Will AgTech Startup AppHarvest Reap Rewards for Shareholders?
Amid rising food prices and a general feeling of food insecurity in the air, high-tech indoor farmer AppHarvest (NASDAQ: APPH) looks to resolve food issues in the U.S. using technology and ingenuity. But its stock has fallen nearly 95% from its all-time high in February 2021. Down but not out, here's how AppHarvest could turn things around and finally provide some upside to shareholders.
An operator and developer of controlled-environment indoor farms, AppHarvest wants to revolutionize agriculture as we know it. From its colossal Biodome-esque facility in Kentucky – nearly twice the size of Amazon's biggest distribution center – AppHarvest uses advanced technology including AI and robotics to increase efficiency and crop yields.
As CEO Jonathan Webb puts it, AppHarvest is "using technology, growing food with 90% less water, no agricultural runoff, getting 30 times yield per acre, and doing it year-round where we're not exposed to the climate issues that you see continuing to make it harder for farmers to grow outdoors." At present, AppHarvest grows earth-friendly, made-in-the-USA tomatoes with prices comparable to standard tomatoes.
Source Fool.com
