Before pushing through with plans to establish a vertical farming business on the island. The project, which was a cornerstone of the government’s economic recovery plan, was shelved after the US business hired to lead it revealed enormous losses in its precedent quarters and entered a restructuration plan. For context, the Bermuda Economic Development Corporation partnered with the Florida-based company Kalera earlier this year to establish a Bermuda subsidiary.
Indeed, Kalera is yet to decrease its operating expenses as it reported missing EPS & Revenues estimates and divested its seed company Vindara, and part of its international assets in Kuwait and Singapore as the company vows to accelerate its path to profitability and decrease its monthly cash-burn rate.
The projects faced important reluctance from members of the opposition and from experts in the country stating that the facility was not feasible and not aligned with the economic recovery plans set by the country’s government as reported by the Royal Gazette. In November 2020, the country’s government revealed its plans to create vertical farming facilities that would ensure the country’s food security and economic recovery in the years to come despite farmers warning the government that the project was not aligned with the environment in Bermuda’s as well as the economy.
The energy prices soared since the project started which led many CEA facilities throughout the world to either halt, stop or incur losses in the hopes of becoming profitable in the near future for which most companies entered restructuration plans.
Image provided by Kalera.