Local Bounti secured a total of up to $145 million of new financing across two sources – the first through an amendment to its credit facility agreements with Cargill Financial Services International, Inc. ("Cargill"); and the second, a sale-leaseback deal with an internally managed net-lease real estate investment trust. The combined financing supports Local Bounti's growth plans and immediate efforts to increase production to meet accelerating demand for the Company's products.
Kathleen Valiasek, CFO of Local Bounti, commented, "We are very pleased with the outcome of these transactions and the support they provide for Local Bounti's growth ambitions. We remain laser-focused on identifying opportunities where we can utilize our flexible Stack & Flow Technology™ to deliver improved yields to meet the robust demand for locally grown and sustainable produce that we are seeing across our industry-leading distribution footprint."
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