MOREHEAD AppHarvest announced it has closed an $11 million corporate funding round, as it expands operations to support indoor farms across Central Appalachia. The company’s first project — a 2.76-million-squarefoot facility in Morehead, Kentucky — is under construction and plans to start operations this year.
“Our region is mobilizing to become America’s AgTech capital,” AppHarvest Founder and CEO Jonathan Webb. “The national and international support for our mission shows the degree of interest in working with Appalachia. We’re excited to lead agriculture forward and help our friends and neighbors create a more resilient economy.”
Combined with the company’s prior corporate funding rounds, including project financing, AppHarvest has attracted $120 million of investment into Appalachia in just two years.
Participants in this round include the following: - Equilibrium, which provided nearly $100 million in project financing for the Morehead facility.
- Existing investor ValueAct Capital’s ValueAct Spring Fund - Existing investor Revolution’s Rise of the Rest Seed Fund - Blake Griffin Enterprises The company promotes permanent sustainability advances in American agriculture and is building some of America's largest indoor farms to grow non-GMO, chemical-free tomatoes.
AppHarvest’s facility in Morehead will create 285 full-time permanent jobs.