AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company,
public benefit corporation and Certified B Corp focused on farming
more sustainably using up to 90% less water than open-field
agriculture and only recycled rainwater, today announced the start
of construction for two new high-tech indoor farms in Central
Appalachia. The company’s new farms, located in Somerset and
Morehead, Ky., will grow berries and leafy greens, respectively.
The high-tech Somerset farm marks the company’s expansion into
growing berry crops. The Somerset indoor farm will be 30 acres.
The high-tech Morehead, Ky. farm is the second AppHarvest farm
in Rowan County to date. The new Morehead facility will produce
leafy greens and will be about 15 acres.
AppHarvest’s newest indoor farms in Morehead and Somerset are
preceded by the company’s flagship 2.76-million-square-foot
facility growing tomatoes in Morehead; a 15-acre facility in Berea
that will grow leafy greens; and a 60-acre facility in Richmond
that will grow vine crops.
"These new facilities place us exactly where we want to be at
the forefront of AgTech. With today’s dual announcement, we put
ourselves ahead of our development schedule,” said AppHarvest
Founder & CEO Jonathan Webb. “Our Somerset and Morehead farms
will build on the success of our flagship farm to provide higher
quality produce using cutting-edge technology at a large
scale.”
AppHarvest’s goal is to operate 12 high-tech indoor farms by the
end of 2025, and today’s announcement means five of those now have
been put on the map. Construction for both the Somerset and
Morehead facility is anticipated to finish by the end of 2022.
“AppHarvest has positioned Kentucky as a leader in the AgriTech
industry, created hundreds of good-paying jobs for our people and
pushed through and thrived during some of our most difficult
times,” said Gov. Beshear. “Even as a pandemic raged, Jonathan Webb
and his team built one of the biggest indoor farming operations
anywhere using one of the most advanced LED-lighting systems ever
created. We know the jobs and investments of the future will flow
to those who can meet these challenges, so why not us? AppHarvest
is making it happen.” AppHarvest’s newest facilities will provide
hundreds of well-paying jobs to Eastern Kentuckians in and around
Somerset-Pulaski and Rowan Counties.
Both the Somerset-Pulaski and Rowan County facilities will
produce non-GMO fruits and vegetables free of harsh chemical
pesticides, to be distributed to top U.S. grocers and restaurants.
Because of the company’s strategic location in Appalachia,
AppHarvest can reach nearly 70% of the U.S. population in a day’s
drive, with up to 80% less diesel fuel compared to existing growers
in Mexico and the Southwestern U.S.
Supporting QuotesCongressman Hal
Rogers: “I am excited to welcome AppHarvest to Pulaski
County and the Lake Cumberland area. Our rich farming history and
skilled workforce makes southern Kentucky a prime partner for this
innovative AgTech industry. As AppHarvest expands efforts to farm
for our future, they are also inspiring a new generation of
ingenuity and stellar work ethic that will benefit our region for
generations to come.”
Somerset Mayor Alan Keck: “AppHarvest is
breaking ground literally and imaginatively across Southern and
Eastern Kentucky, and the company’s record growth creates a
beautiful synergy with the record growth we are seeing in Somerset
and Pulaski County. We share a vision for what this community and
this region of Kentucky can become, that it can grow and thrive
with the right nurturing and investment. We are thrilled AppHarvest
chose Somerset and Pulaski County to expand and are honored to
partner with this visionary company.”
Morehead Mayor Laura White-Brown: “This
groundbreaking continues to highlight the progression of Eastern
Kentucky and Appalachia. AppHarvest continues to pave the way for
communities in this region by contributing to the workforce and
economic development and at the same time helping to combat world
hunger.”
Pulaski County Judge Executive Steve Kelley:
"What an exciting time this is to witness up-close an industry
disruption. Who would have imagined that Southern and Eastern
Kentucky could be an industry leader in produce supply? With
AppHarvest’s vision and determination, we have that chance. We
welcome AppHarvest to our county with open arms, and we can’t wait
to see its prosperity here. It is victories like these that make me
proud of my county."
About AppHarvestAppHarvest is an applied
technology company building some of the world’s largest high-tech
indoor farms in Appalachia that grow non-GMO, chemical
pesticide-free produce using up to 90% less water than open-field
agriculture and only recycled rainwater while producing yields up
to 30 times that of traditional agriculture on the same amount of
land with zero agricultural runoff. The Company combines
conventional agricultural techniques with cutting-edge technology
including artificial intelligence and robotics to improve access
for all to nutritious food, farming more sustainably, building a
domestic food supply, and increasing investment in Appalachia. The
Company’s 60-acre Morehead, Ky. facility is among the largest
controlled environment agriculture facilities in the U.S. For more
information, visit https://www.appharvest.com/.
Forward-Looking StatementsCertain statements
included in this press release that are not historical facts are
forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
All statements, other than statements of present or historical fact
included in this press release, regarding Novus Capital’s proposed
acquisition of AppHarvest, Novus Capital’s ability to consummate
the transaction, the benefits of the transaction and the combined
company’s future financial performance, as well as the combined
company’s growth plans and strategy, future operations, estimated
financial position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of AppHarvest’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on as, a guarantee, an assurance, a
prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of AppHarvest. These
forward-looking statements are subject to a number of risks and
uncertainties, including those discussed in Novus Capital’s
registration statement on Form S-4, filed with the SEC on October
9, 2020 (the “Registration Statement”), under the heading “Risk
Factors,” and other documents Novus Capital has filed, or will
file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. In
addition, forward-looking statements reflect AppHarvest’s
expectations, plans, or forecasts of future events and views as of
the date of this press release. AppHarvest anticipates that
subsequent events and developments will cause its assessments to
change. However, while AppHarvest may elect to update these
forward-looking statements at some point in the future, AppHarvest
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing AppHarvest’s assessments of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Important Information for Investors and
StockholdersIn connection with the proposed transaction,
Novus Capital has filed the Registration Statement with the SEC,
which includes a preliminary proxy statement to be distributed to
holders of Novus Capital’s common stock in connection with Novus
Capital’s solicitation of proxies for the vote by Novus Capital’s
stockholders with respect to the proposed transaction and other
matters as described in the Registration Statement, as well as the
prospectus relating to the offer of securities to be issued to
AppHarvest’s stockholders in connection with the proposed
transaction. After the Registration Statement has been declared
effective, Novus Capital will mail a definitive proxy statement,
when available, to its stockholders. Investors and security
holders and other interested parties are urged to read the proxy
statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Novus Capital, AppHarvest and the proposed
transaction. Investors and security holders may obtain
free copies of the preliminary proxy statement/prospectus and
definitive proxy statement/prospectus (when available) and other
documents filed with the SEC by Novus Capital through the website
maintained by the SEC at http://www.sec.gov, or by directing a
request to: Novus Capital Corporation, 8556 Oakmont Lane,
Indianapolis, IN 46260. The information contained on, or that may
be accessed through, the websites referenced in this press release
is not incorporated by reference into, and is not a part of, this
press release.
Participants in the SolicitationNovus Capital
and its directors and officers may be deemed participants in the
solicitation of proxies of Novus Capital’s shareholders in
connection with the proposed business combination. Security holders
may obtain more detailed information regarding the names,
affiliations and interests of certain of Novus Capital’s executive
officers and directors in the solicitation by reading the
Registration Statement and other relevant materials filed with the
SEC in connection with the business combination when they become
available. Information concerning the interests of Novus Capital’s
participants in the solicitation, which may, in some cases, be
different than those of their stockholders generally, is set forth
in the Registration Statement.
MEDIA CONTACT:
blair.carpenter@appharvest.comINVESTOR CONTACT:
kaveh.bakhtiari@appharvest.comIMAGE/VIDEO GALLERY:
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