Kalera PLC, a Florida-based hydroponic vertical farming operator, announced its Kalera International business has been acquired by Netherlands-based indoor farming company Growy Holdings BV during the court-supervised process in Germany over Kalera GmbH.

The sale includes its German headquarters, a farm in Kuwait, and a farm in Singapore which is under construction. This uncoupling of the international business will allow Kalera to focus all its efforts and capital towards becoming a leading vertical farming operator in the US with accelerated long-term growth in loose-leaf and whole-head product segments.

Following the separation, Kalera would retain the irrevocable, perpetual, and sublicensable right and license to Kalera GmbH’s intellectual property excluding &ever, Hydroponics, and HappyNest trademarks which were owned by Kalera GmbH prior to the acquisition.

Net proceeds of the sale will be used to partially offset Kalera’s outstanding secured convertible bridge promissory note and towards covering the expenses of the court-supervised process. Further, the company will continue its efforts of divesting its seed genetics business, Vindara–in order to make Kalera’s cash flow positive–which is expected to close before the end of Q1 2023.