2022.08.24 WednesdayTo me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. Jonathan Webb - Biography - MarketScreener.com Webb, a Kentucky native and University of Kentucky graduate, says he remains committed to his goal of employing large numbers of people at high-tech farms around the eastern half of the state. The fired Google engineer who thought its A.I. It feels like this is something that really is just getting some traction here. Clearly, the younger generation is coming up, sustainability matters, better food matters. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. Project Access, Inc. was founded by Mr. Webb in 1999. What's your competitive advantages or something you feel differentiates you from your competition? You mentioned your children. 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. We've been very fortunate and humbled that the Root AI team is fully a part of the AppHarvest team building robotics that's operating on AI, collecting data. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. 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. But the futuristic pieces, we've combined a technology team with a great plant science group. Then by the end of the year in 2022, we'll have five facilities operating. 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. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. I go directly into the facility and talk to entry-level employees and people sweeping the floors. 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. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. 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. Remember, you can always reach out to us on Twitter at @MFIndustryFocus, or drop us an email at [emailprotected] As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. Get the latest news and research from AFN & AgFunder in your inbox. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. AppHarvest But if you look at all the problems in the agriculture system, this industry really solves most of those problems. 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. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Then we have to remember this isn't just a U.S. problem we're trying to solve. We've had record amounts of rainfall. No. We're feeding our country with people in Mexico who are making $5 a day. Again, if we look at agriculture, there's a lot of trouble in our current agriculture system and we can use ESG metrics to clean up our food supply and create better food systems. The private markets can be a part of every solution we have that we're seeing today. 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. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. These food companies today are like the cigarette companies 40 years ago. His military experience allows him to leverage private capital for his projects. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. AppHarvest In the same year, he scored his second try after just 23 seconds. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. It's nearly impossible to have full transparency. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Investors Dig Into AppHarvest | The Motley Fool - Nasdaq Moser: Well, you said it on the call. 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. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. Vance, and politicians of both parties, Jonathan left Washington and came home to Kentucky, where he now works tirelessly to make the eastern part of the state the AgTech capital of America. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. Why? He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Appharvest Stock Ownership In the latter, Webb was the only English player to score in the game. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. 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. Making the world smarter, happier, and richer. He often sleeps in an RV outside the construction site of its second facility. FORTUNE may receive compensation for some links to products and services on this website. That might sound straight from science fiction, but AppHarvests CTO Josh Lessing, who designed many of these universal harvesting systems says we only think that because farming has been so slow to innovate. We're building these facilities here where we can access markets and get to about three-quarters of the U.S. on a day drive. Now, our job is to make sure it's at around the same price. 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. This commitment, at $10 per share, values the company at $1 billion. We use completely recycled rainwater. 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. What are you trying to accomplish? Webb is an expert in reconstructive and arthroscopic surgery. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. I mean, all of the stuff that you just talked about really does matter. I know you're in the DC area. For the fourth quarter "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. 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'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. If you look at AppHarvest, what are we doing? I did want to know here because I saw this in the earnings release and I just thought it was one of those quotes that stood out to me from Mastronardi, your distributor. 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. All Rights Reserved. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. 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. 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. 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. But I dont think thats adding value to the company, or looking out for our shareholders, he said. We've had 8,000 people apply to work at the company and we've hired 500 people in the middle of a global pandemic. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Jonathan received his bachelors degree from the University of Kentucky. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. AppHarvest Went From Seed to $1 Billion in Just 3 Years 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. I think that's going to be something that just continues to get into the public's mind. Webb: Regulators are pounding on them, consumers are pounding on them. I fundamentally do not think its a tradeoff. Project Access offers ESL/ESL classes, after school programs, and computer literacy. monitored for quality control 24/7 and harvested robotically. Jonathan Webb, Founder & CEO, AppHarvest Three thoughts on leadership from the founder and CEO But really its water and food first. 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. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? Jonathan has a Bachelors degree from the University of Kentucky in Business. Let's force that rigor early. You have to judge yourself internally. Jason Moser has no position in any of the stocks mentioned. But in its entirety not only do we have a problem we want to solve, we have a place in the world that wants to solve it with us., A crop care specialist carries boxes of tomatoes through a column of crops, pruning as she goes, I got to visit AppHarvest in November, and the sheer enthusiasm Webb has built in his staff is phenomenal. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. WebJonathan Webb. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. I was very fortunate. 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. 95% of a fruit and vegetable is water. I'm sure it was an exciting time. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. He has also held roles in movies and television series. Webb is a consultant orthopaedic physician and a board member of World Rugby. Of course, the future is what really matters. Webb Net Worth Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. Despite the off quarter, Webb has much to celebrate. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. We're selling to Kroger, we're selling in fast food chains like Wendy's. Theyre looking for purpose in their life; theyre looking for companies like us.. No. Opinions expressed by Forbes Contributors are their own. It's therefore worth looking at AppHarvest's earnings history below. But one thing we'd like to talk about is competitive advantage, what makes a company special? Use our online form to book an appointment with Dr. Webb. Maintaining that inclusive work culture, especially since he works in agriculture, is incredibly important to Webb, who aims to do everything from a place of empathy and considers his employees to be his first customers.
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