It's a nice evolution in the investing world that we care more and more about it. This helped the Army reach its goal of 20% renewable energy by 2025. We'll head down here and then I would start or I would end with what I started with. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. To access all the content for free, please sign up by entering your email. There are many sources of information on Jonathan Webbs networth. AppHarvest raised over $475 million in a public IPO, but it is not over. Then we'll be able to give that data over to the grocer in more real-time. Webb: We could not be more excited. For the fourth quarter Jonathan Webb WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. What's that Harvest's secret sauce? For young people, we've invested heavily in high school education here in this region and part of it is, we're not just building facilities, we're building an ecosystem and part of that is change the narrative that farming is simply outdoors and on a tractor, we very much respect American farmers, we have great respect for the four-season farmer that's putting food on our table but we have to get young people to think, the average age of the American farmer is about 60 years old, and so for us by investing in high schools, it's teaching young people you're operating a farm with an iPhone and iPad using industrial sensors, with robotics operating on AI. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. Theyre looking for purpose in their life; theyre looking for companies like us.. 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. Moser: Yeah. In order to do that, you have to have rigor. You talk about sustainable. They ask themselves, Did we help five people today? 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 Going down, scanning the plant, pest, is there a disease, brightness? You have food safety concerns. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. 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. 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. They can be competitive. We take that long term approach, we don't view things by quarter. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. 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. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. But the journey hasnt been without pitfalls. We've had record amounts of rainfall. Webb is from Kentucky, where 16% of residents are below the poverty line, and when the coal jobs dried up, nothing came in to replace them. The greenhouse will cost $97 million and span 60 acres. sold to the top 25 U.S. grocers. 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. We just have to keep our head down and execute and do our job every day here at AppHarvest. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Thank you for your continued support. 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. We're a public benefit corporation, and we're B Corp certified. When youre building tech for techs sake, you start to question what youre doing. I know you're in the DC area. The human spirit is willing to do a lot. That's how quickly the energy industry shifted. Webb: Regulators are pounding on them, consumers are pounding on them. The actor regularly posts photos and videos of himself, as well as engaging with his fans. 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. This is still a very new space though. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our KY-based AppHarvest admits serious concerns about its "In less than 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 Fidelity Management & Research Company, Inclusive Capital, and Novus. Jonathan Webb is an actor with a large following on Twitter. The estimated value when the deal closes will be about a billion dollars for the company. In 1985, he joined Bristol Rugby and won the John Player Cup. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. www.vbprofiles.com is now www.topionetworks.com. For example, we use integrated pest management, good pest to kill bad pest. Jonathan Webb currently follows over 1 million people. 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. The first harvest at its Morehead facility is slated for early 2021. "Tech for good the consumer wants it. Webb doesnt mince words on the specifics; the most valued companies in 100 years, he said, will be the ones that allow humanity to survive. He names a few: electronic vehicle manufacturers, renewable energy companies. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. 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 was raised in a white-bread, wealthy family. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. My answer to that is always; sustainability is profitability. 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. Webb made a second appearance for England, and reached the final. All of our water is captured on our roof. 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. Then we have to remember this isn't just a U.S. problem we're trying to solve. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. I have no doubt that we will. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. Did we help them reach their goals? But for us, it's not a back-and-forth, it's not OK, well, I'm going to invest in an ESG company and I'm going to sacrifice profitability. We can also do it by returning investors to our shareholders. We've just been selling product for a matter of months. 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. 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. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. I was very fortunate. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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. All Rights Reserved. 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. An Interview With AppHarvest Founder and CEO Jonathan Webb To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. But then what have we done with Root AI? I love that passion. "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. 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. 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. Announces Separation of Julie Nelson as Chief Operating Officer Nov 16 Price target decreased to US$5.33 Nov 16 See more updates Shareholder Returns See full shareholder returns Return vs Industry: APPH underperformed the US Food industry which returned In the same year, he scored his second try after just 23 seconds. We're investing in our workforce. Terms & Conditions. 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. Webb Net Worth Let's force that rigor early. That's not the conversation at all. We want to be selling to 90% of America. Earlier this year we did get listed on the Nasdaq. We could've raised capital privately on the balance sheet and kept building. I know that you're not the only one focused on controlled environment agriculture. These food companies today are like the cigarette companies 40 years ago. AppHarvest WebFounder & CEO, AppHarvest 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 believe controlled environment agriculture is the third wave of sustainable infrastructure. We have a phenomenal growing team. We're selling to Kroger, we're selling in fast food chains like Wendy's. Powered and implemented by Interactive Data Managed Solutions. We'll talk a little bit about that in just a second. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. On Twitter, the actor shares his personal experiences with his followers. He practices at Mayo Clinic Hospital Eau Claire. Moser: That's going to do it for us this week, folks. WebJonathan Webb. Jonathan Webb grew up in Kentucky and has been committed to developing Even though you entered at such a young stage of your business, You essentially were pre-revenue coming into the public markets, and now, you're just getting that started. It's so cool to think about what you guys are doing there. 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. Moser: That's exciting. Moser: Yeah, absolutely. Age : 37. Webb is a consistent presence at the companys flagship greenhouse in Morehead. Now, our job is to make sure it's at around the same price. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Typically, you would do 40 to 60 meetings to get a couple of investors. Cost basis and return based on previous market day close. Are you going to have drought? 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. 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. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. 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. "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.". By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. What's your competitive advantages or something you feel differentiates you from your competition? I mean, all of the stuff that you just talked about really does matter. All rights reserved. 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. How do you feel about coming public a lot earlier than you probably would've normally? Then by the end of the year in 2022, we'll have five facilities operating. FORTUNE may receive compensation for some links to products and services on this website. We always talk about investing for the future because that's really what investing is all about. Fame | AppHarvest net worth and salary income estimation Jan, 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. Most countries in the Middle East import nearly all of their fruit and vegetables. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. 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. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. AppHarvest CEO envisions 'couple-decade journey' after going public By being able to have robotics and AI they can have more real-time information. I pay attention to my kids. Webb is a consultant orthopaedic physician and a board member of World Rugby. People don't leave purpose-driven companies, AppHarvest CEO says You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. It's therefore worth looking at AppHarvest's earnings history below. Why is that important? I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. The regulators are pushing that direction. This will result in a $1.7 billion return of investment for the company. Founder & CEO at AppHarvest. For us, we're looking at metrics, how can we be more sustainable? The other thing is scale. Theyre designed to be safe around people. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. We're ramping up and scaling quickly. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. We're one of four companies that are publicly traded that have both of those as a company. You have to judge yourself internally. I think you really keyed in on something important there, a 30-year journey. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Executive Vice President and Head of Enterprise Development, Support Activities for Agriculture and Forestry, Contract Support (U.S. Army Office of Energy Initiatives), Intelligent Assistance and Bots Ecosystem. Despite the off quarter, Webb has much to celebrate. 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. His final international was against Ireland in March 1993. He was born into a medical family. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. I think that's going to be something that just continues to get into the public's mind. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. It feels like this is something that really is just getting some traction here. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. One of the things we like to discuss as investors and when we find companies, we find businesses that we like and we want to be owners of. 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. 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. The history of the world is in many ways the history of technology, and of our reactions to it. 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. Cell ag experts weigh in, Keep calm and carry on: Navigating the trough of disillusionment for plant-based meat, Its been a very dark week Miyoko Schinner hits back as company accuses her of hatching plot to steal IP, With $3bn in deals, top 10 climate x agrifoodtech startups prove themselves a vital part of climate tech ecosystem, BII eyes full-stack startups, ag marketplaces & embedded financing as it earmarks funds for Africa, Smoke & mirrors, not worth the extra cost: 50 US farmers speak out on carbon markets. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. The project aimed to help achieve an Obama-era goal of ensuring the militarys hundreds of installations develop resilient on-site power generation and receive 20% of their electricity from renewable sources by 2025. Save my name, email, and website in this browser for the next time I comment. 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. I fundamentally do not think its a tradeoff. I think they certainly will be. But then it's pulling technology in to drive nature from behind. We love DC, but we don't want to just be selling to the high-end restaurants in DC. According to Webb, going public has helped the company focus on the big picture. The Motley Fool owns shares of and recommends Tesla. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. But I wanted to ask you before we do, the Root AI acquisition. Part of it is that building big stuff fast in the US is very hard. *Average returns of all recommendations since inception. 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. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. 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. Webb: Well, I'll start by saying, anyone that is growing good, clean produce, without harsh chemical pesticides, I try to call them my colleagues, not competitors. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. 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 Everybody has full healthcare. My competition in Mexico, you have people getting paid $5 a day. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. more. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. I made the point at one point in regard to AppHarvest. Jonathan Webb - Biography - MarketScreener.com Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. ET More on the future of agriculture and vertical farming innovator Are we perfect? But I think there are a lot of benefits that come with that. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. 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. ", 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. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. AppHarvest We're in that classic scenario of demand exceeding supply. 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. If you look at AppHarvest, what are we doing? Webb is from Kentucky, where 16% of residents are "And we don't think we could do that if we weren't in the public markets.". You said that we're a technology company working to disrupt agriculture. WebInside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional Because it is cutting-edge technology. 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. This is a BETA experience. Who were the most active food and agriculture technology venture capital firms in 2022. 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. Jonathan received his bachelors degree from the University of Kentucky. Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, ValueAct Capitals Spring Fund, Revolutions Rise of the Rest Seed Fund, Equilibrium Capital, and Narya the new VC firm co-founded by JD Vance, author of best-selling Appalachian memoir Hillbilly Elegy. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We dont have two planets though, so Webb got creative. Webb is one of very few knee surgeons to have played for both the England-France national teams. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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.
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