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How AppHarvest’s indoor farming scheme imploded (2023)

19 andrewrn 7 5/22/2025, 1:00:09 AM lpm.org ↗

Comments (7)

smcin · 3h ago

JD Vance, Martha Stewart were on the board of this indoor vertical farming startup. It went public in 2020 via a Covid-era SPAC (Novus Capital Corp), in 2021 raised $700m then went public at a $1b valuation, was sued by shareholders for securities fraud in 2022 (Vance had left in 2021), then filed for Chapter 11 bankruptcy in 2023.

[0]: https://en.wikipedia.org/wiki/AppHarvest

[1]: https://apnews.com/article/appharvest-indoor-farming-bankrup...

[2]: Coverage of Plenty, Bowery, AppHarvest and AeroFarms https://techcrunch.com/2025/03/24/vertical-farming-company-p...

itsdrewmiller · 3h ago

Needs (2023) - discussed previously here: https://news.ycombinator.com/item?id=34959649

tomhow · 1h ago

Thanks!

The vertical farming bubble is finally popping - https://news.ycombinator.com/item?id=34959649 - Feb 2023 (270 comments)

grg0 · 3h ago

Also, "Exposé". Grammar don't check otherwise.

99_00 · 1h ago

I don’t get it. How could a high tech green house ever be more profitable than free sunshine, dirt

Your product gets, what? Max $2.50/# retail?

poulsbohemian · 28m ago

Farmland is stupidly expensive. The equipment and inputs (fertilizer, fuel) are stupidly expensive. Growing outside, you are forever at the whims of the weather rather than being able to control each detail of production. Fields inevitably have parts that have variable soil and water conditions. When you look at what a country like the Netherlands has done with greenhouse growing, it's pretty compelling. Was AppHarvest the answer? Apparently not, but that doesn't negate that there are indoor models that work.

nradov · 39s ago

Which indoor models work? They might be viable for boutique produce that is highly perishable. But the notion that this could ever work for bulk staple crops is just stupid.

Farmland isn't that expensive.