizon Technology Finance, Bridge Bank Provide $50MM Venture Debt Financing to Soli Organic

May 25, 2022, 07:37 AM
Filed Under: Agriculture

Soli Organic Inc. announced a $50 million financing arrangement with Horizon Technology Finance and Bridge Bank. 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 is 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."  

"As a company with 30 years of outdoor farming experience, it's exciting to see Soli Organic's highly successful transition toward indoor soil-based controlled environment agriculture," said Brian McCabe, senior director in Bridge Bank's Washington, D.C.-based Technology Banking Group. "We're pleased to support the incredible new sustainable growing methods they are developing to bring affordable organic produce to market."

Today's announcement comes amid Soli Organic's accelerating growth and follows the recent announcement of a $120 million financing arrangement with leading real estate development firm Decennial Group. The Elkwood farm is one of seven facilities in operation today. The Company intends to have a total of 15 soil-based indoor farms in strategic locations across the United States, including two facilities currently under construction in Anderson County, South Carolina, and Marysville, Washington.

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