AppHarvest (APPH) Appoints Patrick T. Halfmann to its Board

AppHarvest, Inc. (NASDAQ: APPH, APPHW), a leading AgTech company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, announced today the appointment of Patrick T. Halfmann, CFA, to the AppHarvest Board of Directors as a director of the company and as a member of both the audit committee and the sustainability committee effective immediately.

Halfmann is a partner at the investment firm, Inclusive Capital, and is currently a director of Noodle Partners and GreenStruxure. He has been working with AppHarvest since mid-2019 supporting the Inclusive Capital investment in the company.

“I believe Patrick’s deep experience with high-growth companies and public company investing, combined with insights in ESG [environmental, social and governance], will support the company’s continued focus on scalable and sustainable growth,” said AppHarvest President and Board Member David Lee. “I expect Patrick’s institutional knowledge and continuity will be key advantages as the company forges a path to positive operating cashflow and brings three new farms online this year working to generate long-term shareholder value.”

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

Prior to joining Inclusive Capital at its inception, he was an associate 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 B.S. in Business Administration and is a CFA charterholder.

Halfmann fills a board seat vacated by Jeff Ubben, Founder & Managing Partner of Inclusive Capital, who is rotating off the board. “Jeff’s leadership and expertise helped us lay a solid foundation for building a resilient business as we remain in hypergrowth mode expanding the farm network this year,” said Jonathan Webb, Founder & CEO of AppHarvest.

AppHarvest is on track to quadruple its farm network and diversify its crops to include berries and salad greens by year-end. The 15-acre Berea, Ky., salad green facility is approximately 79% complete. The 60-acre Richmond, Ky., tomato facility is approximately 68% complete, and the 30-acre Somerset, Ky., berry facility is approximately 55% complete. The company expects to ramp up each facility with a phased approach that brings on additional productive acreage over time, starting with the Berea facility this summer.

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

You May Also Be Interested In

• Ryman hires Morgan Stanley to explore Opry Entertainment deals
• HeartBeam shifts to licensing model, replaces CEO
• RT Specialty names Brendan Mulshine as CEO in planned leadership change