9th August 2022
Controlled Environment Agriculture Corporate Stock Market

Local Bounti Completes Georgia Facility

Local Bounti paused Pasco greenhouse construction

Innovative new CEA facility combines vertical and greenhouse technologies to grow sustainable produce year-round that lasts 3-5 times longer while using 90% less water and land. Enhances East Coast presence to support demand from the existing blue-chip retail customer base, including Albertsons, Kroger, Target, and Walmart, as well as Whole Foods and AmazonFresh

Local Bounti Corporation (NYSE: LOCL, LOCL WS), today announced the start of operations in its new innovative controlled environment agriculture (CEA) facility in Byron, Georgia.

“We are cementing our presence in the East Coast market with our new Georgia facility, providing Local Bounti with a bi-coastal presence that is able to service the growing demand for our products,” said Craig Hurlbert, Co-CEO of Local Bounti. “Local Bounti is quickly becoming one of the largest CEA companies in America. We have seen strong demand for our superior produce varieties that are grown sustainability with sunlight, use 90% less water and land, and last 3 to 5 times longer in your fridge than traditionally-grown leafy greens.”

According to the company’s statement, the addition of the new facility in central Georgia fortifies Local Bounti’s distribution with the ability to directly service 19 retail distribution centers within an approximate 400 mile radius of the facility. The East Coast presence enhances service to the Company’s customers and the approximately 10,000 retail locations that they operate across 35 U.S. states and Canadian provinces. Further, the facility will provide additional capacity to meet existing 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 plans to install its innovative Stack & Flow Technology™ at all of its facilities, and is in the process of initial planning to install Stack & Flow at its Georgia facility, which was acquired in the previously announced transaction with Pete’s, to further expand revenue generating capacity. Stack & Flow Technology combines the best aspects of vertical farming and greenhouse growing technologies to deliver higher yields of diverse leafy greens with superior unit economics.

The Company has started the expansion of the 3-acre facility, which will double the facility capacity to 6-acres and has the opportunity to expand to 24 acres to execute growth initiatives and broaden its product offering. Local Bounti will initially utilize the 3-acre facility to grow and sell Local Bounti’s greenhouse fresh line of packaged salad greens. These include spring mix, butter lettuce, romaine crisp, green leaf, 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 land than conventional growing fields and offer growers better control over the amount of water, light and nutrients given to each plant. This level of protection from the elements results in clean, safe, reliable and delicious greens. Living lettuce also stays fresher longer, helping to eliminate food waste for both supermarkets and consumers.

Local Bounti’s carefully controlled greenhouses also offer consumers peace of mind in an industry often in the headlines for product contamination.

“Because our products are grown in safe, controlled greenhouses, consumers don’t have to worry about rain and soil runoff contaminants or wildlife coming up to nibble on our products,” says Brian Cook, President of Local Bounti. “We are keeping out what is bad and keeping in what is good.”

Plans are underway for a grand opening celebration on August 3, 2022, which will be open to the public. Attendees will have an opportunity to tour the greenhouses, sample dishes created with Local Bounti lettuces and meet company executives and staff.

“Just like meeting any local farmer responsible for the fresh, leafy greens you put on your table, we want Georgians to get to know us and our company and have a chance to see how our lettuces are grown,” says Cook. “We are excited by the new opportunities that await Local Bounti as part of our expansion in Georgia.”

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