Walmart and Plenty Partner To Lead the Future of Fresh Produce
25 Janeiro 2022 - 11:00AM
Business Wire
Retail leader and indoor farming company enter
into a long-term strategic partnership with an equity investment to
bring fresh, peak-flavor produce to shoppers year-round
Walmart and Plenty Unlimited Inc. today announced Walmart signed
an agreement to invest in Plenty, an indoor vertical farming
company, as part of their $400M Series E funding round subject to a
regulatory approval. Walmart’s equity investment is part of a
broader strategic partnership to utilize Plenty’s indoor vertical
farming technology platform to deliver fresh produce to Walmart
retail stores. As part of the investment, at closing, Walmart will
also join Plenty’s Board of Directors.
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Walmart and Plenty Partner To Lead the
Future of Fresh Produce (Photo: Business Wire)
Together, Walmart and Plenty will work collaboratively to create
a new, market leading product category in vertical farming by
delivering the freshness and quality that Walmart customers expect,
year-round. The long-term commercial agreement allows Walmart to
source Plenty’s leafy greens for all its California stores from
Plenty’s Compton farm beginning later this year. Walmart is the
first large U.S. retailer to significantly invest in vertical
farming.
“At Walmart, we are focused on identifying and investing in
innovative food solutions to bring our customers the freshest,
highest-quality foods at the best prices,” said Charles Redfield,
chief merchandising officer, Walmart U.S. “We believe Plenty is a
proven leader in a new era of agriculture, one that offers
pesticide-free, peak-flavor produce to shoppers every day of the
year. This partnership not only accelerates agricultural
innovation, but reinforces our commitment to sustainability, by
delivering a new category of fresh that is good for people and the
planet.”
Plenty’s farming technology platform delivers pesticide-free
produce that tastes like it was picked fresh from the garden, all
year long. The company’s indoor farming architecture differs from
greenhouses and other indoor farms, combining engineering, software
and sustainable crop science to grow multiple crops on one
platform, at unprecedented speed. Backed by one of the largest U.S
patent portfolios in the industry, Plenty’s proprietary tech
meaningfully improves on traditional agriculture’s use of water and
land. By building their farms closer to the consumer, Plenty helps
reduce transportation and food waste, keeping items fresher for
longer in 100% recyclable product packaging.
Vertical farming supplements traditional farming practices to
help increase food supply and alleviate current challenges on the
food system in a sustainable way. Walmart’s investment is the
latest step in the retailer’s commitment to increase access to
high-quality, fresh produce for its customers.
"Plenty’s unique farming system unlocks industry-leading crop
versatility and unit economics by enabling indoor growing year
round,” said Arama Kukutai, Plenty CEO. "Our farms can be sited
anywhere allowing us to put fresh fruits, greens and vegetables on
shelf at all times, at speed, for maximum freshness. As a long-time
market leader in retail innovation, Walmart is an ideal partner to
test and scale access to our quality produce for their customers.
This is a game-changer for the agritech industry.”
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save
money and live better - anytime and anywhere - in retail stores,
online, and through their mobile devices. Each week, approximately
220 million customers and members visit approximately 10,500 stores
and clubs under 48 banners in 24 countries and eCommerce websites.
With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2
million associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting
https://corporate.walmart.com, on Facebook at
https://facebook.com/walmart and on Twitter at
https://twitter.com/walmart.
About Plenty
Plenty is rewriting the rules of agriculture through its
technology platform that can grow clean produce anywhere in the
world, year round, with unprecedented yield and peak season
quality. Plenty’s proprietary approach preserves the world’s
natural resources, makes nutritious produce available to all
communities and creates resilience in our food systems against
weather, location, pests and climate. Plenty's headquarters are in
South San Francisco, and the company operates the largest of its
kind indoor plant science research facility in Laramie, Wyoming.
Plenty is currently building the world's highest-output, vertical,
indoor farm in Compton, California. For more information, follow us
on Twitter, Instagram, Facebook or LinkedIn, or visit
www.plenty.ag.
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version on businesswire.com: https://www.businesswire.com/news/home/20220125005272/en/
Media contacts
Walmart Tricia Moriarty news.walmart.com/reporter
Plenty Lizi Sprague Press@plenty.ag
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