Indoor farming: AppHarvest targets 12 farms by 2025 following $91m Equilibrium Capital injection

AppHarvest has signed a financing agreement worth $91 million with sustainability-focused fund manager Equilibrium Capital.

The deal comprises a construction loan intended to help AppHarvest complete a tech-enabled indoor tomato farm in Richmond, Kentucky. 

AppHarvest said it plans to have a total of 12 indoor farms in operation by 2025, expanding beyond its flagship facility in Morehead, Kentucky and the four sites — including Richmond — it currently has under construction.

Separately, the company announced the appointment of former Amazon exec Mark Keller as senior vice president, software applications platform.

Read also Promote smart agriculture in the media to attract the youth – Farm Radio International

Keller — who worked on Amazon‘s Kiva Robotics sortable warehouses and its PrimeNow warehouse management software — will help to ‘train’ AppHarvest’s AI-powered harvesting robot, Virgo.

Why it matters:

Equilibrium CEO, David Chen, said his firm has “institutional expertise in controlled environmental agriculture, which makes AppHarvest a natural partner as they work to drive positive change in agriculture to ensure food security sustainably.

Read also ‘Agriculture is an art’: Malian reggae star conveys the importance of agriculture to the youth

“[We] look forward to more opportunities to partner as they build out their network of high-tech, climate-resilient farms.”

Earlier this month, the firm closed its second indoor ag fund on just over $1 billion.

“The financing we’re announcing today demonstrates the expected viability of high loan-to-value, non-dilutive capital financing as we remain on track to develop up to 12 high-tech farms by the end 2025,” said AppHarvest president David Lee.

Read also Building an enabling environment for climate-smart agriculture: The role of governments

The indoor farming company went public in February at a valuation of over $1 billion after completing a reverse merger with Novus Capital, a NASDAQ-traded special purpose acquisition company (SPAC).

One thought on “Indoor farming: AppHarvest targets 12 farms by 2025 following $91m Equilibrium Capital injection

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s