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Subsequent Event
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
El Segundo Campus Lease
On January 14, 2021, the Company entered into a Lease (the “Lease”) with HC Hornet Way, LLC, a Delaware limited liability company (the “Landlord”), to house the Company’s headquarters offices, lab and innovation space (the “Headquarters”) in El Segundo, California. The initial term of the Lease is twelve (12) years, with two (2) renewal options, each for a period of five (5) years.
Under the terms of the Lease, the Company will lease an aggregate of approximately 281,110 rentable square feet in a portion of a building located at 888 Douglas Street, El Segundo, California (the “Premises”), to be built out by Landlord and delivered to the Company in three phases (each, a “Phase”) over a 26-month period.
Aggregate payments towards base rent for the Premises over the term of the lease will be approximately $159.3 million. The Company will recognize the lease assets and liabilities for each Phase when the Landlord makes the underlying asset for each Phase available to the Company. Concurrent with the Company’s execution of the Lease, as a security deposit, the Company delivered to the Landlord a letter of credit in the amount of $12.5 million.
Joint Venture with PepsiCo
On January 26, 2021 PepsiCo, Inc. and the Company announced the formation of The PLANeT Partnership, LLC, a newly created joint venture established to develop, produce and market innovative snack and beverage products made from plant-based protein.