Local Bounti

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Local Bounti Corporation
TypePublic
Industry
Founded2018; 4 years ago (2018) in Hamilton, Montana
Founders
  • Craig Hurlbert
  • Travis Joyner
Headquarters490 Foley Lane,
Hamilton, Montana
,
U.S.
Area served
Worldwide
RevenueIncrease $1.1 million (2021)
Total equityIncrease $1,008 million (2021)
Websitelocalbounti.com Edit this at Wikidata
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[]

  1. ^ Local Bounti Investor Presentation October 2021 (PDF), Local Bounti Corporation, 2021, archived from the original (PDF) on November 29, 2021
  2. ^ 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". PEOPLE.com. Retrieved 2021-11-26.{{cite web}}: CS1 maint: numeric names: authors list (link)
  3. ^ Craig Hurlbert. Home [LinkedIn page]. LinkedIn. Retrieved November 26, 2021, from https://www.linkedin.com/in/craighurlbert/
  4. ^ Local Bounti. Home [LinkedIn page]. LinkedIn. Retrieved November 26, 2021, from https://www.linkedin.com/company/local-bounti/
  5. ^ Development, PodBean. "#160: Leadership Chat: Local Bounti CEO Craig Hurlbert and Leo Holdings Chairman Ed Forst". absolutereturn.podbean.com. Retrieved 2021-11-26.
  6. ^ GmbH, finanzen net. "Local Bounti, Disruptive AgTech Company, Closes Business Combination with Leo Holdings III Corp to List on NYSE Under the Ticker 'LOCL'". markets.businessinsider.com. Retrieved 2021-11-26.
  7. ^ "Local Bounti closes $1bn SPAC deal, becomes latest listed CEA company". AFN. 2021-11-23. Retrieved 2021-11-26.
  8. ^ “Hamilton’s Local Bounti to double facility size and staff”  Rivalli Republic.com, June 12, 2021
  9. ^ "Local Bounti acquires indoor farming company Pete's for $122m". FoodBev Media. 18 March 2022.
  10. ^ USPTO. "STACK & FLOW TECHNOLOGY - Local Bounti Corporation Trademark Registration". USPTO.report. Retrieved 2021-11-26.
  11. ^ Tan, Gillian (June 17, 2021). "Local Bounti Agrees Merger With Leo Holdings SPAC". www.bloomberg.com. Retrieved 2021-11-26.{{cite web}}: CS1 maint: url-status (link)
  12. ^ 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". PEOPLE.com. Retrieved 2021-11-26.{{cite web}}: CS1 maint: numeric names: authors list (link)
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