Vertical farming company Kalera goes public

Vertical farming company Kalera goes public

The company, via a SPAC deal and merger with Agrico, is valued at $375 million.

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February 3, 2022

Kalera and Agrico Acquisition Corp., a special purpose acquisition company (SPAC), today jointly announced that they have entered into a definitive merger agreement. As a result, Kalera will transition from its current Euronext Growth Oslo listing to a publicly listed company with its common shares traded on the NASDAQ stock market.
 
"Kalera and Agrico together form a team with the expertise to bring Kalera's fresh, clean and sustainable Local Living LettuceTM to consumers across the globe," Curtis McWilliams, Interim Chief Executive Officer of Kalera. "A tremendous need exists for healthy, sustainable, and surprisingly affordable food. At Kalera, we believe we have a business model that can bring nourishment across the globe while reducing environmental impact."
 
"Kalera is already positioned as a leader in the vertical farming industry with its 10 facilities operating or construction nearly complete and Vindara, its seed business dedicated to controlled environments," Brent De Jong, Chairman and Chief Executive Officer of Agrico, said. The proposed merger with Agrico positions Kalera to be the first leafy green vertical farm company to have a national footprint in the US and be able to reliably supply a national off-take contract while still being local.  The Agrico team and its scaling experience will supplement an already strong Kalera management team and Board of Directors." 
 
Kalera's current management team and recently appointed Interim CEO Curtis McWilliams will continue to oversee the business, including the plan to further expand Kalera's global network of vertical farms. With four facilities operating and six more under construction, the company believes that the team is well on the path to achieving this vision.