US – AppHarvest, a leading AgTech specializing in the development of high-tech indoor farms, has secured US$75 million from Rabo AgriFinance, a subsidiary of Rabobank.
According to a statement from the Kentucky based company, the funds will be used to fuel expansion of its rapidly growing network of high-tech controlled environment agriculture (CEA) facilities in Central Appalachia.
AppHarvest builds some of the world’s largest high-tech indoor farms that grow non-GMO, chemical pesticide-free produce.
The company says its farms use up to 90% less water than open-field agriculture and only recycled rainwater while producing yields up to 30 times that of traditional agriculture on the same amount of land with zero agricultural runoff.
The first farm is expected to be capable of producing more than 40 million pounds of tomatoes annually and currently is serving some of the top national grocery store chains and food service outlets such as Kroger and Wendy’s.
At the moment, AppHarvest has two high-tech farms under construction in Kentucky. According to the AgTech company, one of the farms is designed to grow leafy greens while the other planned for tomatoes.
In announcement in May, the AgTech startup said that it plans to begin construction of two more high-tech indoor farms this year, as part of its goal of having 12 high-tech farms by 2025.
Given the considerable investment required by these high-tech firms, Rabobank’s financial support will come in handy in helping the US AgTech company achieve its ambitious goals.
“This credit facility represents a new milestone in terms of our funding and demonstrates that we are capable of securing attractive non-dilutive financing for the network of 12 high-tech indoor farms we’re working to develop by the end of 2025,” said AppHarvest Founder and CEO Jonathan Webb.
AAK’s US$476m sustainability-linked revolving credit facility
Meanwhile, specialty fats and oils company AAK has signed a EUR 400 million (US$475.9 million) sustainability-linked revolving credit facility, renewing an undrawn EUR 400 million credit facility, signed in 2014 and amended in 2018.
“The sustainability-linked facility is completely in line with our corporate purpose, Making Better Happen™, as well as our three focus areas within sustainability – Better Sourcing, Better Operations and Better Solutions,” says Tomas Bergendahl, AAK’s Chief Financial Officer.
“It also clearly emphasizes the financial community’s support for our sustainability agenda.”
The renewed facility will be intricately linked to a number of AAK’s sustainability targets, among them the company’s commitment to a 100 percent deforestation- and conversion-free palm supply chain by 2025.
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