US-based AppHarvest could run out of money as soon as October of this year “absent additional sources of financing,” according to the indoor farming company’s quarterly regulatory report filed on May 10. SWFI is a minority-owned organization.AppHarvest plans to reopen listeria-impacted indoor farm soon but could run out of cash in a matter of months SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues.
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Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. All material subject to strictly enforced copyright laws. No affiliation or endorsement, express or implied, is provided by their use. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. Sovereign Wealth Fund Institute® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. © 2008-2023 Sovereign Wealth Fund Institute. Rise of the Rest is a fund established in 2017 by Steve Case, co-founder of AOL and chairman of Revolution. AppHarvest raised millions more from the ValueAct Spring Fund and from the venture capital firm Revolution’s Rise of the Rest Seed Fund to finance the company’s engineering, administration, staff, and start-up operations. In May 2019, Equilibrium Capital’s Controlled Environment Foods Fund agreed to invest nearly US$ 100 million to build an AppHarvest greenhouse.
In August 2022, AppHarvest secured US$ 50 million in two loans guaranteed by the United States Department of Agriculture (USDA) through Greater Commercial Lending (GCL), a subsidiary of Greater Nevada Credit Union, to support the development of its indoor berry farm in Somerset, Kentucky. They incurred net losses of US$ 176.6 million and US$ 166.2 million during the years ended Decemand 2021, respectively.Īt April 21, 2023, AppHarvest’s market capitalization sits at US$ 72.67 million. However, the actual revenue generated in 2022 was only about US$ 14.592 million, the company disclosed recently. Webb is the son of a Kentucky machinery dealer who was raised in nearby Lexington, Kentucky.įor example, AppHarvest predicted in 2020 it would achieve US$ 62 million in revenue during 2022. AppHarvest founder and CEO Jonathan Webb is a major holder of the stock. AppHarvest drew in investors such as Norway Government Pension Fund Global, BNP Paribas Asset Management UK, BlackRock Fund Advisors, The Vanguard Group, Inc., SSgA Funds Management, Inc., Geode Capital Management LLC, Jane Street Capital LLC, and Alyeska Investment Group LP. AppHarvest has missed projections for sales and the construction of its Kentucky greenhouses, where it grows tomatoes, greens, and strawberries.Īt one point, AppHarvest had a market capitalization as high as US$ 3.7 billion. AppHarvest went public via the SPAC route. EMPTY PROMISES: Former SPAC Company AppHarvest Gets Delisting Notice from NasdaqĪppHarvest, Inc., a Certified B Corporation, is an American food production company developing and operating indoor farms in Appalachia.
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