NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Kalera AS: Contemplated private placement

Oslo, 24 February 2021. Kalera AS ("Kalera" or the "Company", ticker code
"KAL"), a technology leader in urban vertical hydroponics and one of the fastest
growing vertical farming companies in the United States, has engaged ABG Sundal
Collier ASA, Arctic Securities AS and Pareto Securities AS (the "Managers") to
advise on and effect a contemplated private placement of new shares (the "New
Shares") to raise gross proceeds of the NOK equivalent of approximately USD 30
million (the "Private Placement").

The Company intends to use the net proceeds from the Private Placement to
finance the cash purchase price payable for the Company's strategic acquisition
of Vindara Inc., a company delivering seeds specifically designed for use in
indoor farms, and to further investment in rapid roll-out of the Vindara
business. 

The price per New Share in the Private Placement (the "Offer Price") will be
determined by the board of directors of the Company (the "Board") following an
accelerated bookbuilding process.  The bookbuilding period in the Private
Placement will commence today, 24 February 2021 at 16:30 hours CET and is
expected to close on 25 February 2021 at 08:00 hours CET. The Managers and the
Company may, however, at any time in their sole discretion and on short notice
resolve to close or extend the bookbuilding period. If the bookbuilding period
is shortened or extended, any other dates referred to herein may be amended
accordingly. 

The Private Placement will be directed towards Norwegian and international
investors, in each case subject to an exemption being available from offer
prospectus requirements and any other filing or registration requirements in the
applicable jurisdictions and subject to other selling restrictions. The minimum
application and allocation amount has been set to the NOK equivalent of EUR
100,000. The Company may, however, at its sole discretion, allocate an amount
below EUR 100,000 to the extent applicable exemptions from the prospectus
requirement pursuant to the Norwegian Securities Trading Act and ancillary
regulations are available.

Allocation of the shares in the Private Placement will be determined at the end
of the bookbuilding period, and final allocation will be made by the Board at
its sole discretion, following advice from the Managers. 

The Company will announce the final offer price and the number of Offer Shares
allocated in the Private Placement through a stock exchange notice expected to
be published before opening of the trading on Oslo Stock Exchange on 25 February
2021. 

Settlement of the Private Placement will be on a delivery versus payment basis
(normal t+2) by delivery of existing and unencumbered shares in the Company,
that are already listed on Euronext Growth Oslo, pursuant to a share lending
agreement between the Managers, the Company and Canica AS. The shares delivered
to investors will thus be tradable upon allocation. The Managers will settle the
share loan with new shares in the Company to be issued in connection with the
Private Placement. 

Completion of the Private Placement by delivery of New Shares to investors is
subject to the corporate resolutions of the Company required to implement the
Private Placement, including a resolution of the Board to proceed with the
Private Placement following the expiry of the bookbuilding period and to
increase the share capital of the Company by the issuance of the New Shares
pursuant to the authorisation granted by the Company's general meeting on 23
October 2020. The Board reserves the right to cancel the Private Placement at
any time and for any reason prior to delivery of the New Shares.

Advisors:

ABG Sundal Collier ASA, Arctic Securities AS and Pareto Securities AS (the
"Managers") are acting as Joint Bookrunners in connection with the Private
Placement. Bank of America Europe DAC, Stockholm branch is acting as financial
advisor to the Company in relation to the Private Placement. Advokatfirmaet
Thommessen AS is acting as legal advisor to the Company. 

Bank of America Europe DAC, Stockholm branch ("BofA Securities"), which is
authorised and regulated by the Central Bank of Ireland, is acting exclusively
for the Company and for no one else in connection with the matters described
herein and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients or for providing advice in
relation to the matters referred to in this announcement. Neither BofA
Securities, nor any of its affiliates, owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client of BofA
Securities in connection with this announcement, any statement contained herein
or otherwise.

For more information, please contact:

Bjørge Gretland, Chairman
Phone: +47 92 60 98 10
Email: bgretland@kalera.com

Daniel Malechuk, CEO
Phone: +1 407 574 2382 
Email: dmalechuk@kalera.com

Kalera in brief:

Kalera is a technology driven vertical farming company with unique growing
methods combining optimized nutrients and light recipes, precise environmental
controls, and clean room standards to produce safe, highly nutritious,
pesticide-free, non-GMO vegetables with consistent high quality and longer shelf
life year-round. The company's high-yield, automated, data-driven hydroponic
production facilities have been designed for rapid rollout with industry-leading
payback times to grow vegetables faster, cleaner, at a lower cost, and with less
environmental impact.

Kalera's shares are traded on Euronext Growth Oslo with ticker KAL. Further
information about the company may be found at www.kalera.com and
www.kalera.com/investor.   

Important notice:
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation (EU) 2017/1129 as amended (together with any
applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict, and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement. 

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither the Managers nor any of their affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of its affiliates accepts any liability arising from the use of
this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.