Local Bounti, Disruptive AgTech Company Redefining the Future of Farming, Becomes One of the First U.S. Based CEA Companies to Participate in United Nations Global Compact Initiative
Demonstrates company's commitment to sustainability, with a mission-based business model and strategy that supports multiple UN goals and principles for a responsible business
Breakthrough U.S. indoor agriculture company Local Bounti Corporation ("Local Bounti") is pleased to announce that it has joined the United Nations Global Compact — the world's largest corporate sustainability initiative, with a voluntary leadership platform for the development, implementation and disclosure of responsible business practices. With this announcement, Local Bounti has become one of the first U.S. based Controlled Environment Agriculture (CEA) companies to participate in the initiative, joining thousands of other companies globally that are committed to taking action to build a better world.
The UN Global Compact is a call to companies worldwide to align their operations and strategies with 10 universally-accepted principles in the areas of human rights, labor, environment and anti-corruption, and to take action in support of UN goals and issues embodied in the UN Sustainable Development Goals (SDGs). Launched in 2000, the initiative includes more than 9,500 companies and 3,000 non-business signatories based in over 160 countries and spanning more than 70 local networks. Notably, just 799 participants are based in the U.S., with only 21 of those in the food production sector along with Local Bounti.
A CEA leader, Local Bounti is focused on dramatically increasing produce shelf life, reducing waste and emissions, and addressing the availability of high-quality produce in local communities. The company's sustainably-grown produce is cultivated locally, reducing food miles - the largest contributor to greenhouse gas emissions in the current produce supply chain - and creating year-around employment opportunities for local agriculture workers.
"In line with our commitment to the UN Global Compact principles, Local Bounti is proud to be one of the first U.S. based CEA participants to Turn a New Leaf™ in this critical mission to better the world and continue to bring ESG leadership to the quickly growing AgTech industry," said Craig Hurlbert, co-CEO of Local Bounti. "Every aspect of our company is focused on sustainability, corporate responsibility and optimizing the health of families, communities and the planet, and we are proud to put the UN's platform into practice each day while serving as a role model for other food production companies."
Local Bounti's profile and sustainability practices can be found on the UN Global Compact website at https://www.unglobalcompact.org/what-is-gc/participants/147863-Local-Bounti.
Local Bounti estimates that the total U.S. market for herbs and vegetables is anticipated to reach $30 billion by 2025, with less than one percent of leafy greens being grown indoors today. To learn more about Local Bounti's unique growing process, diversified product offerings and experienced leadership team, please visit localbounti.com.
In June 2021, Local Bounti and Leo Holdings III Corp. (NYSE: LIII)("Leo") announced that they entered into a definitive business combination agreement. Upon the closing of the proposed business combination (the "Business Combination") between Leo and Local Bounti, which remains subject to customary closing conditions, Local Bounti will become publicly traded on the New York Stock Exchange under the new ticker symbol, "LOCL".
About Local Bounti
Local Bounti is a premier Controlled Environment Agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours' drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti's USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90 percent less land and water than conventional outdoor farming methods. With a mission to 'bring our farm to your kitchen in the fewest food miles possible,' Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.