Indoor farming company with backing from Ubben aims to solve the problems with America's produce

  • 📰 CNBC
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

The goal here is to make Kentucky the Netherlands of North America.

The Netherlands is the second largest agricultural exporter in the world, using greenhouse technology to feed two-thirds of all of Europe. In comparison, the state of Kentucky is 40,000 square miles and the US is 3.8 million square miles. AppHarvest's motivation is first and foremost to benefit society, but if successful would have extraordinary financial returns as well.

As of 2018, 69% of fresh vine crops in the U.S. were imported, mostly from Mexico. These crops are pesticide-laden and grown using labor practices not up to U.S. standards. Moreover, they sit at the border for days and are driven 2,000+ miles to their destination, using tons of diesel fuel and resulting in less fresh produce. AppHarvest produces crops with no pesticides with greater nutrient density, and from their central location can reach 70% of the U.S.

While the company has no historic revenue, they just made their first delivery of beefsteak tomatoes on January 19, 2021, to customers that include Walmart, Kroger and Publix. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. AppHarvest is a holding in the fund.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

AppHarvest AppHarvest will be the preferred US ingredient database one day.

AppHarvest Where can I buy that exact black hat?

Ubben, of Nikola fame? Suggest you stop promoting Ubben.

$APPH $APPHW

Awesome stuff. Don’t forget to buy $amc on Tuesday folks.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines