British agribusiness Sundrop Farms has secured $100m in investment from private equity firm Kohlberg Kravis Roberts & Co ( KKR ) to ramp up vegetable production.
The investment will be used in the expansion of Sundrop Farms' greenhouse facility in South Australia which will produce more than 15,000 tonnes of vegetables annually for markets across Australia.
KKR Australia member and head Justin Reizes said: "KKR looks to invest in and partner with companies that provide solutions to environmental and societal challenges.
"Sundrop Farms epitomizes this effort, and we are delighted to work with this experienced and knowledgeable team to pursue new growth opportunities in Australia and internationally."
Sundrop Farms harvests crops in glasshouses, by using a proprietary technology that is developed to address the water and food security issues typical to arid regions.
The technology uses concentrated solar power to create the heat, electricity, and desalinated water needed to feed and power Sundrop's growing operations.
Sundrop Farms CEO Philipp Saumweber said: "We grow food where land is too arid for farming, fresh water is in short supply and domestic food security is a concern. Farming with typical agricultural inputs would be unsustainable in these regions, so Sundrop uses renewable energy to heat, power and water its crops.
"Sundrop is the world's first commercially and environmentally sustainable arid climate agriculture business, and this significant investment is at the heart of our growth strategy."
Image: Sundrop Farms' greenhouse facility produces more than 15,000 tons of vegetables annually. Photo: courtesy of Mister GC / FreeDigitalPhotos.net.
