We are starting a new chapter in agriculture, building a business with sustainability at its core. Local Bounti’s focus on LOCAL is core to our desire to transform our local communities, the agriculture work force and our environment.
Our patent pending Stack & Flow™ hydroponic growing technology leverages the best of vertical and green growing, reducing the environmental impacts of our facilities. Our distributed locations minimize the food miles necessary to get our products to our customers.
Our communities are critical to our success, so we are committed to investing in their success. Our first two facilities are investing over $70 million in designated Federal Opportunity Zones, areas in dire need of support.
At Local Bounti, we strive to be leaders in measuring our usage of water, electricity, natural gas, fertilizer and other commodities. Transparency is core to our mission, as we believe it is important that our customers, retail partners and communities are aware of our impacts.
Leading the industry in transparent sustainability means using worldwide standards. Local Bounti will report in accordance with the Global Reporting Initiative (GRI) Standards starting this year.
In addition to the GRI, Local Bounti is reporting in accordance with the Sustainability Accounting Standards Board Agricultural Products Sustainability Accounting Standard. We believe that providing this information will aid investors and financial organizations in evaluating the impact of our sustainability measures on our business.
The CEA space can be inherently sustainable, but Local Bounti believes that we have a responsibility to continue to exceed current standards and provide industry leadership. We are one of the first North America CEA companies to become a participant in the UN Global Compact.