Key Takeaways:
- Local Bounti Corporation will open a new CEA facility in Mount Pleasant, Texas.
- The ribbon-cutting ceremony is scheduled for June 18, 2024.
- The facility will create approximately 50 jobs in the Titus County region.
- The new site will enhance Local Bounti’s capacity to meet demand in Texas and the Southern U.S.
- Local Bounti’s Stack & Flow Technology® will be a key feature of the new facility, promoting sustainable agriculture practices.
Local Bounti Corporation (NYSE: LOCL), a leader in indoor agriculture, is set to open a new state-of-the-art controlled environment agriculture (CEA) facility in Mount Pleasant, Texas. A ribbon-cutting ceremony is scheduled for Tuesday, June 18, 2024, from 1:00 to 4:00 pm local time.
Local Bounti’s Ribbon-Cutting Ceremony Details
Local Bounti’s management team, industry leaders, local officials, and community members will attend this invitation-only event. The ceremony will mark the official launch of the company’s latest venture aimed at revolutionizing the agricultural landscape through innovative technology and sustainable practices.
“We are proud to unveil our latest cutting-edge CEA facility in Mount Pleasant, Texas,” said Craig Hurlbert, Chief Executive Officer of Local Bounti. “Powered by our innovative and patented Stack & Flow Technology®, this state-of-the-art greenhouse will bolster our rapidly expanding capacity across the U.S. to help meet customer demand in Texas and further support our distribution across the Southern United States. This facility represents another significant milestone for Local Bounti and an opportunity for the local Mount Pleasant economy through job creation. Our commitment to sustainable agriculture and community engagement remains steadfast, and we’re excited to make a positive impact in Mount Pleasant and the surrounding region.”
Economic and Community Impact
The facility is expected to generate approximately 50 jobs in the Titus County region. Local Bounti will grow and sell its living green butter lettuce and a variety of packaged leafy greens, including spring mix, butter lettuce, romaine crisp, green leaf, and additional blends.
Nathan Tafoya, Executive Director of the Mount Pleasant Economic Development Corp., expressed his excitement about the new facility. “The City of Mount Pleasant is delighted to welcome Local Bounti to our community. Local Bounti’s commitment to being an active part of the local area, generating new jobs, and operating with sustainable and environmentally-friendly practices represents a major investment in Mount Pleasant’s future prosperity. We look forward to partnering with Local Bounti as they help drive economic growth and diversification in our city through their innovative agricultural operations.”
Facility Details and Technology
The Texas facility spans six acres and has already begun shipping products this month. This addition strengthens Local Bounti’s distribution network, enabling direct service to local retail distribution centers and providing additional capacity to meet existing demand from blue-chip retail customers.
Local Bounti Latest News In 2024
Reports Strong Q1 2024 Results and Optimistic Future Projections (2024/05/10)
Local Bounti Corporation (NYSE: LOCL) announced its financial outcomes for the first quarter that ended March 31, 2024. The company experienced a 25% increase in sales, reaching $8.4 million. Despite a net loss of $24.1 million, the CEO expressed satisfaction with the company’s trajectory. Local Bounti is advancing its recently patented Stack & Flow Technology and has announced plans to expand its capacity and open a new high-tech facility in the Midwest. The company is set to expand its product offerings and provided full-year 2024 revenue guidance of $50 to $60 million.
Read more here.
Opens New State-of-the-Art Agriculture Facility in Pasco, Washington (2024/04/24)
The company announced the opening of its latest CEA facility in Pasco, Washington. The new facility, which spans three acres, is equipped with Local Bounti’s innovative Stack & Flow Technology®. It is expected to generate more than 40 new jobs, contributing significantly to the local job market and overall economic development.
Faces NYSE Delisting Risk Due to Market Capitalization Standards Non-Compliance (2024/04/08)
Local Bounti Corporation has received a non-compliance notice from the New York Stock Exchange (NYSE) due to its average global market capitalization remaining below $50 million and stockholders’ equity dipping below the $50 million threshold. The company intends to submit a plan within the next 45 days to regain compliance within 18 months. However, there is no immediate impact on the trading of Local Bounti’s common stock on the NYSE during the Market Capitalization Cure Period.
Announces Financial Results & Strategic Expansion Initiatives (2024/03/28)
Local Bounti Corporation (NYSE: LOCL) announced financial results for 2023 and provided a sneak peek into its Q1 2024 sales forecast. The company reported a 42% increase in sales, reaching $27.6 million in 2023 and is expected to ramp up its production with new facilities in Texas and Washington. Local Bounti is expanding its product range, including introducing Grab-and-Go Salad Kits and a new assortment of baby leaf products. The company is optimistic about its growth trajectory, with preliminary Q1 2024 sales results indicating a 22% sequential increase.
Pasco, WA, and Mount Pleasant, TX Facilities Are Operational (2024/02/29)
Local Bounti (Company Profile) has recently announced opening two new state-of-the-art facilities in Pasco, Washington, and Mount Pleasant, Texas. This expansion represents a significant leap in the company’s efforts to supply fresh, locally grown greens to a broader customer base.
New Patent for Stack & Flow Technology (2024/02/22)
Local Bounti Corporation has been granted a patent for its Stack & Flow Technology, which combines vertical farming and traditional greenhouse cultivation. This reduces the need for large facilities and maximizes space, energy efficiency, and higher yields. The company aims to provide fresh, locally-grown produce and reduce the environmental impact of agriculture while delivering high-quality produce to consumers. The patent will allow Local Bounti to expand its reach and increase its production capabilities, solidifying its competitive advantage in the market.
Amends Credit Facility & Secures $15M (2024/01/25)
Local Bounti Corporation, bolstered by an additional $15 million in working capital from Cargill, is advancing towards becoming the most efficient Controlled Environment Agriculture company with its Stack & Flow Technology®. Aiming for expansion with new facilities in Washington and Texas and product line enhancements, including leafy greens and Grab & Go Salad Kits, by Q3 2024, the company emphasizes operational efficiency and cost control. With doubled production rates and improved crop quality at its Georgia facility, Local Bounti is also exploring financial strategies to lower capital costs and considering construction financing to support its growth and innovation-driven vision for 2024.
Image provided by Local Bounti Corporation
3 Comments