We have one farm right now thats 2.8 million square feet. 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. 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. Is there a benefit? This is becoming really a hot-button topic for a lot of investors, rightly so. 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. 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'll head down here and then I would start or I would end with what I started with. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. This article will briefly review the most important information. Webb is a highly-respected knee surgeon in the United States. 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. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Webb is one of very few knee surgeons to have played for both the England-France national teams. 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. The Motley Fool recommends AppHarvest, Inc. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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. "We see this as a couple-decade journey, and really, we're in our first decade," Webb told Yahoo Finance's Julie Hyman at the 2022 SXSW Conference (video above). I asked on a call earlier today, well, have you had issues hiring people? One, our geographic location. This is still a very new space though. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. They ask themselves, Did we help five people today? Your email address will not be published. If you want to know how wealthy he is, read on! Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. I fundamentally do not think its a tradeoff. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. AppHarvest CEO envisions 'couple-decade journey' after going public 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. 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 means transparency. All Rights Reserved. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. I mean, that is right in line. Get 5 free searches. We thought in order to build an organization that's going to be selling to the top grocers. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. I think that's going to be something that just continues to get into the public's mind. We hit our Q1 guidance, $2.3 million in revenue. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. Moser: That's exciting. But the journey hasnt been without pitfalls. We're one of four companies that are publicly traded that have both of those as a company. 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 Typically, you would do 40 to 60 meetings to get a couple of investors. If you look at the largest grocers in the U.S., we're selling to Kroger, Walmart, Publix, and we're selling to Wendy's. 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. Moser: Yeah. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. For example, we use integrated pest management, good pest to kill bad pest. I know you're busy. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. 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. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. Sustainable investor Equilibrium 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. With a 19% stake, CEO Jonathan Webb is the largest shareholder. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. The regulators are pushing that direction. 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. 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. This helped the Army reach its goal of 20% renewable energy by 2025. Get 5 free searches. Making the world smarter, happier, and richer. 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. 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. 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. People are becoming more and more aware of where they get stuff and for people that question how quickly a sector can transition, I have a lot of friends that worked in the coal industry. I want to talk with you about in regard to AppHarvest. Moser: Yeah, absolutely. Well, you need water you need food, and you need energy. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Webb is a consultant orthopaedic physician and a board member of World Rugby. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. 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. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. I was very fortunate. The companys first greenhouse will span 60 acres and open in 2020 in Morehead, Ky.The greenhouse will operate entirely on rainwater using a 10-acre retention pond, reducing water usage by 80% compared to a typical farm. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. Thank you for accessing our content on the Topio Networks Market Intelligence Center. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. That to me, was in a nutshell what it's all about. 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. It means being a little bit more upfront with your investors. You have food safety concerns. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Why is that important? If you look at AppHarvest, what are we doing? 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. We want to be at Kroger. 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. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. 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 Moser: It's impressive to think about the scope of what you are taking on because agriculture, farming, that's been something for so long, people just think, well, it's just what it's always been and we do it this way because that's the way we've always done it. Jonathan Webb is an actor with a large following on Twitter. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. The Motley Fool has a disclosure policy. more. Going down, scanning the plant, pest, is there a disease, brightness? 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 can get to 70% of the U.S. in a one-day drive. He holds a legal degree from the University of Natal as well as the University of Cape Town. Those are always famous last words as we move into some disruptive phase. "For us, at AppHarvest, this isn't just about a company. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and 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. This will result in a $1.7 billion return of investment for the company. 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. 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.". Jonathan Webb was born on 24 August 1963, in London, England. In its Nov. 7 filing, AppHarvest reported net losses of $83 million for the first nine months of the year and net sales of $10 million, with an accumulated deficit of $270 million. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. What is AppHarvest to you? www.vbprofiles.com is now www.topionetworks.com. "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.". "Tech for good the consumer wants it. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. Thats why AI scares people, we know tech can be used just as coldly as anything else. Get the latest news and research from AFN & AgFunder in your inbox. To get started investing, check out our quick-start guide to investing in stocks. 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've had record amounts of rainfall. Clearly, the younger generation is coming up, sustainability matters, better food matters. But then what have we done with Root AI? One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. We take that long term approach, we don't view things by quarter. Most countries in the Middle East import nearly all of their fruit and vegetables. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? 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 When youre building tech for techs sake, you start to question what youre doing. 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. 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." Are you going to have drought? But I dont think thats adding value to the company, or looking out for our shareholders, he said. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Linked companies : AppHarvest, Inc. Summary. 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. My competition in Mexico, you have people getting paid $5 a day. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. I mean, I think that kind of speaks for itself. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. 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. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Webb was named a World Rugby Council RFU representative in 2016. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. This year alone, more than 50 SPACs have been formed in the US, collectively raising. Are we perfect? His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. By us running on completely recycled rainwater, we have no water cost. Jonathan Webb currently follows over 1 million people. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. AppHarvest is an indoor farming company, so has massive greenhouses Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest 95% of a fruit and vegetable is water. 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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. We're feeding our country with people in Mexico who are making $5 a day. We've just been selling product for a matter of months. No. 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. Non-planned trade are trades that He has a particular interest in knee surgery and sports medicine. AppHarvest knows its far from being the only player in the CEA game. Webb: Regulators are pounding on them, consumers are pounding on them. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. The Motley Fool owns shares of and recommends Tesla. 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. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. 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. 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. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. This is a BETA experience. The world's food and agriculture problems are not going to be solved overnight. That's not the conversation at all. I mean, all of the stuff that you just talked about really does matter. 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. It's a nice evolution in the investing world that we care more and more about it. To learn more about AppHarvest, you can visit appharvest.com. Theyre designed to be safe around people. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. AppHarvest raised over $475 million in a public IPO, but it is not over. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. But if you look at the current food system today, it's high fructose corn syrup, it's sugary food that has low nutrient density. Dr. Webb graduated at the University of California San Diego School of Medicine. 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. 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. 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 His vision of the future of farming and much, much more. 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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. In the latter, Webb was the only English player to score in the game. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. AppHarvest is a unique and compelling investment opportunity that is redefining American agriculture by improving access for all to fresh non-GMO produce, growing more with fewer resources, and creating an agtech hub from within Appalachia, Novus chairman Bob Laikin said in a statement. We're focused on bringing that production back from Mexico that has been shifted outside of the U.S. and bring that back into the U.S. in a controlled environment.
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