We use completely recycled rainwater. AppHarvest: Transforming The Future Of Agtech, And Maybe The No one else in America is doing something at that scale. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. I think it's clear that investors should really be excited for the future of AgTech. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. Are you going to have drought? If I can sell you a grocer, a product at around the same price, what are we solving for? 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. But if you look at the world, China and India account for 40% of the world's population. 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. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. 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. 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. Linked companies : AppHarvest, Inc. Summary. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person, How AppHarvest Is Investing in the First Generation of High-Tech Farmers, AppHarvest May Not Be a Tasty Investment Yet, Agtech company AppHarvest debuts produce in select grocery stores, AppHarvest hires Impossible Foods David Lee as president, AppHarvest hires chief communications officer, Watch NASAs James Webb Space Telescope do high-tech origami, Varsity Spirits Webb on Bolstering the Middle Class, Jimmy Webb, Purveyor of Punk Fashion, Is Dead at 62, James Webb Space Telescope Successfully Deploys Its Mirror for the First Time. Webb made a second appearance for England, and reached the final. 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. WebJonathan Webb. A full transcript follows the video. 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. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. I'm Jason Moser, thanks for listening, and we'll see you next week. We dont talk about this at all in the US. Moser: Yeah. AppHarvest For example, we use integrated pest management, good pest to kill bad pest. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. We talk about how, Let's let the consumer of our product also be the buyer in our company. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." Europe, Menlo Park, China), Where the person is located (e.g. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. They ask themselves, Did we help five people today? But I wanted to ask you before we do, the Root AI acquisition. We have a lot of work to do ahead of us over the years to come. Terms & Conditions. Thank you for your continued support. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. Our team is built to scale and you look at where we're at today, we've launched our first facility. We want to be at Wendy's, we want to be at Walmart. 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. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Webb was raised in a white-bread, wealthy family. You have labor concerns. We love DC, but we don't want to just be selling to the high-end restaurants in DC. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. How excited are you to bring that Root AI company in their leadership into your family? He has also held roles in movies and television series. Webb was named a World Rugby Council RFU representative in 2016. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. Why locate in Appalachia? The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. Non-planned trade are trades that Three thoughts on leadership from the founder and CEO 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. I love that passion. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. Copyright 2023 Surperformance. WebJonathan Webb. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. I have no doubt that we will. "For us, being transparent with not only the consumer, but having that transparency of a public company as we build a large global food company, we think the long-term benefits are great.". 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. If you want to know how wealthy he is, read on! AppHarvest is recovering from a challenging third quarter, in which it reported a net loss of over $17 million; Webb attributes it to hyper-growth. But I think there are a lot of benefits that come with that. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Is there any one thing or is it a collection of many things? I have a 16 and then going on 15-year-old daughters. Get 5 free searches. 20years ago it was renewable energy. 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. Your email address will not be published. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. Typically, you would do 40 to 60 meetings to get a couple of investors. This helped the Army reach its goal of 20% renewable energy by 2025. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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 regulators are pushing that direction. Those are always famous last words as we move into some disruptive phase. 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 Webb: The industry is at an inflection point. 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. 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. 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. AppHarvest knows its far from being the only player in the CEA game. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. 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. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. Going down, scanning the plant, pest, is there a disease, brightness? Moser: That's going to do it for us this week, folks. The fired Google engineer who thought its A.I. Everybody has full healthcare. I know that you're not the only one focused on controlled environment agriculture. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. The other thing is scale. All Rights Reserved. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. Cost basis and return based on previous market day close. The last thing I would say to that is whether or not we want to do it or not, the world is changing and regulators are approaching back. Your email address will not be published. Webb is a consistent presence at the companys flagship greenhouse in Morehead. CSC Leasing: Non-dilutive Funding for AgTech Startups, Americas Cultivation Corridor: We Grow AgTech Innovation, As demand for protein grows Sustainable Planet bets on water lentils as a viable alternative to soya, How not to fail in vertical farming: Be on guard for hubris, say Indoor Ag-Con speakers, International Fresh Produce Association launches 2023 Fresh Field Catalyst Accelerator program, BREAKING: Perfect Day animal-free dairy patent in US challenged, What is the role of biotech in an ethical food system? CEOs can get lazy and only worry about the last 90 days; thats easy. When is it going to be able to ship? Get 5 free searches. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. We pay every employee at AppHarvest a living wage. 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. Location: Pikeville, KY. Add to My Lists. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. I was really excited to be able to recommend it after all of the work I had done on the business, learning more about it, listening to you in your passion regarding this company, I think it would be beneficial for our members, for our listeners to hear it from your own words as the founder, as the CEO of AppHarvest. 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. Now, our job is to make sure it's at around the same price. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. 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. With significant tailwinds from heightened investor focus on ESG initiatives and the secular shift to plant-based foods, we believe AppHarvest is well-positioned to execute on its strategy for rapid growth and value creation, he continued. We can get to 70% of the U.S. in a one-day drive. But the futuristic pieces, we've combined a technology team with a great plant science group. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. The Art of Self Meditation: What Are the Benefits? Webb: You said you didn't want to talk the rest of the day about ESG, right? We dont have two planets though, so Webb got creative. An Interview With AppHarvest Founder and CEO Jonathan Webb We'll talk a little bit about that in just a second. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. AppHarvest. But then it's pulling technology in to drive nature from behind. We're in our first decade and we're going to try to look at judging the company on decade one, decade two, and decade three. 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. 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 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. But the production we've left in the US is being grown in areas that are running out of water. We've been able, very fortunate, a very talented team, MIT team out of Boston that has a proven track record and great products that we've integrated them fully into the AppHarvest team. We thought in order to build an organization that's going to be selling to the top grocers. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. We need to change the profits versus purpose narrative; purpose drives profit and, ultimately, is what makes an organization durable and resilient for decades to come, Webb told Fortune. 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. But the journey hasnt been without pitfalls. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. AppHarvest is an indoor farming company, so has massive greenhouses People, planet, wonderful, but I'm trying to make money. We're building infrastructure in an area of the country where we're having record amounts of rainfall, and if you look at the climate maps, we continue to get wetter. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. It feels like this is something that really is just getting some traction here. By us running on completely recycled rainwater, we have no water cost. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, 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. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. Thats why AI scares people, we know tech can be used just as coldly as anything else. Well, you need water you need food, and you need energy. This is a BETA experience. Theyre looking for purpose in their life; theyre looking for companies like us.. I asked on a call earlier today, well, have you had issues hiring people? Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". 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.. Jonathan Webb, Founder & CEO, AppHarvest They have 10% of the world's freshwater. more. 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. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll Now, his company AppHarvest (the name is a play on both Appalachia and the high-tech nature of what they do), operates a sixty acre greenhouse in Morehead, Kentucky that grows hydroponic tomatoes up to the ceiling. We're selling to Kroger, we're selling in fast food chains like Wendy's. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. ET More on the future of agriculture and vertical farming innovator It's therefore worth looking at AppHarvest's earnings history below. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. But I wonder, is there something to your mind? Yahoo Finance's Julie Hyman at the 2022 SXSW Conference, 3 big things in investing you might have missed this week, UPDATE 1-North Korea says US causing international arms control collapse, EU releases funds, prepares aid flight for eastern Congo, Rheinmetall in talks on building tank factory in Ukraine - report, Ukraine Latest: Metsola Urges More Sanctions Pressure on Russia. Get the latest news and research from AFN & AgFunder in your inbox. "Tech for good the consumer wants it. We can better understand what product we are going to have available? 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 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.. Jonathan Webb, AppHarvest Inc: Profile and Biography 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. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our It's a nice evolution in the investing world that we care more and more about it. It sounds like there's a lot of potential there. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. The Motley Fool owns shares of and recommends Tesla. Jonathan Webb's Appharvest shares are currently valued at $20.96M. Moser: Yeah, absolutely. Webb: We could not be more excited. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. For the fourth quarter It's nearly impossible to have full transparency. 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. This commitment, at $10 per share, values the company at $1 billion. 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. We have a phenomenal growing team. Her estimated net worth is more than $15 million. In our first month or two, we're already at all those outlets. Required fields are marked *. You said that we're a technology company working to disrupt agriculture. I'm sitting in the heart of coal country right now. There's not going to be one food company feeding the world. A universal harvester robot at AppHarvest's Morehead, Kentucky greenhouse, AppHarvests crops are monitored for quality control 24/7 and harvested robotically, a labor-saving advancement that lets the staff treat farming almost like a manufacturing process. We just want to be one of those and we're cognizant that there's going to be plenty of large players. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. 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. Investors Dig Into AppHarvest | The Motley Fool - Nasdaq The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused.
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