Local Bounti Corporation (NYSE: LOCL, LOCL WS), announced an offtake agreement (an agreement to purchase or sell part of its upcoming production) 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 with Sam’s Club 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 indoor farming method 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 to produce in an environmentally friendly manner, increasing harvest efficiency and reducing the cost and carbon footprint of the production and distribution process. The technology is over 30 times more productive per acre than traditional agriculture.
Image provided by Local Bounti Corp