Yes, one internode is a bamboo tube between the nodes. In this bow, the backing is one solid strip (two internodes).
Springforelle also sells those 2 internodes, which are longer bamboo culms with a node in the middle. Unfortunately, the current 2 internodes are relatively short (maximum about 66 inches), so if you want a long loo-backing strip, you have to order single internode pieces and splice the strips together.
When Springforelle started selling loo bamboo, I was one of the first buyers and placed a special order for very long 2 internodes. The longest loo culm I have is just under two meters long and has only one node in the middle!
Yes, its expensive, but its very high quality and intended for bamboo fly rods. Its a one-man company and possibly the only place where you can get it easily.
Please note that when you click "Bamboo" → "Loo single internode", you must first select a country (shipping is included), then choose the length. The last selectable option is "Loo", where you can choose between "2 internodes", "8 internodes", and "15 internodes". These options indicate how many pieces of single internodes you want to order. The minimum quantity is "2 internodes", which means two pieces.
From one internode, you can get four strips, which is enough backing for two bows. So for 115 EUR, you get backing for four bows, which is still reasonable.