APPH - AppHarvest buys controlled environment agriculture facility for $125M

AppHarvest (APPH) acquires flagship Morehead, Ky. controlled environment agriculture facility and the property on which it is located from Equilibrium, a sustainability investment firm, for $125M.Equilibrium had worked in conjunction with AppHarvest to acquire the property and funded construction of the facility to lease to AppHarvest.“The purchase of our first CEA facility allows us to reduce our operating costs by eliminating the previous lease expense and creates an opportunity to leverage a portion of this asset with low-interest debt that will create a positive return on equity for investors..." says AppHarvest President, David Lee.Press ReleaseLatest article (Feb. 15): AppHarvest: Compelling Business, Curious Valuation

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AppHarvest buys controlled environment agriculture facility for $125M