AppHarvest is facing a lawsuit that could lead to the foreclosure of their Richmond facility
The agritech company AppHarvest is facing a lawsuit that could lead to the foreclosure of their facility in Richmond. Company officials say it is a misunderstanding.
The lawsuit was filed in Madison County on May 30th by the investment company Equilibrium Capital. It says AppHarvest breached its obligations to the investor by not completing the Richmond facility on time or on budget.
A spokesman from AppHarvest released a statement saying “We believe that we are in full compliance with the loan terms. We are working to resolve the issue directly with Equilibrium, which we believe is based on their misunderstanding of the facts. Operations are continuing as normal.”
The lawsuit says AppHarvest owes Equilibrium over $66 million plus interest and costs.
The 60-acre indoor farm in Richmond is one of four high-tech growing facilities AppHarvest has in central Kentucky.
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