Vertical farming is a less common method for intensive agriculture. (File photo). Photo: 123rf
Hamilton business Greenleaf Fresh is being put into voluntary administration, after what it says were "recent financial challenges" affecting the company's operations.
Greenleaf Fresh is behind Greengrower, a vertical farm operation that received $3.5 million in public funding last year for research.
The grant from the Ministry of Primary Industries (MPI) under the Sustainable Food and Fibres Futures programme was to allow the business to focus on ongoing research and development for new crops and varietal development, according to media reports at the time.
The business and its shareholders reportedly put nearly $5.3 million into the project.
MPI director of investment programmes Steve Penno said it would work with the administrators to "fully evaluate the implications of the company going into voluntary administration".
"Project funding payments will be suspended, until the evaluation is complete."
Government duty minister Nicola Grigg said it was not something she could comment on.
Grant Thornton Advisory Services, handling the administration, said the process would aim to protect the interest of employees and creditors while working toward a future for the business.
