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Walmart and Plenty to partner on vertical farming

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Walmart has signed an agreement to invest in Plenty Unlimited Inc., 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.

Together, Walmart and Plenty will work collaboratively to create a new product category in vertical farming. The long-term commercial agreement allows Walmart to source Plenty’s leafy greens for all its California (U.S.) stores from Plenty’s Compton farm beginning later this year.

According to a news release, Plenty’s farming technology platform delivers pesticide-free produce 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. Plenty’s proprietary technology 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 percent recyclable product packaging.

"Plenty’s unique farming system unlocks 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. Walmart is an ideal partner to test and scale access to our quality produce for their customers.”

For an interview that New AG International did with Arama Kukutai in 2020, see here.

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To return to New AG International homepage, here.

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