The other benefits are awesome though. And our fusion future will make the photovoltaics issue moot anyway :)
I suspect that by 2% efficient, that means they use 2% of the energy of all light. Since they don't use green at all, going through the PV and then generating artificial light of the frequencies they need does seem to improve things. But probably not by so much as to make up for the 20% efficiency of PV.
I mean, you can stack farms vertically if artificial light is economical. You can't stack sun-lit farms vertically.
They've been working with Bristol Uni to investigate the effect of various colours and wavelengths on plant growth (Something Gigaom, linked, is only just experimenting with); they claim energy efficiency [1] as just one advantage when using vertical farming methods.
0: http://www.bbc.co.uk/iplayer/episode/b06z9ph6/countryfile-no...
1: http://resources.phytolux.com/images/phytolux/newsletters/Pr...
Also, I'm wondering if they intend to produce crops more quickly by shortening the day to 23 hours or something like that.