But I wonder, is there something to your mind? [laughs] This is something I'm very passionate about. Announces Separation of Julie Nelson as Chief Operating Officer Nov 16 Price target decreased to US$5.33 Nov 16 See more updates Shareholder Returns See full shareholder returns Return vs Industry: APPH underperformed the US Food industry which returned By being able to have robotics and AI they can have more real-time information. We're selling to Kroger, we're selling in fast food chains like Wendy's. You said that we're a technology company working to disrupt agriculture. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. What are you trying to accomplish? We'll talk a little bit about your quarterly results here in a minute because I want to get into that, but one of the things that stood out to me in the earnings call. A SPAC is formed with the sole purpose of raising capital through an IPO in order to acquire an existing privately-held company and take it public. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. No. He practices at Mayo Clinic Hospital Eau Claire. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Theyre designed to be safe around people. We just have to keep our head down and execute and do our job every day here at AppHarvest. But if you look at the world, China and India account for 40% of the world's population. We'll talk a little bit about that in just a second. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. A Kentucky native and University of Kentucky graduate, Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. The first harvest at its Morehead facility is slated for early 2021. It's about getting the industry to turn the corner at scale globally," Webb said. Then we have to remember this isn't just a U.S. problem we're trying to solve. We're laser-focused on getting this right here. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. Here are five relaxing scents you can use in your bedroom. WebJonathan Webb. AppHarvest raised $500 million on its balance sheet this year, went public on the Nasdaq, hired 400 people to work in its first facility, and brought its first product, beefsteak tomatoes, to grocery stores including Kroger, Walmart, and Publix. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. AppHarvest In the back of his mind, he wondered what he could do to help. The history of the world is in many ways the history of technology, and of our reactions to it. We're building these facilities here where we can access markets and get to about three-quarters of the U.S. on a day drive. We want to be selling to 90% of America. According to AppHarvest's earnings report released Feb. 24, the company had net sales of $9.1 million and net loss of of $166.2 million in 2021. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. Get the latest news and research from AFN & AgFunder in your inbox. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Again, if you look at the U.S. right now, this is a USDA statistic, nearly 40% of fresh fruit and vegetables end up in a landfill. We have to figure out how to grow a lot more food with a lot less resources and we can use that by utilizing technology and infrastructure to grow fruit and vegetables with 90% less water and get about 30 times yield per acre. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings., Webb describes the SPAC transaction and PIPE financing experience as absolutely phenomenal.. Moser: Yeah, I'd tell you, I think you're right. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address key issues including improving access for all to nutritious food, farming more sustainably, building a homegrown foods supply, and more. WebJonathan Webb, the CEO of AppHarvest, says water scarcity is a growing national security concern as a heatwave continues to wreak havoc on the West Coast. Your email address will not be published. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. FORTUNE may receive compensation for some links to products and services on this website. Webb: Well, I'll start by saying, anyone that is growing good, clean produce, without harsh chemical pesticides, I try to call them my colleagues, not competitors. Moser: That's exciting. The private markets can be a part of every solution we have that we're seeing today. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Again, if we look at agriculture, there's a lot of trouble in our current agriculture system and we can use ESG metrics to clean up our food supply and create better food systems. AppHarvest Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our But really its water and food first. We have a lot of work to do ahead of us over the years to come. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. You may opt-out by. Again to some of your viewers that aren't aware of Root AI just look them up and take a look at some of those videos. Jonathan Webb Instead of just being able to tell a grocer 24-hours in advance here's the quality of product and here's when it will be shipped, with robotics going down the rows scanning the plants, we'll be able to get to days out and weeks out of being able to predict the yield, predict the quality, give more information to the grocer on when that product is going to be coming. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. The company is building some of the largest indoor farms in the world, combining conventional agricultural techniques with todays technology to grow non-GMO, chemical-free produce to be. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. Consumers are pushing back. I asked on a call earlier today, well, have you had issues hiring people? It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. AppHarvest which raised $28 million in its Series C round in August is launching what it describes as the worlds largest greenhouse later this year, consisting of a 2.76 million square foot facility in Morehead, Kentucky. Jonathan Webb, AppHarvest Inc: Profile and Biography ESG should be at the core of profitability and it should be at the core of building a resilient company. We have a phenomenal team of sustainability experts. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. He also received his medical license from Minnesota. Three thoughts on leadership from the founder and CEO Jonathan Webb - Founder & CEO @ AppHarvest You have to judge yourself internally. For young people, we've invested heavily in high school education here in this region and part of it is, we're not just building facilities, we're building an ecosystem and part of that is change the narrative that farming is simply outdoors and on a tractor, we very much respect American farmers, we have great respect for the four-season farmer that's putting food on our table but we have to get young people to think, the average age of the American farmer is about 60 years old, and so for us by investing in high schools, it's teaching young people you're operating a farm with an iPhone and iPad using industrial sensors, with robotics operating on AI. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. The greenhouse will cost $97 million and span 60 acres. The Motley Fool recommends AppHarvest, Inc. Let's let the consumer of our product also be the buyer in our company. Sometimes, it can even get us a few steps closer to saving he world. Moser: Yeah. We can also do it by returning investors to our shareholders. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. But if you look at the current food system today, it's high fructose corn syrup, it's sugary food that has low nutrient density. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Jonathan Webb is a dual-qualified lawyer. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. A full transcript follows the video. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. We hit our Q1 guidance, $2.3 million in revenue. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. In our first month or two, we're already at all those outlets. Webb Net Worth His final international was against Ireland in March 1993. He holds a legal degree from the University of Natal as well as the University of Cape Town. AppHarvest Invest better with The Motley Fool. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Jonathan Webb currently follows over 1 million people. For example, we use integrated pest management, good pest to kill bad pest. That's, for us, again, there's a piece where we need to be very close to the product and that's we're optimizing for the plant. Earlier this year we did get listed on the Nasdaq. We can have all the technological tools in the world, but at the end of the day we have to put people at the center of the equation.. In the same year, he scored his second try after just 23 seconds. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. Of course, the future is what really matters. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Webb, a Kentucky native and University of Kentucky graduate, says he remains committed to his goal of employing large numbers of people at high-tech farms around the eastern half of the state. As I was listening, there was a quote, you said, "We are farmers and futurists." Moser: Yeah. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our The estimated value when the deal closes will be about a billion dollars for the company. Webb: The industry is at an inflection point. I write about the future of food, business, and culture. 95% of a fruit and vegetable is water. If we're going to be working with the largest players in the world, then we need to be in the big leagues, and the only way to do that is to be a publicly traded company. We talk about how, Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. How do you feel about coming public a lot earlier than you probably would've normally? It's the workforce that we're going to use to grow the organization. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. But the journey hasnt been without pitfalls. While living in Washington D.C. developing sustainable energy farms, Jonathan researched another type of farming the Netherlands and its high-tech greenhouses that in a single acre yield as much as 10 outdoor acres and virtually eliminate the use of chemicals. He was made a Fellow of the British Association of Surgery on the Knee (BASK), and has since taught many international and national athletes in sports medicine. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Get 5 free searches. I think it's clear that investors should really be excited for the future of AgTech. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices He has become a prominent social media star. We have one farm right now thats 2.8 million square feet. ", As a CEO, Webb admitted that this focus on the long-term outlook has not been easy to prove to Wall Street, especially when compared to those who are "selling a worthless product that's not good for people and not good for planet and arguably questionable for shareholders. People are becoming more and more aware of where they get stuff and for people that question how quickly a sector can transition, I have a lot of friends that worked in the coal industry. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and That's because of our inefficient systems in the supply chain. My answer to that is always; sustainability is profitability. The Art of Self Meditation: What Are the Benefits? We always talk about investing for the future because that's really what investing is all about. This is still a very new space though. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. For us, we're looking at metrics, how can we be more sustainable? One of AppHarvest's mobile units ready to fight the food fight, outside of AppHarvest's offices in [+] Lexington, Kentucky, If we cant treat people with dignity and respect who put food on our table, where do we think humanity is going to end up? My competition in Mexico, you have people getting paid $5 a day. WebFounder & CEO, AppHarvest Kentucky native and University of Kentucky graduate Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. AppHarvest. Making the world smarter, happier, and richer. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. That's right -- they think these 10 stocks are even better buys. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? Jonathan Webb is an actor with a large following on Twitter. These food companies today are like the cigarette companies 40 years ago. Again, for us, it's about keeping our head down, growing good fruit and vegetables. We just want to be one of those and we're cognizant that there's going to be plenty of large players. If I can sell you a grocer, a product at around the same price, what are we solving for? Copyright 2023 Surperformance. Location: Pikeville, KY. Add to My Lists. I made the point at one point in regard to AppHarvest.
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