Company:Local Bounti
| File:Local Bounti Logo.svg | |
| Type | Public |
|---|---|
| Industry |
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| Founded | 2018 in Hamilton, Montana |
| Founders |
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| Headquarters | 490 Foley Lane, Hamilton, Montana , U.S. |
Area served | Worldwide |
| Revenue |  $1.1 million (2021) |
| Total equity | $1,008 million (2021) |
| Website | {{{1}}} |
| Footnotes / references [1] | |
Local Bounti is an American produce company with headquarters in Hamilton, Montana.[2] The company was founded by co-CEOs Craig Hurlbert, formerly of General Electric,[3] and Travis Joyner.[4] Local Bounti is a leader in controlled environment agriculture (CEA),[5] growing lettuce and herbs in indoor greenhouses.
History
Founded in 2018, Local Bounti began trading on the New York Stock Exchange on Nov 22, 2021 under the symbol LOCL after closing a business combination with Leo Holdings III Corp.[6] The company’s stock opened on $9.81 per share and reached a daily high of $10.31, before closing the day at $9.91.[7]
Local Bounti’s Hamilton facility commenced construction in 2019 and reached full commercial operation in the second half of 2020.[8] The company plans to begin construction on a second facility in Pasco, WA.
In March 2022, Local Bounti acquired the California headquartered indoor farming company, Pete’s for $122.5 million.[9]
Product
Local Bounti grows lettuce, herbs, and other leafy greens inside greenhouses, utilizing a patent pending Stack & Flow Technology™, which is a hybrid of vertical farming and hydroponic greenhouse farming.[10] Its proprietary technology grows leafy greens such as romaine and butter lettuce and herbs like cilantro and basil.[11]
Local Bounti claims to use 90% less water and 90% less land than traditional agriculture, Local Bounti is focused on significantly increasing produce shelf life, reducing waste and emissions, and addressing the availability of high-quality produce in local communities.[12]
References
- ↑ Local Bounti Investor Presentation October 2021, Local Bounti Corporation, 2021, https://d1io3yog0oux5.cloudfront.net/_07a8733901946399f621ae3a3eecfc51/localbounti/db/856/7525/pdf/LocalBounti_investor-and-analyst-day_10.13.21.pdf
- ↑ Calderone, Ana; August 13, JD Knapp; Pm, 2021 07:34. "Local Bounti Wants to Change the Way You Get Your Lettuce — and Eat It, Too" (in en). https://people.com/food/local-bounti-craig-hurlbert-lettuce-controlled-environment-agriculture-interview/.
- ↑ Craig Hurlbert. Home [LinkedIn page]. LinkedIn. Retrieved November 26, 2021, from https://www.linkedin.com/in/craighurlbert/
- ↑ Local Bounti. Home [LinkedIn page]. LinkedIn. Retrieved November 26, 2021, from https://www.linkedin.com/company/local-bounti/
- ↑ Development, PodBean. "#160: Leadership Chat: Local Bounti CEO Craig Hurlbert and Leo Holdings Chairman Ed Forst" (in en). https://absolutereturn.podbean.com/e/160-leadership-chat-local-bounti-ceo-craig-hurlbert-and-leo-holdings-chairman-ed-forst/.
- ↑ GmbH, finanzen net. "Local Bounti, Disruptive AgTech Company, Closes Business Combination with Leo Holdings III Corp to List on NYSE Under the Ticker 'LOCL'" (in en). https://markets.businessinsider.com/news/stocks/local-bounti-disruptive-agtech-company-closes-business-combination-with-leo-holdings-iii-corp-to-list-on-nyse-under-the-ticker-locl-1030994400.
- ↑ "Local Bounti closes $1bn SPAC deal, becomes latest listed CEA company" (in en-US). 2021-11-23. https://agfundernews.com/local-bounti-completes-1-1bn-spac-merger.html.
- ↑ “Hamilton’s Local Bounti to double facility size and staff” Rivalli Republic.com, June 12, 2021
- ↑ "Local Bounti acquires indoor farming company Pete’s for $122m". FoodBev Media. 18 March 2022. https://www.foodbev.com/news/local-bounti-acquires-indoor-farming-company-petes-for-122m/.
- ↑ USPTO. "STACK & FLOW TECHNOLOGY - Local Bounti Corporation Trademark Registration" (in en). https://uspto.report/TM/90709546.
- ↑ Tan, Gillian (June 17, 2021). "Local Bounti Agrees Merger With Leo Holdings SPAC". https://www.bloomberg.com/news/articles/2021-06-17/local-bounti-is-said-to-agree-merger-with-leo-holdings-spac.
- ↑ Calderone, Ana; August 13, JD Knapp; Pm, 2021 07:34. "Local Bounti Wants to Change the Way You Get Your Lettuce — and Eat It, Too" (in en). https://people.com/food/local-bounti-craig-hurlbert-lettuce-controlled-environment-agriculture-interview/.
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