ORLANDO, Fla., Oct. 18, 2022 (GLOBE NEWSWIRE) — Kalera Public Limited Company, a vertical farming company, announced today that it intends to divest its subsidiary, Vindara, and the assets of its international business.
Vindara is expected to continue serving Kalera’s strategic custom seed needs and serving other indoor farming companies.
The international business includes the previous &ever GmbH management team, and farming assets in Kuwait and Singapore.
“We expect that these divestitures will address the strategy we announced in September to bring our U.S. farms to cash flow positive much faster than anticipated while reducing capital requirements for all Kalera holdings,” said Jim Leighton, President and Chief Executive Officer of Kalera.
This will allow the Orlando headquartered management team to focus all efforts on U.S. Farms and reduce its monthly cash burn rate.
“These transactions align with our capital light business model we discussed in our analyst and investor event last month,” Leighton said. “It will allow us to stay laser focused on bringing our U.S. farms to cash flow positive faster while reducing our capital requirements.”
As a leader in controlled environment agriculture, Kalera is driven by our belief that vertical farming can play an important role in securing access to fresh produce for a growing world population facing climate change and concerns about the future of traditional farming. Through our proprietary technology, we sustainably grow local, delicious, nutrient-rich, pesticide-free, non-GMO leafy greens year-round. Our automated, data-driven, hydroponic vertical farms produce higher yields and, use approximately 95% less water, and 99% less land than traditional farming. Sold under the Kalera brand, our leafy greens are “better than organic” and priced competitively, always with the end consumer in mind. Kalera is headquartered in Orlando, Florida with farms in Orlando; Atlanta, Georgia; Houston, Texas; Denver, Colorado; and Kuwait, with additional farms under development. More information is available at www.kalera.com.