Despite the off quarter, Webb has much to celebrate. His Twitter account is one of the most popular on the social network. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. This is still a very new space though. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. Webb is from Kentucky, where 16% of residents are Thats why AI scares people, we know tech can be used just as coldly as anything else. Running AppHarvest this way definitely creates extra workthe company even has facilitators who help employees navigate unexpected life events that might prevent them from coming to workbut its work Webb considers essential. We can also do it by returning investors to our shareholders. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. But with that said, what we have at AppHarvest is fairly unique. Below, we look at some of his most popular tweets. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. We're really in the business of packaging up water and then shipping that out to major markets and then beyond that execution at scale. He practices at Mayo Clinic Hospital Eau Claire. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. But for us, it's not a back-and-forth, it's not OK, well, I'm going to invest in an ESG company and I'm going to sacrifice profitability. You have to judge yourself internally. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. Moser: Yeah. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. People, planet, wonderful, but I'm trying to make money. Jonathan received his bachelors degree from the University of Kentucky. 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. Prior to founding AppHarvest, Jonathan supported the Executive Director of the Army Office of Energy Initiatives to help meet the White House goal of supplying 20% of the Department of Defenses electricity usage from renewable Follow him on Twitter to get more updates. We want to be at Wendy's, we want to be at Walmart. He represented his country in 33 Test matches and played for Bristol and Bath. The companys first greenhouse will span 60 acres and open in 2020 in Morehead, Ky.The greenhouse will operate entirely on rainwater using a 10-acre retention pond, reducing water usage by 80% compared to a typical farm. One of the things we like to discuss as investors and when we find companies, we find businesses that we like and we want to be owners of. We want to be selling to 90% of America. We have high demand for U.S.-grown and pesticide-free produce already, and when you combine that with the taste, color, and freshness of the AppHarvest model, on top of their social mission, it's driving our customers to ask for more." You may opt-out by. Your email address will not be published. What makes AppHarvest so unique? Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and Most people every day are just concerned about can they put food on the table? To get started investing, check out our quick-start guide to investing in stocks. Yes, we're using nature for what it's good. We're laser-focused on getting this right here. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told, Step aside, alt-protein: Bioplastics are the real agrifoodtech opportunity, The rise of the reused machines: Germanys E-Farm raises $5.3m Series A. You are speaking our language here at The Fool. Clearly, the younger generation is coming up, sustainability matters, better food matters. Its flagship facility is a 60-acre indoor farm in Morehead, a town of 8,000 in the foothills of the Appalachian Mountains, and it solely uses rainwater for its irrigation. But then there's the other side, and introducing robotics that's operating on AI, that's collecting data in our facility and making data-driven decisions. 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Then we'll be able to give that data over to the grocer in more real-time. That might sound straight from science fiction, but AppHarvests CTO Josh Lessing, who designed many of these universal harvesting systems says we only think that because farming has been so slow to innovate. The human spirit is willing to do a lot. Jason Moser: It's Wednesday, May 26th, I'm your host, Jason Moser, and we've got a terrific interview to share with you on this week's Wildcard Wednesday show. Get the latest news and research from AFN & AgFunder in your inbox. I did want to know here because I saw this in the earnings release and I just thought it was one of those quotes that stood out to me from Mastronardi, your distributor. Then we have to remember this isn't just a U.S. problem we're trying to solve. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. He pointed out that, At NASA in the 60s, if you would go visit a facility and you walked up to a janitor and asked, What do you do here? they would say, Im working to put a man on the moon. Thats been the same mentality here Its the collective thats making this thing possible.. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? His vision of the future of farming and much, much more. People at large tech companies question what theyre actually building. To make the world smarter, happier, and richer. 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. As I was listening, there was a quote, you said, "We are farmers and futurists." Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. By us running on completely recycled rainwater, we have no water cost. To learn more about AppHarvest, you can visit appharvest.com. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Jonathan Webb's Appharvest shares are currently valued at $20.96M. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. 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. Webb doesnt mince words on the specifics; the most valued companies in 100 years, he said, will be the ones that allow humanity to survive. He names a few: electronic vehicle manufacturers, renewable energy companies. 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 the end of next year, we'll have five operating facilities. Its easier than ever to find a trustworthy doctor. We can get to 70% of the U.S. in a one-day drive. Europe, Menlo Park, China), Where the person is located (e.g. I was very fortunate. The business combination values AppHarvest at a $1.0 billion pro forma equity value, at the $10.00 per share PIPE price and assuming minimal redemptions by Novus Capital shareholders. I go directly into the facility and talk to entry-level employees and people sweeping the floors. You have labor concerns. I fundamentally do not think its a tradeoff. Jonathan Webb currently follows over 1 million people. We take that long term approach, we don't view things by quarter. The first harvest at its Morehead facility is slated for early 2021. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. I write about the future of food, business, and culture. Its the single largest LED installation in the United States despite using constant passive solar, waters its plants using recycled rainwater, employs an integrated pest management system to avoid any pesticides, has a 30x higher production yield than traditional open field agriculture, and has the ever so modest goal of transforming the future of agriculture. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Despite IPOs last year having the worst returns in a decade, Webb said he believed 2021 was an important time for the company to go public and stood by the decision to take the company's mission "directly to the Street" and to receive the "rigor of Wall Street early," which he claimed will only make the company "stronger in the long run.". It's so cool to think about what you guys are doing there. Were investing heavily 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.. AppHarvest reaffirms guidance on full-year 2021 net revenue of $21 million and Adjusted EBITDA of ($41) million provided during its Analyst Day presentation on December 15, 2020. Webb is a consultant orthopaedic physician and a board member of World Rugby. Good CEOs do both., Given the rapidly worsening climate outlook, all founders should focus on building a business that will be more powerful in 30 years than it will in 30 days, he said. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. As founder and CEO of AppHarvest, Ive been listening to a podcast called The Future of Farming and Investing, where Jonathan Webb discusses how AppHarvest has built a three-million-square-foot indoor farm, twice as large as Amazons largest distribution center. This article will briefly review the most important information. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. But in order to prove to our investors and prove to our shareholders and broader stakeholders, for us, it's about meeting our targets, and I've tried to say AppHarvest, we're in the business of delivering on our promises. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. We have one farm right now thats 2.8 million square feet. Use our online form to book an appointment with Dr. Webb. 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. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. Theyre looking for purpose in their life; theyre looking for companies like us.. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. The regulators are pushing that direction. I love that passion. WebJonathan Mark Webb net worth is $800,000 Jonathan Mark Webb Wiki: Salary, Married, Wedding, Spouse, Family Jonathan Webb is an actor, known for Graffiti Bridge (1990), In We're selling to Kroger, we're selling in fast food chains like Wendy's. Get 5 free searches. He is an ex-rugby player who represented England from 1987 to 1993, reaching the World Cup Final and winning two Five Nations grand slam titles. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. We dont talk about this at all in the US. He has a particular interest in knee surgery and sports medicine. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. My competition in Mexico, you have people getting paid $5 a day. Moser: Yeah. Australian National University Alumni Founded Companies, Rashtrasant Tukadoji Maharaj Nagpur University Alumni Founded Companies, Seattle Pacific University Alumni Founded Companies, Regis University Alumni Founded Companies, Emory University Alumni Founded Companies, New Mexico State University Alumni Founded Companies, Oakland University Alumni Founded Companies, Oklahoma State University Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. We use bees to pollinate our plans. How do you feel about coming public a lot earlier than you probably would've normally? I asked on a call earlier today, well, have you had issues hiring people? If you want to know how wealthy he is, read on! Remember, you can always reach out to us on Twitter at @MFIndustryFocus, or drop us an email at [emailprotected] As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. That's how quickly the energy industry shifted. That's right -- they think these 10 stocks are even better buys. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. I want to know what the problems are from them, not just our executive team. Brooke DiPalma is a producer and reporter for Yahoo Finance. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. 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. Opinions expressed by Forbes Contributors are their own. Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. That's because of our inefficient systems in the supply chain. We're feeding our country with people in Mexico who are making $5 a day. We dont have two planets though, so Webb got creative. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. Vance, and politicians of both parties, Jonathan left Washington and came home to Kentucky, where he now works tirelessly to make the eastern part of the state the AgTech capital of America. The method of farming uses technology like artificial intelligence and robotics to grow fruits and vegetables, producing 30 times the yield of traditional farming while using 90% less water, the company claims. Cell ag experts weigh in, Keep calm and carry on: Navigating the trough of disillusionment for plant-based meat, Its been a very dark week Miyoko Schinner hits back as company accuses her of hatching plot to steal IP, With $3bn in deals, top 10 climate x agrifoodtech startups prove themselves a vital part of climate tech ecosystem, BII eyes full-stack startups, ag marketplaces & embedded financing as it earmarks funds for Africa, Smoke & mirrors, not worth the extra cost: 50 US farmers speak out on carbon markets. We could've raised capital privately on the balance sheet and kept building. AppHarvest knows its far from being the only player in the CEA game. This is becoming really a hot-button topic for a lot of investors, rightly so. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. He often sleeps in an RV outside the construction site of its second facility. He has become a prominent social media star. That's not the conversation at all. The private markets can be a part of every solution we have that we're seeing today. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Theyre designed to be safe around people. Karrie, on the other hand, has not disclosed her salary or income. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. Look at the open fields in Mexico. 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. I know you're busy. Well, I mean speaking of a publicly traded company, you just released your first-quarter results, and I think this was your first full quarter as a publicly traded company. By being able to have robotics and AI they can have more real-time information. Cost basis and return based on previous market day close. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. They ask themselves, Did we help five people today? The same way there won't be one energy company powering the world. WebInside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional I pay attention to my kids. We talk about how, 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. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. My answer to that is always; sustainability is profitability. The world's food and agriculture problems are not going to be solved overnight. We use completely recycled rainwater. I'm really excited to have you all as a recommendation in our service and hopefully, our members are too after talking with you today. But the journey hasnt been without pitfalls. When is it going to be able to ship? We're focused on bringing that production back from Mexico that has been shifted outside of the U.S. and bring that back into the U.S. in a controlled environment. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. Appharvest has We're going to be headquartered in Central Appalachia, execution at scale here in the U.S. but this is a global problem that we've gotten phone calls from around the world about how and when we can take our solution and go elsewhere. But if you look at the world, China and India account for 40% of the world's population. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. You have climate disruption. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. Webb is an expert in reconstructive and arthroscopic surgery. Terms & Conditions. No. They're not going to be solved in a month or a year or a quarter and we just want to build an organization that's going to be able to go toe-to-toe with the larger incumbents out there, and the best way to do that is to have that rigor of being a publicly traded company. Then I got to mention the area we're in, Eastern Kentucky has been known for coal mining for decades, it was known as the whole country, so to speak, and empowering the U.S. through the industrial revolution with low-cost coal. Moser: Yeah, absolutely. I like thinking about a future where AppHarvest and companies like you all are helping make our food supply not only here domestically, but really around the world better, more reliable, more transparent. Webb: Well, we built the company from day one. I watch them, I watch their friends, the things that they care about. Typically, you would do 40 to 60 meetings to get a couple of investors. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. But the production we've left in the US is being grown in areas that are running out of water. There's a lot of different ways to go public and at the time and we did it, and I think it was definitely the best decision for us at the time. Webb is one of very few knee surgeons to have played for both the England-France national teams. Location: Pikeville, KY. Add to My Lists. 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. In the latter, Webb was the only English player to score in the game. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. Many of our early investors have been very helpful with the company, and we knew that we are not just building one facility, we're building an organization that's going to go toe-to-toe with agriculture and food, globally. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. I love your long-term focus. All of our water is captured on our roof. He holds a legal degree from the University of Natal as well as the University of Cape Town.
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