Controlled Environment Agriculture

Plenty restructuring to support focus on premium strawberry market

Tue, 25 Mar 2025 21:21:44 GMT

Plenty Unlimited Inc. says it has filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas, in accordance with its board-approved plan to restructure its liabilities, streamline operations and focus its go-forward operations.

The company posted on social media in December 2024 that it closed its Compton, Calif., leafy greens farm as part of a strategic decision to focus on strawberries . Plenty will continue to operate its Richmond, Va., vertical strawberry farm and its Laramie, Wyo., plant science research and development facility throughout the restructuring process, according to a news release.

The company said it has also received a commitment for debtor-in-possession financing of $20.7 million. Plenty has filed a motion seeking approval of the DIP financing and, upon approval, the DIP financing is expected to provide the company with the necessary liquidity to support its operations throughout the planned process, the release said.

“Plenty’s advanced technology is transforming indoor farming, removing the unpredictability of Mother Nature and making it possible to create a stable supply of fresh produce with peak-season flavor year-round almost anywhere in the world,” said Dan Malech, interim CEO for Plenty. “However, our company is not immune from larger market dynamics and the fundraising challenges facing our industry. After evaluating all of our strategic alternatives, we have determined that pursuing this restructuring process is in the best interests of all of the company’s stakeholders.

“We are fortunate to have stakeholders who support and believe in our mission to make fresh food accessible to everyone, everywhere,” Malech continued. “The restructuring will position us to continue working toward that mission by expanding our production of premium strawberries with industry-leading partners and filling a supply gap in the market to meet consumer demand for locally grown, high-quality strawberries year-round.”

In addition to seeking approval of the DIP financing, Plenty has filed a number of customary motions seeking authorization to support its operations during the court-supervised process, including authority to pay wages and provide health and other employee benefits, the release said.

Additional information regarding the process can be found at cases.stretto.com/PlentyUnlimited , a website administered by Plenty’s claims agent, Stretto Inc. Information is also available by calling 855-994-4202 (toll-free) and 847-610-7823 (international).

Sidley Austin LLP and Wilson Sonsini Goodrich & Rosati are serving as the company’s legal counsel, the release said. Jefferies LLC and Uzzi & Lall LLC are serving as financial advisers. Davis Polk & Wardwell LLP and Sullivan and Cromwell LLP are representing certain providers of the DIP financing.

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Bowery Farming to close

Wed, 06 Nov 2024 14:05:19 GMT

New York City-based Bowery Farming, a leafy greens, herbs and strawberries vertical grower, is reportedly ceasing operations, according to PitchBook , which referenced a document seen by it and company employees.

Bowery Farming, founded in 2015, utilized refurbished warehouses close to the communities it served in Kearny, N.J.; Nottingham, Md.; and Bethlehem, Pa.

The company opened its Farm X, an innovation hub for plant science in Kearny, N.J., next to Bowery’s original R&D Center of Excellence and first commercial farm in 2021. Bowery Farming said at the opening that Farm X would increase the company’s research and development capacity by 300%.

PitchBook reported Bowery Farming conducted several rounds of layoffs in 2023 as the company struggled with its valuation plummeting. Last year the company also paused its previously announced plans to open facilities in Arlington, Texas, and Locust Grove, Ga., amid its valuation struggles.

PitchBook estimates the company at its peak was valued at $2.3 billion and raised more than $700 million in venture capital from investors such as F idelity Management & Research Co. , GV (formerly Google Ventures), General Catalyst, GGV Capital, Temasek, Groupe Artémis, as well as new participation from Amplo and Gaingels.

The company said it increased its retail footprint by more than 15 times between 2020 and 2023 and supplied almost 1,900 grocery stores and major e-commerce platforms, including Whole Foods, Ahold Delhaize, Amazon, Safeway/Albertsons and Walmart. The company also supplied its salad kits to Citizens Bank Park and Sweetgreen locations in the New York Tri-state area, which featured the Bowery Bowl.

Walmart invests in indoor vertical grower Plenty

Tue, 15 Nov 2022 07:27:37 GMT

In what could be the first move of its kind for a massive retailer, Walmart is investing in an indoor vertical leafy greens grower: Plenty Unlimited Inc., based in South San Francisco.

Bentonville, Ark.-based Walmart’s equity investment is part of a $400 million Series E funding round that’s still subject to a regulatory approval and is part of a broader strategic partnership to use this technology to deliver fresh produce to Walmart retail stores, according to a news release.

Walmart will also join Plenty’s board of directors.

The long-term commercial agreement allows Walmart to source Plenty’s leafy greens for all its California stores from Plenty’s Compton farm starting later in 2022. Walmart is the first large U.S. retailer to significantly invest in vertical farming, according to the release.

“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,” Walmart U.S. Chief Merchandising Officer Charles Redfield said in the release. “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.”

Learn more about salad vegetables.

Plenty’s indoor farming architecture combines engineering, software and sustainable crop science to grow multiple crops on one platform — fast. With many U.S patents, this proprietary tech focuses on efficient use of water and land. Also, by building farms closer to the consumer, Plenty helps reduce transportation and food waste, keeping items fresher for longer in 100% recyclable product packaging.

Vertical farming can supplement traditional farming practices to help increase food supply and alleviate current challenges on the food system in a sustainable way.

“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,” Plenty CEO Arama Kukutai said in the release. “This is a game-changer for the agritech industry.”

Walmart has about 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.

Besides Plenty’s California headquarters, the company operates an indoor plant science research facility in Laramie, Wyo. Also, Plenty is building a vertical, indoor farm in Compton, Calif.

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Bayer, AI company start greenhouse vegetable project

Fri, 13 Nov 2020 06:40:01 GMT

Bayer is partnering with Israeli artificial intelligence data analytics company Prospera Technologies Inc. in a program the companies say will optimize profitability and sustainability of greenhouse growing.

The program begins this month in Mexico, with the companies working with unidentified growers. The pilot will “continuously adjust and enhance the digitized farming system, with the intent to expand globally in coming years based on growers’ needs and changing consumer demand,” according to Bayer news release.

For example, Prospera’s “data visualization and analysis plaform” can tell growers which plants need water and the specific amounts to apply, according the release.

“At Bayer, we believe in the power of collaboration to bring more innovative, digital solutions to life,” Chris Moore, head of digital transformation for Bayer’s vegetable seeds business, said in the release. “Our partnership with Prospera is our first step into solutions beyond the seed for the vegetable greenhouse market.”

Daniel Koppel, Prosprea Technologies CEO and co-founder, said the collaboration can have “tremendous” value for greenhouse vegetable growers.

“Our advanced AI algorithms and data tools combined with Bayer’s complimentary knowledge and data sets have the potential to change the way vegetables are grown and help feed the world sustainably with fresh, nutritious food,” Koppel said in the release.

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