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Local Bounti Corporation, a leader in indoor agriculture, announced its Co-Founder and Co-CEO, Craig Hurlbert, will present updates on business strategy at upcoming investment conferences. The 10th Annual Gateway Conference is on September 8, 2021, at 4:30 p.m. ET, and the H.C. Wainwright 23rd Annual Global Investment Conference on September 13, 2021, with pre-recorded sessions starting at 7:00 a.m. ET. Local Bounti aims to redefine farming with sustainable practices, significantly reducing water and land usage, while expanding operations in Montana and the Western U.S.
Local Bounti Corporation has secured a $200 million debt financing facility from Cargill Financial Services, demonstrating Cargill's dual role as a lender and investor. This funding aims to support the construction of multiple greenhouse facilities across the U.S. by 2025. Local Bounti's expansion includes a 140% increase in capacity at its Montana facility and plans for seven additional facilities in the Western U.S. The total U.S. market for herbs and vegetables is projected to reach $30 billion by 2025, with less than 1% currently grown indoors.
Local Bounti Corporation has appointed Mark McKinney as Chief Operating Officer. With over 20 years of experience, he will lead operations as the company expands its controlled environment agriculture (CEA) facilities. McKinney aims to enhance operational efficiencies while the company anticipates a Western U.S. market worth $10.6 billion for its products. David Vosburg will transition to Chief Innovation Officer, focusing on product development. Local Bounti plans to grow its product offerings and expand to additional facilities, enhancing its market presence.
Local Bounti Corporation, a leader in indoor agriculture, will participate in the Canaccord Genuity 41st Annual Growth Conference on August 11, 2021. Co-CEO Craig Hurlbert will discuss food waste preservation at 1:00 p.m. ET. The company is expanding its Hamilton, Montana facility by 140%, set to complete in Q4 2021, while planning seven new facilities by 2025. In June 2021, Local Bounti and Leo Holdings III Corp. (NYSE: LIII) announced a business combination, aiming to trade publicly as LOCL.
Local Bounti Corporation is set to go public through a merger with Leo Holdings III Corp (LIII), valuing the combined entity at $1.1 billion. Strategic partnerships with Cargill and Gulf Energy will facilitate investment through a PIPE arrangement, with Cargill providing $200 million in debt financing. The merger aims to enhance Local Bounti's indoor farming operations across the Western U.S., tapping into a potential $10.6 billion market. The transaction could yield $400 million in proceeds, pending stockholder and regulatory approvals, and is expected to close in the second half of 2021.
Leo Holdings III Corp. has successfully closed its upsized IPO, raising $275 million by offering 27,500,000 units at $10.00 each. The IPO included a partial exercise of the over-allotment option, permitting the purchase of an additional 3,600,000 units. Each unit comprises one Class A ordinary share and one-fifth of a warrant, with the latter allowing the purchase of a share at $11.50. The company will focus on disruptive growth businesses, primarily at the technology-consumer intersection, and the shares are set to commence trading under the ticker symbols LIII and LIII.WS.
