Walmart has signed an agreement to invest in Plenty Unlimited Inc., an indoor vertical farming company, as part of its $400 million program, subject to a regulatory approval.
The retailer’s equity investment is part of a broader strategic partnership to use Plenty’s indoor vertical farming technology platform to deliver fresh produce to Walmart stores. As part of the investment, at closing, Walmart will 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, California farm beginning later this year.
Walmart is the first large U.S. retailer to significantly invest in vertical farming.
Posted by Rob Longwell, Editor
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