Walmart invests in indoor vertical farming startup Plenty
Plenty says its vertical towers can grow multiple crops on one platform with consistent flavor and deliver higher yields per acre compared to that of a field.
By Anne D’innocenzio
Associated Press
January 25, 2022
Walmart said Tuesday it has taken a stake in agriculture startup Plenty, becoming the first large U.S. retailer to significantly invest in indoor vertical farming as a way to deliver fresher produce to its stores.
Vertical farmers tout their high-quality produce that brings higher yields while using less water and land. The method also doesn’t use pesticide, and the produce can be grown year round near the point of distribution, increasing the reliability of supply.
Walmart, the nation’s largest retailer, declined to comment on the size of its investment or the financial terms of the deal. But the retailer based in Bentonville, Arkansas, said that it will join Plenty’s board at the close of the transaction.
The deal comes as grocery stores are under pressure to have more environmentally friendly practices. Plenty, based in San Francisco, is one of many players in the fast-growing field of indoor farming. Others include Morehead, Kentucky-based AppHarvest, and New York-based Gotham Greens.
