CEA’s innovative new facility combines vertical and greenhouse technologies to grow sustainable products that last 3-5 times longer throughout the year, while using 90% less water and land.
It improves its presence on the East Coast to support the demand for existing blue-chip retail customers, including Albertsons, Kroger, Target and Walmart, as well as Whole Foods and AmazonFresh.
, / PRNewswire / – Local Bounti Corporation (NYSE: LOCL, LOCL WS) (“Local Bounti” or “Company”), an advancement in the U.S. agricultural business that combines the best aspects of vertical and greenhouse growing technologies, today announced the start . Agricultural operations at Byron’s new innovative environmentally controlled (CEA) agricultural facility.
Local Bounti logo (PRNewsfoto / Local Bounti)
“We are consolidating our presence in the East Coast market with new facilities in Georgia, with Local Bounti providing a two-coast presence capable of meeting the growing demand for our products,” said Craig Hurlbert, CEO of Local Bounty. “Local Bounti is becoming one of America’s largest CEA companies. We’ve seen a huge demand for the top varieties of our products that grow sustainably with sunlight, use 90% less water and soil, and last 3 to 5 times longer in your refrigerator. than green “.
The addition of the new facility in central Georgia strengthens Local Bounty’s distribution, with the facility’s ability to provide direct service to 19 retail distribution centers within a radius of approximately 400 miles. Its presence on the East Coast enhances the Company’s customer service and operates approximately 10,000 retail locations operating in 35 U.S. states and Canadian provinces. In addition, the facility will provide additional capacity to meet demand from the Company’s direct relationships with blue-chip retail customers, including Albertsons, Kroger, Target and Walmart, as well as Whole Foods and AmazonFresh.
Local Bounti Drink Stack & amp; Flow Technology ™ in all its facilities, and is in the initial planning Stack & amp; Flow at its Georgia facility, which was purchased in a pre-announced transaction with Pete, to further expand its revenue-generating capacity. Pilates & amp; Flow Technology combines the best aspects of vertical farming and greenhouse growing technologies to achieve higher yields of multiple green leaves with a higher unit economy.
The company has begun to expand its 3-hectare facility, which will double the capacity of the facility to 6 acres and has the potential to expand to 24 acres to carry out growth initiatives and expand its product offering. Local Bounti will initially use the 3-acre facility to grow and sell a fresh bundled salad line from Local Bounti’s greenhouse salad. These are spring blends, lettuce butter, crispy romaine, green leaves and other blends.
Together, Local Bounti and Pete’s helped establish the CEA industry, paving the way for a revolution in how food is grown. Hydroponic greenhouses use 90% less water and soil than conventional growing fields and give producers better control over the water, light and nutrients given to each plant. This level of protection from the elements results in clean, safe, reliable and delicious greens. Live lettuce also stays fresher for longer, which helps both food and retailers to waste food.
Local Bounti’s carefully controlled greenhouses also provide peace of mind for consumers in an industry that is the holder of product pollution. “Because our products are grown in safe, controlled greenhouses, consumers don’t have to worry about polluting rain and soil spills or animals coming to cut our products,” says Brian Cook, president of Local Bounti. “We’re putting aside what’s wrong and keeping what’s good.”
A grand opening celebration is scheduled for August 3, 2022, and will remain open to the public. Attendees will have the opportunity to visit the greenhouses to sample dishes made with Local Bounti lettuce and meet with company executives and employees.
“Like meeting local farmers who are responsible for the fresh green leaves you put on your table, we want Georgians to get to know us and our business and see how our lettuce grows,” Cook says. “We are pleased with the new opportunities awaiting Local Bounty as part of our Georgian expansion.”
Local Bounti is being redefined with an innovative inland farming method – its proprietary Stack & amp; Flow Technology ™ – which significantly improves crop rotation, increases production and improves unit economy. Local Bounti has advanced internal growth facilities in the United States, serving approximately 10,000 retail gates under two brands: Local Bounti® and Pete’s®. We grow healthy foods using a hybrid approach that integrates them with the natural agricultural elements of the controlled environment. Our methods of sustainable growth are better for the planet, using 90% less water and land than conventional agricultural methods. With the mission of “bringing our farm to your kitchen in as few miles of food as possible,” Local Bounti’s food is fresher, more nutritious, and lasts 3 to 5 times longer than traditional farming. To learn more, visit localbounti.com or eatpetes.com, or follow Local Bounti on LinkedIn to see the latest news and developments.
This press release includes “forward-looking statements” in accordance with the “safe harbor” provisions of the U.S. Private Securities Reform Act of 1995. In some cases, you may be able to identify these forward-looking statements, such as using terms. “expect”, “will”, “continue”, “believe”, expect “,” appreciate “,” project “,” intend “,” should “,” should be “or similar expressions and variations or negatives. but the absence of such words does not mean that a statement is not forward-looking.All statements other than statements of historical events are statements that may be forward-looking statements, but not limited to: the opening and potential expansion of the Company’s Georgia facility capacity, growth opportunities and product offerings, the Company’s relationship with new and existing customers, plant operations and product contaminants avoidance o Our actual results, levels of activity, performance or achievement may differ materially from the results indicated or implied in this press release known and unknown, uncertainties and other factors.These factors include ste, the actual results may be significantly different from those described in these forward-looking statements: Local Bounti’s ability to effectively integrate Pete’s newly acquired operations into its operations; Local Bounty’s ability to retain and hire key employees; uncertainty of projected financial information; Local Bounti’s leverage has been raised as a result of the additional indebtedness generated in connection with Pete’s recent purchase; The restrictions contained in Local Bounti’s indebtedness agreements with Cargill; Local Bounti’s ability to repay, refinance, restructure and / or extend its debt to the extent that it is indebted; and in the transaction assumes h unknown liabilities that may be incurred; Ability to generate revenue from local Bounty; The risk that the profitability of Local Bounti will never be achieved or maintained; The risk that Local Bounti will not be able to effectively manage its future growth; Local Bounti is at risk of not obtaining the required additional capital when required under acceptable conditions, or in any case; The ability to build additional facilities at Local Bounty; reliance on construction third parties, delays in material delivery and supply chains, and fluctuations in material prices; Local Bounti’s ability to reduce the cost of goods sold over time; Possibility of damage or problems at Local Bounti’s CEA facilities; Local Bounty’s ability to attract and retain skilled employees; Local Bounti’s ability to develop and maintain its own brand or the brands it can adopt; Local Bounti’s ability to maintain its business culture or focus on its vision as it grows; Local Bounti’s ability to implement its growth strategy; risks of disease and pest destruction of crops; Local Bounti’s ability to compete successfully in the highly competitive natural food market; Local Bounty’s ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perceptions and spending habits in the food industry; seasonality; Local Bounti’s ability to achieve its sustainability goals; and other occasional risks and uncertainties, including those included in the “Risk Factors” and “Forward-Looking Statements,” in the Local Bounty Annual Report on Form 10-K, completed on December 31, 2021, filed with the SEC in March. 3022 of 2022, with quarterly reports on Form 10-Q and annual reports on Form 10-K and other reports and documents that Local Bounti occasionally submits to the SEC consisting of n. Local Bounti warns that the list of previous factors is not exclusive and warns readers that they do not place enough trust in forward-looking statements, that is, those that speak only from the date of this. Local Bounti does not undertake or accept any obligation or commitment to update or revise any forward-looking statements to reflect a change in its expectations or a change in the facts, conditions or circumstances on which such statements are based.
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