MOREHEAD, Ky. – AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company, a public benefit company and Certified B Corp have focused on providing fresh fruits and vegetables in a more sustainable way while using up to 90% less water than open-field agriculture and only rainwater, announced it has entered into a financing agreement with Equilibrium Capital for $ 91 million. The arrangement will support the AppHarvest facility in Richmond, Ky., Already under construction.
Arrangement provides 65.5% loan-to-value financing through a $ 91 million construction loan for the 60-acre high-tech indoor farm in Richmond, Ky., Designed to grow tomatoes .
“Equilibrium is a sustainability-focused investment company with institutional expertise in controlled environmental agriculture, which makes AppHarvest a natural partner as it strives to foster positive change in agriculture for ensuring food security in a sustainable manner, ”said CEO and President of Equilibrium, David Chen. “We have supported AppHarvest since the beginning of its history and look forward to further partnership opportunities as they grow their network of high tech and climate resilient farms. “
“Equilibrium sets the bar very high for impactful investment in assets and businesses focused on advanced principles of sustainability. Their continued support of our mission shows confidence in our business model to build a climate resilient food system based on tasty and nutritious fresh fruits and vegetables with more predictable yield and quality, ”said Jonathan Webb, Founder and CEO of ‘AppHarvest. “Dave Chen and the Equilibrium team have been great partners. Working with the Equilibrium team helps us break new ground in sustainable business.
AppHarvest plans to operate 12 farms by the end of 2025. The company’s 2.76 million square foot flagship facility in Morehead, Ky. Is currently expanding and shipping trucks full of tomatoes to top grocers. and American restaurants. Four more farms are under construction: a 60-acre facility in Richmond designed to grow tomatoes, a 15-acre facility in Berea designed to grow leafy greens, a 30-acre facility in Somerset designed to grow strawberries, and a green in Morehead.
“AppHarvest is focusing on the laser to evolve its mission. The funding we are announcing today demonstrates the expected viability of high, non-dilutive loan-to-value capital funding as we stay on track to develop up to 12 high-tech farms by the end of the day. 2025, ”said AppHarvest President David Lee.
AppHarvest is an Appalachian applied technology company that develops and operates some of the world’s largest high-tech indoor farms, designed to grow products without GMOs and chemical pesticides, using up to 90% less water. that agriculture in the open field and only recycled rainwater while producing yields up to 30 times higher than those of traditional agriculture on the same area without agricultural runoff. The company combines conventional farming techniques with cutting-edge technology, including artificial intelligence and robotics, to improve everyone’s access to nutritious food, grow more sustainably, create a more reliable home food supply and increase investments in the Appalachians. The company’s 60-acre facility in Morehead, Ky. Is one of the largest covered farms in the world. For more information, visit www.appharvest.com.
Certain statements included in this press release that are not historical facts are forward-looking statements for the purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words. such as “believe,” may “,” will “,” estimate “,” continue “,” anticipate “,” intend “,” expect “,” should “,” should “,” plan ” “,” Predict “,” seem “,” seek “,” future “,” prospect “and similar expressions which predict or indicate future events or trends or which are not statements of historical subjects. All statements, other than statements of present or historical fact included in this press release, regarding AppHarvest’s intention to build high-tech CEA farms, the expected benefits and output of such facilities, future financial performance of AppHarvest, as well as AppHarvest’s growth plans and strategy, the ability to capitalize on business opportunities, future operations, estimated financial position, outlook, plans and objectives of management are forward-looking statements . These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of AppHarvest and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve as, and should not be relied upon, any guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many real events and circumstances are beyond the control of AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 17, 2021 under the heading “Risk Factors” and other documents that AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or if our assumptions prove to be incorrect, actual results could differ materially from the results suggested by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans or forecasts regarding future events and views as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its ratings to change. However, although AppHarvest may choose to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be taken as representing AppHarvest’s assessments as of a date subsequent to the date of this press release. Therefore, one should not place undue reliance on forward-looking statements.