Kalera Contemplates Private Placement

Hydroponic FarmingIndoor Vertical FarmingFinancing

Oct 22

Kalera has engaged ABG Sundal Collier ASA and Arctic Securities AS to advise on and effect a contemplated private placement of up to 31,000,000 new shares in the company to raise gross proceeds of up to NOK 930 million (equivalent to approx. USD 100 million).

The completion of the Private Placement would bring the company’s total equity funding in 2020 to around USD 160 million and would be used to maintain and fuel its rapid US and international expansion. Specifically, Kalera intends to use the net proceeds from the private placement to finance the construction of new facilities, in both the US and internationally, as part of the company's rollout plan for 2021, as well as for general corporate purposes.

"In a short time, we have proven that our model allows us to provide produce at industry-leading yields and unit economics that enables rapid facility expansion and provides our end-user customers the opportunity to purchase our premium quality greens at stable, conventional pricing,” said Daniel Malechuk, CEO of Kalera. “This private placement will allow Kalera to take the next step in its rapid US domestic and international expansion and become a true global leader in vertical farming of fresh, clean and nutritious leafy greens in close proximity to urban centers.”