The history of the world is in many ways the history of technology, and of our reactions to it. You are speaking our language here at The Fool. I think you really keyed in on something important there, a 30-year journey. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. We'll talk a little bit about that in just a second. The estimated value when the deal closes will be about a billion dollars for the company. 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? 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. This is a BETA experience. This helped the Army reach its goal of 20% renewable energy by 2025. Its service leadership; our team does not work for me, I work for our team., To that effect, hes imparted a lesson to each of his team members: Every day, help five people. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. St John Greek Orthodox Church Easter Schedule, 7 Residential Solar Maintenance Errors and How to Avoid Them, 4 Errors with Kitchen Renovations and How to Avoid Them, An Informative Guide to Livestock Transportation, A Tool That You Need If You are Into Live Stream. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. This will result in a $1.7 billion return of investment for the company. Her estimated net worth is more than $15 million. We can better understand what product we are going to have available? That to me, was in a nutshell what it's all about. The other thing is scale. We can get to 70% of the U.S. in a one-day drive. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. 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. The world's food and agriculture problems are not going to be solved overnight. He has become a prominent social media star. They can be competitive. He often sleeps in an RV outside the construction site of its second facility. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. Since then, AppHarvest shares have plunged 70%. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. 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. It made good logistical sense since Kentucky is within a days drive of 70% of the United States, plus there was an untapped labor force there ready and waiting to be hired. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. "Tech for good the consumer wants it. The fired Google engineer who thought its A.I. AppHarvest Founder & CEO on company's public debut via SPAC In the 1987 Rugby World Cup, Webb made his debut for England. How do you feel about coming public a lot earlier than you probably would've normally? Maintaining that inclusive work culture, especially since he works in agriculture, is incredibly important to Webb, who aims to do everything from a place of empathy and considers his employees to be his first customers. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. ESG should be at the core of profitability and it should be at the core of building a resilient company. It's so cool to think about what you guys are doing there. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. But I wonder, is there something to your mind? But the futuristic pieces, we've combined a technology team with a great plant science group. Those are always famous last words as we move into some disruptive phase. When he says sustainable, he doesnt just mean that in an environmental sense. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. MOREHEAD, Ky., Feb. 27, 2023 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the worlds largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in To me, at least, it feels like we are at the [] of a disruptive phase here, and a lot of that is thanks to technology. Webb was raised in a white-bread, wealthy family. Thats why AI scares people, we know tech can be used just as coldly as anything else. The Kentucky-based agriculture tech company, which was founded in 2017, began trading on the Nasdaq in late February 2021 after completing a SPAC merger with Novus Capital Corporation. Most countries in the Middle East import nearly all of their fruit and vegetables. I know that you're not the only one focused on controlled environment agriculture. It's nearly impossible to have full transparency. Eventually, he found the right problem to solve. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. No one else in America is doing something at that scale. The private markets can be a part of every solution we have that we're seeing today. 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. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Project Access, Inc. was founded by Mr. Webb in 1999. When is it going to be able to ship? The Motley Fool owns shares of and recommends Tesla. We want to be at Wendy's, we want to be at Walmart. We always talk about investing for the future because that's really what investing is all about. WebJonathan Webb. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. I think they certainly will be. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Fame | AppHarvest net worth and salary income estimation Jan, Is there any one thing or is it a collection of many things? AppHarvest more. You talk about sustainable. 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. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Sometimes, it can even get us a few steps closer to saving he world. AppHarvest Did we help them reach their goals? Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. It means being a little bit more upfront with your investors. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Webb made a second appearance for England, and reached the final. Then Jeff Obin, who is on our board and has been an early investor. Let's let the consumer of our product also be the buyer in our company. It's the workforce that we're going to use to grow the organization. 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. Moser: That's exciting. We've had record amounts of rainfall. 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. We have one farm right now thats 2.8 million square feet. I watch them, I watch their friends, the things that they care about. [laughs] This is something I'm very passionate about. If you look at AppHarvest, what are we doing? Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and AppHarvest Operations, Inc., Jonathan Webb is an entrepreneur who is Chairman & Chief Executive Officer of AppHarvest, Inc. and Chairman & Chief Executive Officer of AppHarvest Operations, Inc. (a subsidiary of AppHarvest, Inc.). To access all the content for free, please sign up by entering your email. In 1985, he joined Bristol Rugby and won the John Player Cup. In order to do that, you have to have rigor. Webb is an expert in reconstructive and arthroscopic surgery. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. But being true to our ESG values, we think it is a competitive advantage and going to make us more competitive in the years to come. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. He has successfully completed over 200 operations using the Mako machine. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. 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." With a 19% stake, CEO Jonathan Webb is the largest shareholder. The Motley Fool recommends AppHarvest, Inc. Everybody has full healthcare. We talk about how, We've been very fortunate and humbled that the Root AI team is fully a part of the AppHarvest team building robotics that's operating on AI, collecting data. No. Almost every company in the coal industry has gone bankrupt over the last 10 years. I know you're busy. This company has plans to open two additional indoor farms in Kentucky and has already announced partnerships with the Dutch government and multiple universities to make Appalachia a hub for the agtech industry. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. Sustainable investor Equilibrium 20years ago it was renewable energy. An Interview With AppHarvest Founder and CEO Jonathan Webb What makes AppHarvest so unique? Theyre looking for purpose in their life; theyre looking for companies like us.. Going down, scanning the plant, pest, is there a disease, brightness? Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Not only picking, pruning, harvesting, being able to actually get the tomato off the vine, and ultimately, shipped out, but also the predictive analytics that we can use. I would not want to be one of those large operators and food today when you see the consumer trends changing as quickly as they are, and we feel very optimistic again about where our growth trajectory is. 2023 Fortune Media IP Limited. Webb left for college, eventually pursuing a career in renewables at the DOE, a space where he felt he could be part of the solution. But the economic devastation in his home state still bothered him. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. Invest better with The Motley Fool. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. That's because of our inefficient systems in the supply chain. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. 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. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Our team is built to scale and you look at where we're at today, we've launched our first facility. Despite the off quarter, Webb has much to celebrate. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. 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. A full transcript follows the video. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. I go directly into the facility and talk to entry-level employees and people sweeping the floors. Moser: That's going to do it for us this week, folks. Most people every day are just concerned about can they put food on the table? Talk a little bit about what ESG means to you and some of the things that you've done, because corporately you set your business up to be able to account for some of that transparency and whatnot. Jonathan Webb Net Worth If you look at the grocery and then you go, wait a second. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. It doesn't need to be one or the other, it needs to be both, and we're happy to be a bit of a public benefit corporation and B Corp certified. Jonathan Webb Jonathan Webb, CEO of agricultural technology and indoor farming startup AppHarvest, wants investors and founders alike to know that he doesnt struggle to balance purpose and profit; if a company loses track of the former, its only a matter of time until it loses the latter. In the latter, Webb was the only English player to score in the game. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. 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. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. Webb is a consultant orthopaedic physician and a board member of World Rugby. I want to talk with you about in regard to AppHarvest. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. No, weve made some mistakes. Is there a benefit? Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Webb: You said you didn't want to talk the rest of the day about ESG, right? WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. 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. Jonathan Webb was born on 24 August 1963, in London, England. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. In our first month or two, we're already at all those outlets. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. No. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. We believe controlled environment agriculture is the third wave of sustainable infrastructure. Cost basis and return based on previous market day close. I mean, that is right in line. That's how quickly the energy industry shifted. AppHarvest raised over $475 million in a public IPO, but it is not over. I fundamentally do not think its a tradeoff. What is AppHarvest to you? To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. How do they plan on achieving that goal? Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. 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. It's about getting the industry to turn the corner at scale globally," Webb said. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. I was very fortunate. We're ramping up and scaling quickly. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. 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. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. We're one of four companies that are publicly traded that have both of those as a company. Clearly, the younger generation is coming up, sustainability matters, better food matters. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Two years into production, AppHarvest already provides 500 living wage jobs, is a second chance employer, and aims to hire a team as diverse as our nation and then empower them as individuals. Plus, the company is a B corp, a public benefit corporation, and its publicly traded. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the Webb is one of very few knee surgeons to have played for both the England-France national teams. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Are we perfect? We take that long term approach, we don't view things by quarter. 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. 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 founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. Dr. Webb graduated at the University of California San Diego School of Medicine. We dont talk about this at all in the US. We have a lot of work to do ahead of us over the years to come. We just want to be one of those and we're cognizant that there's going to be plenty of large players. I hope you enjoy our conversation. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. By being able to have robotics and AI they can have more real-time information. What weve proven through a global pandemic is that we can build one of the largest facilities in the world on time, on budget, at a record pace.. Why? 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. 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KY-based AppHarvest admits serious concerns about its Appharvest Stock Ownership So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. You can also follow him on Instagram. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. We just have to keep our head down and execute and do our job every day here at AppHarvest. Location: Pikeville, KY. Add to My Lists. We're investing in our workforce. All Rights Reserved. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. What's that Harvest's secret sauce? AppHarvest knows its far from being the only player in the CEA game. I made the point at one point in regard to AppHarvest. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. We're going to be based in Central Appalachia. My background was a part of building some of the largest solar projects in the U.S. David Lee, who joined us from Impossible Foods, joined impossible foods five years ago as their CFO and COO raised them nearly over $1 billion in the last five years and turned them into what was a boutique idea, into a mass-market product on store shelves. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. 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. His final international was against Ireland in March 1993. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. Moser: Well, you said it on the call. I mean, all of the stuff that you just talked about really does matter. Now, we want to turn this region into an area of the country that's known for sustainable food production, but beyond just loving the place, I'm from Kentucky, beyond just loving this area, we can get to three quarters of the U.S. on a day drive. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. But if you look at the world, China and India account for 40% of the world's population. He also received his medical license from Minnesota. Of course, the future is what really matters. All rights reserved. Jonathan Webb grew up in Kentucky and has been committed to developing 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. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. We pay every employee at AppHarvest a living wage. "For us, at AppHarvest, this isn't just about a company. Thank you for accessing our content on the Topio Networks Market Intelligence Center. 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. We've just been selling product for a matter of months. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. We thought in order to build an organization that's going to be selling to the top grocers. If you want to know how wealthy he is, read on! We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. We were just talking earlier and you mentioned how you're in the DC area, it was fortunate that we had Steve Case, the founder of AOL, and he fundraised the rest. Jonathan Webb - Founder & CEO @ AppHarvest AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." 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. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. Jonathan Webb Net Worth - Bologny How excited are you to bring that Root AI company in their leadership into your family? Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, Europe, Menlo Park, China), Where the person is located (e.g.
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