Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. Purpose At Work: How AppHarvests On A Mission To Help We're feeding our country with people in Mexico who are making $5 a day. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. AppHarvest knows its far from being the only player in the CEA game. ESG should be at the core of profitability and it should be at the core of building a resilient company. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. That's not the conversation at all. Because it is cutting-edge technology. 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. We've just been selling product for a matter of months. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. 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. I mean, that is right in line. 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." Theyre looking for purpose in their life; theyre looking for companies like us.. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. His fund's based in DC, we had them as early investors. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. We thought in order to build an organization that's going to be selling to the top grocers. 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. How do you feel about coming public a lot earlier than you probably would've normally? 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. We want to be at Wendy's, we want to be at Walmart. They have 10% of the world's freshwater. We can better understand what product we are going to have available? Follow her on Twitter at @BrookeDiPalma or email her at [email protected]. Webb: Well, we built the company from day one. It's about getting the industry to turn the corner at scale globally," Webb said. We're laser-focused on getting this right here. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. The actor regularly posts photos and videos of himself, as well as engaging with his fans. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." The estimated value when the deal closes will be about a billion dollars for the company. No one else in America is doing something at that scale. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. In 1985, he joined Bristol Rugby and won the John Player Cup. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. 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. With a 19% stake, CEO Jonathan Webb is the largest shareholder. 2023 Fortune Media IP Limited. I love that passion. In order to do that, you have to have rigor. We don't want to be selling just to the high-end. Webb: Regulators are pounding on them, consumers are pounding on them. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. 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. 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. 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. We'll talk a little bit about that in just a second. This is still a very new space though. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. AppHarvest Founder & CEO on company's public debut via SPAC 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. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. The greenhouse will cost $97 million and span 60 acres. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. ", 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. 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. To learn more about AppHarvest, you can visit appharvest.com. Jonathan Webb was born on 24 August 1963, in London, England. Many of our early investors have been very helpful with the company, and we knew that we are not just building one facility, we're building an organization that's going to go toe-to-toe with agriculture and food, globally. 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We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. But in order to prove to our investors and prove to our shareholders and broader stakeholders, for us, it's about meeting our targets, and I've tried to say AppHarvest, we're in the business of delivering on our promises. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. 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. We're in that classic scenario of demand exceeding supply. If you look at the grocery and then you go, wait a second. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. Webb: You said you didn't want to talk the rest of the day about ESG, right? 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. But if you look at the world, China and India account for 40% of the world's population. "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). Not only picking, pruning, harvesting, being able to actually get the tomato off the vine, and ultimately, shipped out, but also the predictive analytics that we can use. This commitment, at $10 per share, values the company at $1 billion. Sometimes, it can even get us a few steps closer to saving he world. But I dont think thats adding value to the company, or looking out for our shareholders, he said. Powered and implemented by Interactive Data Managed Solutions. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. People, planet, wonderful, but I'm trying to make money. 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. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. Jonathan Webb currently follows over 1 million people. Get the latest news and research from AFN & AgFunder in your inbox. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. The Motley Fool has a disclosure policy. 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. The last thing I would say to that is whether or not we want to do it or not, the world is changing and regulators are approaching back. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. 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. 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. Webb: Well, thank you and thank you for having me, and we've got a lot of work to do here, but I can assure you we're head down building and look forward to continuing the conversation another time. Save my name, email, and website in this browser for the next time I comment. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. We look forward to providing you with even more cutting-edge market research, as Topio Networks. One, our geographic location. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. 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. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. Is there any one thing or is it a collection of many things? Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. more. AppHarvest The Art of Self Meditation: What Are the Benefits? There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Jonathan received his bachelors degree from the University of Kentucky. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. 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. Jonathan Webb - Founder & CEO @ AppHarvest Why? There's going to be a lot of companies hopefully working to solve our food and agriculture problems. 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. With significant tailwinds from heightened investor focus on ESG initiatives and the secular shift to plant-based foods, we believe AppHarvest is well-positioned to execute on its strategy for rapid growth and value creation, he continued.
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