NEWS COMMENTARY

AppHarvest goes public to become the center of controlled indoor farms

Published:
October 01, 2020
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AppHarvest, a greenhouse farming company situated in Central Appalachia, U.S., has struck a deal with Novus Capital for an initial public offering on the NASDAQ. Through the IPO, the company will generate $475 million in gross proceeds. The capital will go toward AppHarvest's 60-acre indoor farm in Morehead. It expects its first harvest of tomatoes in early 2021. Expect construction of additional facilities with this level of funding. AppHarvest claims its central-eastern U.S. location opens access to 75% of the continental U.S. within a day and generates labor opportunities for a struggling region. Clients, expansion of greenhouse facilities requires significant capital, and it is not surprising to a see a player take this alternate route.

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