EXCLUSIVE: Is AppHarvest The Answer To Rising Food Security Concerns?

Zinger Key Points
  • AppHarvest President David Lee told Benzinga the company is focused on exceeding guidance while staying on track to quadruple AppHarvest farms by the end of 2022.
  • After the market closed Wednesday, AppHarvest was named one of five finalists for the 24th annual SXSW Innovation Awards in the New Economy category for its 60-acre indoor farm in Kentucky.

Commodity prices are soaring amid rising geopolitical pressures, which have led to supply disruptions across the globe. AppHarvest Inc APPH represents the opportunity to create food security in the United States, according to AppHarvest President David Lee.

"I think our story is more relevant than ever," Lee said Wednesday on "Benzinga Live."

Forecasts show that climate conditions won't allow the world to produce enough food without incorporating new technology, Lee said. 

How Can The US Ensure Food Security? With an AgTech company that engages in developing and operating controlled environment indoor farms. 

"AppHarvest is ready to continue to grow along its mission and I think the world needs it," Lee said. 

Commodity exports are being held back across the world, which highlights the need for self-reliance, he said: "The idea that we can create an industry right in Appalachia that serves better quality food locally and creates better jobs is, I think, a solution that really is needed today."

With AppHarvest shares surging nearly 50% in a month, Lee said he believes investors are starting to come around to the idea that companies like AppHarvest are necessary. 

The AgTech company is focused on execution, as demand is not a problem, and neither is technology, the exec said. 

"The technology of today that we have is more than sufficient to generate something like a 20x yield improvement versus open-field farms," Lee said. "We have to just, day in and day out, deliver what we say and begin to execute."

Lee told Benzinga the company is focused on exceeding guidance while staying on track to quadruple AppHarvest farms by the end of 2022.

After the market closed Wednesday, AppHarvest was named one of five finalists for the 24th annual SXSW Innovation Awards in the New Economy category for its 60-acre indoor farm in Kentucky.

See the full interview here:

APPH Price Action: AppHarvest has traded between $2.62 and $25 over a 52-week period.

The stock closed down 4.12% Wednesday at $4.65.

Photo: courtesy of AppHarvest.

Posted In: Benzinga LiveDavid LeePenny StocksCommoditiesSmall CapExclusivesMarketsInterview

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.