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AppHarvest receives $50M funding

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AppHarvest, Inc. has secured USD$50 million across two loans guaranteed by the United States Department of Agriculture (USDA), to support AppHarvest’s high-tech indoor berry farm in Somerset, Kentucky.

The indoor berry farm is about 84 percent complete and expected to be operational by year-end.

“This funding agreement with the USDA allows us to continue to scale operations as we plan to bring the Somerset farm and two additional CEA (controlled environment agriculture) facilities online before the end of the year, which would quadruple our farm network and diversify our product portfolio to include berries and salad greens,” said David Lee, AppHarvest president.

AppHarvest is a sustainable food company in Appalachia developing and operating some of the world’s largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. AppHarvest’s farms are designed to grow produce using sunshine, rainwater and up to 90 percent less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture.

AppHarvest currently operates its flagship farm in Morehead, Kentucky, producing tomatoes. The company is developing a network of farms to produce a variety of vine crops, salad greens and berries with three more farms currently under construction that are expected to be operational by the end of 2022.

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