Plenty Unlimited, the well-known US company specialized in vertical farming, has officially filed for bankruptcy. The company, founded in 2016 and supported by prominent investors including Amazon founder Jeff Bezos, has raised nearly one billion dollars (about 920 million euros) over the years to develop advanced technologies in indoor cultivation.
Recently, Plenty expanded its production beyond traditional leafy greens, forming a strategic partnership with Driscoll’s to create the world’s first large-scale vertical farm dedicated to strawberry cultivation, located in Richmond, Virginia.
Loans and Restructuring
Despite the ambitious project, the company was forced to request an additional bridging loan of 20.7 million dollars (about 19 million euros) to ensure operational continuity during a complex restructuring process.
The restructuring plan includes continuing operations at the strawberry farm in Richmond, as well as maintaining the plant science research and development center located in Wyoming.
CEO Statements
Dan Malech, interim CEO of Plenty, stated: “Our advanced technology is revolutionizing indoor farming, eliminating the unpredictability of nature and making it possible to create a stable supply of fresh produce, with peak-season flavor, year-round and almost anywhere in the world.”
However, Malech acknowledged the challenges: “We are not immune to market challenges and the fundraising issues affecting the entire industry. After carefully evaluating all strategic options, we concluded that restructuring is the best choice to ensure the company’s future.”
Investor Support
The CEO then emphasized the continued support from investors: “We are fortunate to have stakeholders who believe in our mission to make fresh food accessible to everyone, everywhere. The restructuring will allow us to continue on this path, expanding high-quality strawberry production with our industry-leading partners and filling the supply gap to meet the growing demand for locally grown, flavorful fruit year-round.”
Source text and image: Fruitnet.com
