5-year offtake agreement for Local Bounti's leafy greens production
Local Bounti Corporation (NYSE: LOCL, LOCL WS) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced an offtake agreement (the "Agreement") with Sam's Club for its leafy greens production starting at its advanced greenhouse facility in Byron, Georgia.
"This exciting commercial development represents a powerful endorsement of our dedicated team that works tirelessly to deliver the highest quality locally grown produce to our customers," stated Brian Cook, President of Local Bounti.
"We will continue to pursue sound capital allocation with a keen eye on capital efficiency as we further expand our operations. Today's announcement demonstrates the advantages of our existing national relationships and how that knowledge informs the advancement of our facility network."
Local Bounti will implement its Stack & Flow Technology™ at the new facility in Georgia, further enhancing capacity to meet existing demand. Stack & Flow Technology, Local Bounti's proprietary method of indoor farming, combines the best aspects of vertical farming and greenhouse growing technologies to deliver higher yields of diverse leafy greens at superior unit economics. Through this process, Local Bounti can grow produce in an environmentally friendly manner that increases harvest efficiency and reduces the cost and carbon footprint of the production and distribution process. The technology is over 30 times more productive per acre than traditional agriculture.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative method - its proprietary Stack & Flow Technology™ - that significantly improves crop turns, increases output and improves unit economics. Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 10,000 retail doors with its two brands: Local Bounti® and Pete's®. We grow healthy food utilizing a hybrid approach that integrates the best attributes of controlled environment agriculture with natural elements. Our sustainable growing methods are better for the planet, using 90% less water and land than conventional farming methods. With a mission to 'bring our farm to your kitchen in the fewest food miles possible,' Local Bounti's food is fresher, more nutritious, and lasts longer than traditional agriculture. To find out more, visit localbounti.com or eatpetes.com, or follow Local Bounti on LinkedIn for the latest news and developments.