Tag: appharvest

The company says it has a commitment from its largest secured creditor for $30 million debtor-in-possession financing, and plans to transfer operations of another farm to Mastronardi Produce in exchange for $3.75 million. Both are subject to approval.

At the same time the company is facing eviction from its Berea, KY, greenhouse and shaking up its executive leadership, indoor grower AppHarvest has had another creditor demand repayment and threaten foreclosure, this time for its flagship Morehead, KY farm.

Last week indoor farm start-up AppHarvest’s Berea, KY, farm received a notice of default and termination of its lease from Mastronardi Berea LLC, which owns the facility. 

AppHarvest, Inc., a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today named controlled environment agriculture veteran Tony Martin its chief executive officer effective immediately to accelerate its strategic plan, Project New Leaf, which has shown strong progress toward operational efficiencies resulting in higher sales, cost savings and product quality as the company works to increase production across its four-farm network.

According to court filings and media reports, Equilibrium Capital filed a lawsuit in Madison County, KY, saying it has “significant concerns” regarding the Richmond farm, and that AppHarvest failed to complete the facility on time, and on budget.  

For the first quarter 2023, net sales were $13.0 million versus net sales of $5.2 million in the first quarter of 2022 – a more than 250% increase and nearly 90% of the company’s net sales for full year 2022.

AppHarvest, Inc., a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced its fourth quarter and full-year 2022 operating and financial results, achieving its previous revised guidance, quadrupling the AppHarvest farm network in 2022 and diversifying its crop portfolio.

AppHarvest, Inc., a sustainable food company building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced that it has commenced a $40 million underwritten public offering of shares of its common stock.

AppHarvest, Inc., a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced it has started commercial shipments from its first harvest of tomatoes at its new 60-acre high-tech indoor farm in Richmond, Ky.

AppHarvest, Inc. announced today it has named AppHarvest Board Member Tony Martin chief operating officer, effective immediately.