AppHarvest unanimously appoints Inclusive Capital Partners’

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MOREHEAD, Kentucky, March 07, 2022 (GLOBE NEWSWIRE) — AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company, utility company, and certified B Corp building some of the largest farms the world’s high-tech interior to grow affordable, nutritious fruits and vegetables at scale while creating good jobs in Appalachia, today announced the appointment of Patrick T. Halfmann, CFA, to the Board of Directors of AppHarvest as a director of the company and as a member of the audit committee and the sustainability committee with immediate effect.

Halfmann is a partner at investment firm Inclusive Capital and is currently a director of Noodle Partners and GreenStruxure. He has been working with AppHarvest since mid-2019 to support Inclusive Capital’s investment in the business.

“I believe that Patrick’s deep experience in high-growth companies and public company investments, combined with knowledge of ESG [environmental, social and governance], will support the company’s continued focus on scalable and sustainable growth,” said David Lee, Chairman and Board Member of AppHarvest. “I expect Patrick’s institutional knowledge and continuity to be key advantages as the business paves the way for positive operating cash flow and brings three new farms online this year to generate revenue. long-term shareholder value.”

“I look forward to actively working with the company’s inspired management team and board of directors to continue to position AppHarvest as a leader in the growing field of controlled environment agriculture,” said Halfman.

Prior to joining Inclusive Capital when it was founded, he was a partner at ValueAct Capital and also worked at Morgan Stanley with roles in investment banking and equity and fixed income research. Halfmann graduated summa cum laude from the University of Vermont with a BS in Business Administration and is a CFA charterholder.

Halfmann fills a seat on the board vacated by Jeff Ubben, founder and managing partner of Inclusive Capital, who is leaving the board. “Jeff’s leadership and expertise has helped us lay a strong foundation to build a resilient business as we remain in hypergrowth mode by expanding the Farm Network this year,” said Jonathan Webb, Founder and CEO of AppHarvest.

AppHarvest is on track to quadruple its agricultural network and diversify its crops to include berries and salad greens by the end of the year. The 15-acre Berea, Ky., salad greens facility is approximately 79% complete. The 60-acre Richmond, Ky. tomato plant is approximately 68% complete, and the 30-acre Somerset, Ky. berry facility is approximately 55% complete. The company plans to set up each facility with a phased approach that will bring in additional productive acreage over time, beginning with the Berea facility this summer.

AppHarvest’s 60-acre flagship farm in Morehead, Kentucky has been harvesting since January 2021 and its tomatoes have been sold in more than 1,000 stores and restaurants.

About AppHarvest
AppHarvest is an Appalachia-based applied technology company that develops and operates some of the world’s largest high-tech indoor farms, designed to grow GMO-free and chemical-pesticide-free produce, using up to 90% less water than open-field agriculture and rainwater only. while producing yields up to 30 times greater than traditional agriculture on the same amount of land without agricultural runoff. The company combines conventional farming techniques with world-class technology, including artificial intelligence and robotics, to improve everyone’s access to nutritious food, farm more sustainably, create a national food supply and increase investments in Appalachia. The company’s 60-acre facility in Morehead, Ky., is among the largest indoor farms in the world. For more information, visit https://www.appharvest.com/.

About Inclusive Capital Partners
Inclusive Capital Partners, LP (“In-Cap”) is an SEC-registered investment adviser based in San Francisco, California. In-Cap seeks to positively leverage capitalism and governance in the pursuit of a healthy planet and the well-being of its inhabitants. In-Cap seeks superior long-term shareholder value through active partnerships with companies whose core businesses contribute to this pursuit or who are transforming their businesses to become more sustainable.

Forward-looking statements
Certain 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 are generally accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “prospects”, “power”, “goal”, “target” and similar expressions which predict or indicate future events or trends or which are not statements of historical matters. All statements, other than statements of current or historical facts included in this press release, regarding AppHarvest’s intention to build high-tech CEA farms, the anticipated benefits and the pro production at these facilities, the timing and availability of tomatoes at top national grocery stores and restaurants, expected profits from the second season harvest, AppHarvest’s future financial performance, and the growth and progress of business plans. AppHarvest’s business and strategy, ability to capitalize on business opportunities, future operations, estimated financial condition, projected costs, prospects, plans and management objectives 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 informational purposes only and are not intended to be relied upon and should not be relied upon as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many real events and circumstances are beyond AppHarvest’s control. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the Company’s Annual Report on Form 10-K filed with the SEC by AppHarvest on March 1, 2022, under the heading “Factors risk”, and other documents that AppHarvest has filed, or that AppHarvest will file, with the SEC. If one of these risks materializes, or if 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 regarding future events and beliefs as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its ratings to change. However, while AppHarvest may choose to update these forward-looking statements at some time in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be taken to represent AppHarvest’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.

Media Contact: Travis Parman, [email protected]
Investor contacts: Kaveh Bakhtiari, [email protected]

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