WEBVTT - AppHarvest President on Going Public Via SPAC

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic from Bloomberg Radio, and coming up,

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<v Speaker 1>we've got a great guest. We've talked to him a

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<v Speaker 1>few times before when he was chief financial officer of

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<v Speaker 1>Impossible Foods, and we've talked a lot to on air

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<v Speaker 1>about just how food production, food products in general. They

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<v Speaker 1>are seeing a lot of disruption, a lot of innovation

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<v Speaker 1>when it comes to how we produce food or the

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<v Speaker 1>types of offerings that are out there, and that is

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<v Speaker 1>expected to continue when you talk to a lot of

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<v Speaker 1>those and individuals in those space, and it's just a

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<v Speaker 1>case of kind of scaling up. So let's get to

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<v Speaker 1>David Lee, because last time we did talk with him,

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<v Speaker 1>he was CFO of Impossible and he was on the

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<v Speaker 1>board of the green tech aggs startup app Harvest, while

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<v Speaker 1>he's now president of apt Harvest, which now trains trades

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<v Speaker 1>under the tick are a p pH after going public

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<v Speaker 1>via a spack. It's a certified B corporation. So David,

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<v Speaker 1>so nice to have you here on Bloomberg. How are you.

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<v Speaker 1>I'm well, I'm so glad to speak to you again.

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<v Speaker 1>I'm excited to share the latest about that harvest. Well,

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<v Speaker 1>tell us about the latest you guys have gone public, um,

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<v Speaker 1>why and why through as back Well at that harvest,

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<v Speaker 1>we recognize the urgency of the mission we have required

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<v Speaker 1>that we find long term partners and access capital to

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<v Speaker 1>scale our business fast. And with the ability to partner

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<v Speaker 1>with Novis Capital and now to be traded on ASDAC,

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<v Speaker 1>it's a wonderful sign that investors are ready for companies

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<v Speaker 1>that are making a better food company. You know, we

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<v Speaker 1>like to think our product using a fraction of the

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<v Speaker 1>water and producing a delicious tomato for now but more

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<v Speaker 1>to come, will appeal to consumers. But we're now seeing

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<v Speaker 1>that our company, a company that treats its employees better,

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<v Speaker 1>that's better for the environment and for consumers health, is

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<v Speaker 1>being appreciated by investors as well. Yeah, it's interesting to

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<v Speaker 1>see and I feel like a lot of investors are looking.

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<v Speaker 1>You know, I talked about innovation disruption. We've seen it

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<v Speaker 1>in a lot of spaces, UM, and I think you know,

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<v Speaker 1>everybody's now watching the food space very closely. You mentioned

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<v Speaker 1>David Tomato, you mentioned less water, it's indoor, there's no

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<v Speaker 1>chemical pesticides, the yield, uh is about thirty times more.

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<v Speaker 1>You're doing it Appalachia. That's where you're doing it, um

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<v Speaker 1>so in an interesting part of our country. Um specifically

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<v Speaker 1>we I called it a green tech agg startup, but

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<v Speaker 1>I feel like you're doing a lot more in terms

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<v Speaker 1>of the cycle and supply chain of food. What is

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<v Speaker 1>it about the technology that you really stands out and

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<v Speaker 1>is very strikingly different from what we know and we've

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<v Speaker 1>come to understand, is how we get all of our food. Absolutely,

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<v Speaker 1>you know, I like the things that that harvest is

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<v Speaker 1>revolutionizing food from speed all the way to the plate.

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<v Speaker 1>That means that's an on GMO be steak, tomato seed

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<v Speaker 1>that we grow in these enormous greenhouse since we have

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<v Speaker 1>a sixty acre indoor farm nearly two point eight million

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<v Speaker 1>square feet under glass in the heart of central Appalachia,

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<v Speaker 1>that we not just grow great tomato us from the seed,

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<v Speaker 1>but that we employ highly skilled workers in the United

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<v Speaker 1>States who can have a great living wage and make

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<v Speaker 1>a product that uses less water, have no chemical pesticides,

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<v Speaker 1>of taste grape. You know it, it's from seed to

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<v Speaker 1>plate that the whole company is designed to be better.

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<v Speaker 1>And it's whether it's our nono bubble technology that allows

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<v Speaker 1>us to have the right amount of nutrients and oxygen,

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<v Speaker 1>and the recycled rainwater, or the fact that we're looking

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<v Speaker 1>at automation to help our human employees, the data intensity

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<v Speaker 1>we have AI so we can watch how our plants

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<v Speaker 1>each grow. It's all of that that allows us to

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<v Speaker 1>stop shipping in nearly two thirds of the vine crops

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<v Speaker 1>we import into the United States from outside the country.

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<v Speaker 1>It's all the way from seed to plate um. That's

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<v Speaker 1>what we're seeking to do here and at how part

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<v Speaker 1>this of For those folks who are watching us right

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<v Speaker 1>now on YouTube, you can see some of the video

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<v Speaker 1>in terms of what they're doing, or go to their website.

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<v Speaker 1>Because your your greenhouse is massive. I think last time

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<v Speaker 1>you're on we talked a little bit about this. But

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<v Speaker 1>what about power efficiencies because I know one of the

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<v Speaker 1>concerns has been about some of hydroponic and some of

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<v Speaker 1>these in house big greenhouses is the use of power. Yeah, well,

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<v Speaker 1>we're working hard to leverage, for example, passive solar and

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<v Speaker 1>new technology. You know, we like to use the natural

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<v Speaker 1>place that we're located for the recycled wave model and

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<v Speaker 1>for the fact that we can use the natural sunlight

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<v Speaker 1>that pierced through our farms. You know that the country

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<v Speaker 1>just went through a lot of tough weather in many parts.

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<v Speaker 1>And what I was gratified to see is the hard

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<v Speaker 1>workers that harvest in our more Head farm. You know,

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<v Speaker 1>sometimes they had to show up in a tractor, but

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<v Speaker 1>they showed up. And our business model ended up being

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<v Speaker 1>incredibly resilient, much more resilient than an open field farm

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<v Speaker 1>would be. Um and so we'll get better and better

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<v Speaker 1>on everything on how we use water, on how we

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<v Speaker 1>reduce our power consumption, but for now, we thought it

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<v Speaker 1>was important to create a big step forward for US

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<v Speaker 1>agriculture in Kentucky. Hey, David, before we get back to

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<v Speaker 1>talking about app harvest, I want to know something our

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<v Speaker 1>team wanted to know. I mean, you were both CEO

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<v Speaker 1>and CFO over it Impossible, and many would argue they

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<v Speaker 1>were on the cusp of just a lot more to come.

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<v Speaker 1>Why did you move on? Well, to be clear, I'm

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<v Speaker 1>a huge believer in impossible foods, and between you, me

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<v Speaker 1>and I guess the rest of the world. On this call,

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<v Speaker 1>I I exercised every single option that I was granted

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<v Speaker 1>because I really believe in the business to be built.

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<v Speaker 1>It was interesting. I was listening to some of the

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<v Speaker 1>commentary on your show, and you know your consumers that

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<v Speaker 1>Impossible Foods are meat eaters leaders like you, And when

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<v Speaker 1>you can raise one point five billion dollars from sophisticated

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<v Speaker 1>investors kind of shows that the world really is ready,

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<v Speaker 1>not not a plant based world, the meeting new world

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<v Speaker 1>is ready for products like the Impossible burgher. So to

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<v Speaker 1>be clear, I am a absolute huge believer in the

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<v Speaker 1>business we built there, and full disclosure, I've had some

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<v Speaker 1>um plant based sausage and beef. I have tried it,

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<v Speaker 1>so I do try well. The thing is, I also

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<v Speaker 1>listen what you guys are doing too. At app Harvest.

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<v Speaker 1>We cover the difficulties, the increasing difficulties because the climate

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<v Speaker 1>change and other situations and metrics in terms of being

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<v Speaker 1>able to feed the world. And I do wonder you

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<v Speaker 1>know with what you guys are doing an app Harvest

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<v Speaker 1>and what you were doing at Impossible Foods, like how

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<v Speaker 1>do we need to think about feeding the world going forward?

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<v Speaker 1>And what's it going to require in terms of space,

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<v Speaker 1>technology ingenuity, Like how do you approach that? Well, the

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<v Speaker 1>importance of the question you're asking can't be um. You

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<v Speaker 1>can't be underscored enough if you think about what it takes.

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<v Speaker 1>It takes the recognition first that whether you love d

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<v Speaker 1>eat meat or you love d eat plants, the bottom

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<v Speaker 1>line is this world cannot make enough of it for

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<v Speaker 1>the demand that institutions like the u N forecast by

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<v Speaker 1>and in the phase of climate change, it's so much

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<v Speaker 1>harder for these American agricultural workers to keep pace. You know,

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<v Speaker 1>the solution has to be a combination of the best

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<v Speaker 1>technology which we think we have, that app artist a

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<v Speaker 1>recognition that we have to use climate to your advantage.

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<v Speaker 1>I mean, the recycled rainwater is because our farms are

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<v Speaker 1>in areas that seem to be getting wetter and wetter.

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<v Speaker 1>And then it requires a recognition that you have to

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<v Speaker 1>be transparent. You have to shoot straight with the consumer.

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<v Speaker 1>The consumer is pretty sophisticated. They'll pick the right future,

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<v Speaker 1>but they've got to be given another opportunity to pick

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<v Speaker 1>better for their own health but also for the planet.

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<v Speaker 1>I think all these things are important. It's why all

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<v Speaker 1>of us together impossible foods app harvest. Many of the

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<v Speaker 1>companies you cover, all of us are required to see

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<v Speaker 1>the outcome we expect. Well. Cousin T. J. Who's listening

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<v Speaker 1>to our show big time and just set me. I

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<v Speaker 1>had tweeted out ah out of your website and the

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<v Speaker 1>highlighted back you know, central to our mission, meaning your

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<v Speaker 1>mission app harvests mission. We're within a day's drive of

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<v Speaker 1>seventy the population. You know, Solving climate change will ultimately

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<v Speaker 1>also mean like, if we can figure out how to

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<v Speaker 1>grow things, make things grow, you know, locally, and I

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<v Speaker 1>do think about that. How much of what you guys

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<v Speaker 1>are doing can we scale up? Can we do enough

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<v Speaker 1>of this around the country to make, you know, to

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<v Speaker 1>provide a significant portion of food to America? You know? Um,

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<v Speaker 1>some of this forecast is that he studies would have

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<v Speaker 1>done one so that the US needs twenty thousand acres

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<v Speaker 1>of climate controlled farms like ours. And if you think

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<v Speaker 1>about it, all the long distance trucking of tomatoes and

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<v Speaker 1>bine crops brought in from outside the United States doesn't

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<v Speaker 1>do the world any good and frankly doesn't give the

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<v Speaker 1>consumer a great tasting product. Oftentimes they covered in these

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<v Speaker 1>chemical pest designs. The Netherlands is an incredible real world

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<v Speaker 1>example of a country that embraced these enormous at scale

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<v Speaker 1>indoor farms and then one of the largest exporters AP

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<v Speaker 1>protest to Europe. We intend to do the same thing

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<v Speaker 1>right in coal mining country and Central Appalachia, you know,

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<v Speaker 1>take some of those lost jobs. It's a coal coal

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<v Speaker 1>of the coal mining industry, and tournament is sustainable, skilled

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<v Speaker 1>labor that serves more locally product that people can believe in.

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<v Speaker 1>That's that's the idea, and I think we can do it. Well.

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<v Speaker 1>You know, did you say you brought up the Netherlands

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<v Speaker 1>Because reading around your website and just reading in on this,

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<v Speaker 1>you know, I was going to ask you because you

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<v Speaker 1>guys are tapping into the aggon construction firms and universities

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<v Speaker 1>in the Netherlands. I mean, what is it about? What

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<v Speaker 1>do we need to know here in the US about

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<v Speaker 1>what Netherlands is doing when it comes to farming, Because

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<v Speaker 1>I do feel like these are the trends, the innovations

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<v Speaker 1>that investors are going to be increasingly looking at. Well,

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<v Speaker 1>I think it's a wonderful case study. You know, many

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<v Speaker 1>investors um they need to understand how things can be accomplished.

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<v Speaker 1>And the great news for our harvest is the technology

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<v Speaker 1>of today pioneered across the world, not just in the Netherlands.

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<v Speaker 1>I was on a call with a large institution in

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<v Speaker 1>the Middle East. You know, there are parts of the

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<v Speaker 1>world that have developed not only the technology but the

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<v Speaker 1>economy as you find in the Netherlands and Holland, as

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<v Speaker 1>well as the expertise to produce large scale farms that

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<v Speaker 1>produce product better. Um. I think that when you have

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<v Speaker 1>technology already exists in consumers that have long awaited something better,

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<v Speaker 1>it just takes corporate will and capital to achieve the outcome.

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<v Speaker 1>What about the cost of the produce that's going to

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<v Speaker 1>come out of it? You know, the criticism for organic

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<v Speaker 1>for a long time and probably still to some extent,

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<v Speaker 1>is just like, Okay, it's great, but not everybody can

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<v Speaker 1>afford it. What was really important that we create the

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<v Speaker 1>ability to be affordable and available. A big part of

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<v Speaker 1>that for us is the fact that we can increase

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<v Speaker 1>yield by thirty times. You know, when you use a

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<v Speaker 1>thirty times improvement in yields when you use less rain

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<v Speaker 1>water and and you as a result produced a product

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<v Speaker 1>that actually is better than the average product. You know,

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<v Speaker 1>we think we'll be able to provide a great compelling costs.

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<v Speaker 1>Sometimes we talk about our product is actually premium in quality,

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<v Speaker 1>but we don't intend it's priced to be premium because

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<v Speaker 1>we think our economics can bear out affordability as well. Hey,

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<v Speaker 1>just got about thirty seconds left here. So what are

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<v Speaker 1>we going to be hearing from you guys in this

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<v Speaker 1>coming year? Is it build out? Is it more investors?

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<v Speaker 1>What's what do we expect from just quickly? I think

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<v Speaker 1>it's going to be very similar to what you've seen

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<v Speaker 1>in the last sixty days. Um, I it's there's going

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<v Speaker 1>to be built out. UM. There will likely be more

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<v Speaker 1>and more investors interested in a company like that. Parvist

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<v Speaker 1>will have to wait and see, and you're also going

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<v Speaker 1>to see us be able to look at other companies

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<v Speaker 1>and partner with them. One of the privileges of being

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<v Speaker 1>early to being public when you're a pioneer in the

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<v Speaker 1>US in your field is that you can set the

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<v Speaker 1>course and find other like minded companies and to partnership

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<v Speaker 1>the business development or at right acquisition create a brighter future.

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<v Speaker 1>I think all those things will come in time. Well.

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<v Speaker 1>I hope you'll continue to carve out some time for

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<v Speaker 1>us because we'd love to hear more about your progress

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<v Speaker 1>as you continue on this. UM, David, thank you so

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<v Speaker 1>much David Lee. He's president of AT Harvest from Our

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<v Speaker 1>CFO and CEO AT Impossible Foods