Powered and implemented by Interactive Data Managed Solutions. WebJonathan Webb, the CEO of AppHarvest, says water scarcity is a growing national security concern as a heatwave continues to wreak havoc on the West Coast. His military experience allows him to leverage private capital for his projects. You have labor concerns. AppHarvest It's therefore worth looking at AppHarvest's earnings history below. Project Access, Inc. was founded by Mr. Webb in 1999. The history of the world is in many ways the history of technology, and of our reactions to it. I'm one of those people growing up I went to public schools here in Kentucky. 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. We've had record amounts of rainfall. ESG should be at the core of profitability and it should be at the core of building a resilient company. We hit our Q1 guidance, $2.3 million in revenue. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. 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. This article will briefly review the most important information. The actor regularly posts photos and videos of himself, as well as engaging with his fans. "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. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. 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. We're going to be based in Central Appalachia. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. We always talk about investing for the future because that's really what investing is all about. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. With a 19% stake, CEO Jonathan Webb is the largest shareholder. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. We're feeding our country with people in Mexico who are making $5 a day. All Rights Reserved. Almost every company in the coal industry has gone bankrupt over the last 10 years. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. Moser: Yeah, I'd tell you, I think you're right. Its easier than ever to find a trustworthy doctor. AppHarvest It's so cool to think about what you guys are doing there. This will result in a $1.7 billion return of investment for the company. You've had fast-food chains, that is one of the biggest risk to a grocer is the paranoia and being terrified of where that product is being grown. 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. 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. 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. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address I'm Jason Moser, thanks for listening, and we'll see you next week. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. 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. Part of it is that building big stuff fast in the US is very hard. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. 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 encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. Now, our job is to make sure it's at around the same price. But one thing we'd like to talk about is competitive advantage, what makes a company special? 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. Your email address will not be published. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. People at large tech companies question what theyre actually building. But if we do the work to center the people who benefit from that technology in the middle of the conversation, then progress doesnt have to be a bad thing. AppHarvest. I write about the future of food, business, and culture. But if you look at the world, China and India account for 40% of the world's population. How do they plan on achieving that goal? Invest better with The Motley Fool. Those robots have collected the worlds largest data set of tomato images, and each one is equipped with cameras and a laser that creates a 3D scan of the crops in front of it to determine what needs to be done at any given moment. All rights reserved. It means transparency. Why? Yes, we're using nature for what it's good. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Then Jeff Obin, who is on our board and has been an early investor. Earlier this year we did get listed on the Nasdaq. Again, for their CEO, for their team to say to them not just about money, we can have more impact at scale with AppHarvest and achieve our mission and achieve our goals by working together. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. Theyre looking for purpose in their life; theyre looking for companies like us.. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. 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. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. But I dont think thats adding value to the company, or looking out for our shareholders, he said. Why is that important? 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. 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. AppHarvest raised over $475 million in a public IPO, but it is not over. Karrie, on the other hand, has not disclosed her salary or income. Very excited about the Root AI transaction. Public asset : 44,698,475 USD. I don't know that we're going to have enough time, but let's just start first and foremost this is one of our most recent recommendations in our service. To do that and look out for the long term is true sustainability, or resilience., Webb, who began his career developing renewable energy projects for the U.S. Army, believes any company is either part of destroying the planet or part of rebuilding its industry to align with the planet: I think its our obligation as CEOs to build companies that create long-standing values.. 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. Sometimes, it can even get us a few steps closer to saving he world. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Clearly, the younger generation is coming up, sustainability matters, better food matters. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. We use bees to pollinate our plans. When is it going to be able to ship? This helped the Army reach its goal of 20% renewable energy by 2025. AppHarvest is an indoor farming company, so has massive greenhouses He practices at Mayo Clinic Hospital Eau Claire. 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. If you look at AppHarvest, what are we doing? 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. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll But the journey hasnt been without pitfalls. What makes AppHarvest so unique? We have a phenomenal growing team. 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. 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 It's about getting the industry to turn the corner at scale globally," Webb said. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. We're ramping up and scaling quickly. 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. Well, you need water you need food, and you need energy. 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. It was clear that their work culture is infused with a pioneering mentality, and that Webb feels strongly about keeping that culture consistent as the company expands. 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.). A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Dr. Webb graduated at the University of California San Diego School of Medicine. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Location: Pikeville, KY. Add to My Lists. If you want to know how wealthy he is, read on! I love your long-term focus. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. 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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. We're in that classic scenario of demand exceeding supply. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. We have a phenomenal team of sustainability experts. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. I was very fortunate. Project Access offers ESL/ESL classes, after school programs, and computer literacy. The first harvest at its Morehead facility is slated for early 2021. The greenhouse will cost $97 million and span 60 acres. 95% of a fruit and vegetable is water. He often sleeps in an RV outside the construction site of its second facility. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. The same way there won't be one energy company powering the world. How excited are you to bring that Root AI company in their leadership into your family? AppHarvest "For us, at AppHarvest, this isn't just about a company. Jonathan Webb grew up in Kentucky and has been committed to developing What are you trying to accomplish? A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. But I wonder, is there something to your mind? Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? AppHarvest I think they certainly will be. US controlled environment agriculture (CEA) startup AppHarvest has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC) Novus Capital, enabling it to go public. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Webb was named a World Rugby Council RFU representative in 2016. Founder & CEO at AppHarvest. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Webb Net Worth We can better understand what product we are going to have available? All rights reserved. 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 sources by leveraging private sector capital for the projects. No. But I think there are a lot of benefits that come with that. Jonathan Webb, AppHarvest Inc: Profile and Biography Thats why AI scares people, we know tech can be used just as coldly as anything else. Same platform but with new and improved features. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. 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. 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 The other thing is scale. We're investing in our workforce. Webb: Well, we built the company from day one. AppHarvest raised over $475 million in a public IPO, but it is not over. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. Save my name, email, and website in this browser for the next time I comment. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? 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. Webb was raised in a white-bread, wealthy family. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. AppHarvest to go public, seeks $475m at $1bn valuation - AFN They ask themselves, Did we help five people today? Webb: To put this in perspective, this was our first facility under operations, our flagship facility. His fund's based in DC, we had them as early investors. Sustainable investor Equilibrium Jonathan Webb - Biography - MarketScreener.com

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