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: Private placement successfully completed

Oslo, 24 February 2021. Reference is made to the stock exchange notice from
Kalera AS ("Kalera" or the "Company", ticker code "KAL"), published earlier
today, 24 February 2021, regarding a contemplated private placement (the
"Private Placement").

Kalera is pleased to announce that the Private Placement has been successfully
completed with a total transaction size of approximately NOK 262 million
(equivalent to approx. USD 31 million) through the allocation of 5,750,000
shares in the Company at a price of NOK 45.50 per share (the "New Shares"). The
net proceeds from the Private Placement will be used 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 Private
Placement attracted strong support and interest from Norwegian and international
high-quality investors and was significantly oversubscribed.
Allocation to investors will be communicated on or about 25 February 2021.
Investors having access to investor services through their VPS manager will be
able to check the number of shares allocated to them from about 09:00 hours
(CET) on 25 February 2021. The Managers may also be contacted for information
regarding allocations. 

The Private Placement will be settled by the Managers (as hereinafter defined)
on a delivery-versus-payment basis on or about 1 March 2021 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 the investors will thus be
tradable upon allocation. Following registration of the share capital increase
pertaining to the Private Placement in the Norwegian Registry of Business
Enterprises, the Company will have 166,774,239 shares outstanding, each with a
par value of NOK 0.01.

The Private Placement implies a deviation from the shareholders' preferential
right to the new shares under the Norwegian Private Limited Companies Act. The
board of directors of the Company (the "Board") has considered this and is of
the view that it would be in the best interest of the Company and its
shareholders to deviate from the shareholders' preferential right to the New
Shares in the Private Placement and that this would also be in compliance with
the provisions of the Norwegian Private Limited Companies Act, the rules of
equal treatment under the Norwegian Securities Trading Act and Oslo Rule Book II
for companies listed on Euronext Growth Oslo, and the Oslo Stock Exchange's
Guidelines on the rule of equal treatment. 

In reaching this conclusion, the Board inter alia emphasized that: 

o	the proposed subscription price of NOK 45.50 per share is based on the
investor interest obtained following pre-sounding of the transaction with
wall-crossed investors and a publicly announced bookbuilding process conducted
by leading investment banks and the price represent professional investors' view
of the market price for the shares for a share offering of this size.

o	the price represented a limited discount to the prices at which the shares had
been traded on Euronext Growth Oslo prior to the announcement of the Private
Placement (0.4% discount to VWAP on the trading day 24 February 2021) and the
number of new shares represent only 3.5% of the existing number of shares in the
Company. 

o	a share issue in the form of a private placement enables the Company to
capitalize on current market conditions which are deemed beneficial to the
interest of the Company and its shareholders. Such benefits are not obtainable
by structures with longer lead time such as a rights offering.

Advisors:
ABG Sundal Collier ASA, Arctic Securities AS and Pareto Securities AS (together,
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 Manager 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 Manages
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.