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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. Moser: Yeah. Is there a benefit? It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. I made the point at one point in regard to AppHarvest. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Are you going to have drought? 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. Webb made a second appearance for England, and reached the final. If you look at the grocery and then you go, wait a second. 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. Europe, Menlo Park, China), Where the person is located (e.g. We could've raised capital privately on the balance sheet and kept building. WebJonathan Webb. Its easier than ever to find a trustworthy doctor. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. We need to all collectively have a much more longer-term viewpoint on how we're building companies that are going to be good for communities, good for employees, and return a good return to our investors and shareholders. Thats why AI scares people, we know tech can be used just as coldly as anything else. That's our headquarters. It sounds like there's a lot of potential there. 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. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. I don't think anybody thinks of farming from this perspective. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Moser: Yeah, I'd tell you, I think you're right. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. 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. 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. 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. Let's force that rigor early. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Then Jeff Obin, who is on our board and has been an early investor. We've had record amounts of rainfall. We want to be selling to 90% of America. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. Moser: That's exciting. By the end of next year, we'll have five operating facilities. I mean, that is right in line. We can get to 70% of the U.S. in a one-day drive. We want to be at Kroger. 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. Same platform but with new and improved features. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. I think you really keyed in on something important there, a 30-year journey. I have a 16 and then going on 15-year-old daughters. 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. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." Jonathan Webb grew up in Kentucky and has been committed to developing Jonathan received his bachelors degree from the University of Kentucky. AppHarvest is an indoor farming company, so has massive greenhouses Almost every company in the coal industry has gone bankrupt over the last 10 years. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. ", 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. Well, you need water you need food, and you need energy. He studied history and economics at the University of Cape Town, and obtained a Bachelor of Laws and post-graduate diploma in maritime law from the University of Natal. 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. The Motley Fool has a disclosure policy. The actor regularly posts photos and videos of himself, as well as engaging with his fans. The world's food and agriculture problems are not going to be solved overnight. Then we have to remember this isn't just a U.S. problem we're trying to solve. He completed a fellowship in Australia at North Sydney Orthopaedic and Sports Medicine Centre and has worked in many high-profile clinics in the area. Making the world smarter, happier, and richer. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. "You look at renewable energy 20 years ago, electric vehicles 10 years ago, if we want to get CEA to be institutional at scale, not only in households with consumers, you really need that rigor of the public markets and that attention of the public markets to help institutionalize an industry," he said. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. At one point, we were thinking of putting up a billboard in front of several large tech company offices saying, Come build tech that matters, Webb said. Those are always famous last words as we move into some disruptive phase. "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.". 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. I think they certainly will be. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. You can also follow him on Instagram. The agriculture-tech startup raised $250,000 in its first round of seed capital in February 2018, AppHarvest CEO and founder Jonathan Webb told Insider. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. We hit our Q1 guidance, $2.3 million in revenue. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. I mean, I think that kind of speaks for itself. No one else in America is doing something at that scale. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. 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. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. 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.. I go directly into the facility and talk to entry-level employees and people sweeping the floors. Karrie, on the other hand, has not disclosed her salary or income. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Yes, we're using nature for what it's good. But I think there are a lot of benefits that come with that. We have a phenomenal team of sustainability experts. You have food safety concerns. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. 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.". This is a BETA experience. He has become a prominent social media star. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. We'll head down here and then I would start or I would end with what I started with. It means being a little bit more upfront with your investors. sold to the top 25 U.S. grocers. My answer to that is always; sustainability is profitability. Cost basis and return based on previous market day close. Most of those employees were hired in the midst of 2020, something that Webb considers a testament to the trust his community has placed in AppHarvest. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll Again, the private markets get a very bad rap socially. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. You mentioned your children. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. 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. 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. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. 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. 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.. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. It's nearly impossible to have full transparency. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. 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. *Average returns of all recommendations since inception. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. 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. I'm sitting in the heart of coal country right now. 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. 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. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". Moser: Well, you said it on the call. We're in that classic scenario of demand exceeding supply. Project Access, Inc. was founded by Mr. Webb in 1999. The Motley Fool recommends AppHarvest, Inc. The greenhouse will cost $97 million and span 60 acres. He has also held roles in movies and television series. 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." Clearly, the younger generation is coming up, sustainability matters, better food matters. 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. By us running on completely recycled rainwater, we have no water cost. 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. Then by the end of the year in 2022, we'll have five facilities operating. Webb is a consultant orthopaedic physician and a board member of World Rugby. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. What's your competitive advantages or something you feel differentiates you from your competition? When youre building tech for techs sake, you start to question what youre doing. This helped the Army reach its goal of 20% renewable energy by 2025. I'm Jason Moser, thanks for listening, and we'll see you next week. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. We want to make sure you get the most out of our platform. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. AppHarvest CEO envisions 'couple-decade journey' after going public Jonathan Webb is an actor with a large following on Twitter. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. Part of it is that building big stuff fast in the US is very hard. One, our geographic location. We have one farm right now thats 2.8 million square feet. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. For us, this year, it's less about the dollars and more about hitting our targets and we were able to hit our Q1 guidance and ramp up our facility to, later on, this year by Q4, we'll be at full capacity in Q3 and Q4, selling tomatoes out of this facility in more Kentucky. No. Follow him on Twitter to get more updates. We've just been selling product for a matter of months. We love DC, but we don't want to just be selling to the high-end restaurants in DC. This year alone, more than 50 SPACs have been formed in the US, collectively raising. That's how quickly the energy industry shifted. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Dr. Webb graduated at the University of California San Diego School of Medicine. Get 5 free searches. 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. That's right -- they think these 10 stocks are even better buys. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. They ask themselves, Did we help five people today? He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Consumers are pushing back. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. WebAppHarvest salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like AppHarvest based on real It's therefore worth looking at AppHarvest's earnings history below. You have labor concerns. 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. Webb: You said you didn't want to talk the rest of the day about ESG, right? We want to be at Wendy's, we want to be at Walmart. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. I think it's clear that investors should really be excited for the future of AgTech. If I can sell you a grocer, a product at around the same price, what are we solving for? Webb started his professional career in 1989 as a Durban maritime lawyer firm. Webb: Well, we built the company from day one. 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. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. By the end of next year, well quadruple that. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. Jonathan, thank you so much for taking the time out of your busy schedule to see just more about AppHarvest to talk about all the stuff that you're trying to accomplish there. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. According to Webb, going public has helped the company focus on the big picture. The other thing is scale. Of course, the future is what really matters. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. I watch them, I watch their friends, the things that they care about. Despite the off quarter, Webb has much to celebrate. We have a phenomenal growing team. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. All rights reserved. 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. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. AppHarvest raised over $475 million in a public IPO, but it is not over. 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. Photo credit: US controlled environment agriculture (CEA) startup, has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC), The deal is slated to bring in $475 million in gross proceeds for Kentucky-based AppHarvest, including a private investment in public equity (PIPE) transaction worth $375 million from existing and new investors including, I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told, . What's the technology that you are looking toward to help you change this space? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. 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.

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