224. What’s Going Wrong at AppHarvest? Evan Knowles and Adam VanWingerden Breakdown the Latest News on AppHarvest’s Uncertain Future
On today’s episode, Evan sits down with Adam VanWingerden, CEO and Founder of Lexington AgTech startup, Silver Fern Group, to cover the details reported in the Lexington Herald Leader’s recent article on AppHarvest. The article, covering AppHarvest’s recent disclosure alerting investors that it’s running out of cash, comes after a rough year for the Lexington-based startup. Through their financial disclosures, it became evident that the massive investment in the future of AgTech was having difficulty producing a sustainable business model and burning through cash at an alarming rate. In addition to their business woes, Evan and Adam discuss the shadiness of some of AppHarvest’s investors that also were involved in other high-profile startup failures, how the ESG movement has allowed this failure to happen, the dark side of SPACs, and more.
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