We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. They can be competitive. *Average returns of all recommendations since inception. 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. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. It's a nice evolution in the investing world that we care more and more about it. Webb was named a World Rugby Council RFU representative in 2016. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. 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 Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Did we help them reach their goals? In 1985, he joined Bristol Rugby and won the John Player Cup. 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. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. CEOs can get lazy and only worry about the last 90 days; thats easy. By the end of next year, we'll have five operating facilities. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. That's right -- they think these 10 stocks are even better buys. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. We've had record amounts of rainfall. By the end of next year, well quadruple that. 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 I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. [laughs] This is something I'm very passionate about. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. 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. I fundamentally do not think its a tradeoff. The private markets can be a part of every solution we have that we're seeing today. Webb: Regulators are pounding on them, consumers are pounding on them. ESG should be at the core of profitability and it should be at the core of building a resilient company. 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. It's nearly impossible to have full transparency. All rights reserved. Most people every day are just concerned about can they put food on the table? We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. 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. The other thing is scale. Jonathan Webb grew up in Kentucky and has been committed to developing Earlier this year we did get listed on the Nasdaq. Webb is a consistent presence at the companys flagship greenhouse in Morehead. 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. 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. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. 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. Europe, Menlo Park, China), Where the person is located (e.g. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Required fields are marked *. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. We dont talk about this at all in the US. My background was a part of building some of the largest solar projects in the U.S. David Lee, who joined us from Impossible Foods, joined impossible foods five years ago as their CFO and COO raised them nearly over $1 billion in the last five years and turned them into what was a boutique idea, into a mass-market product on store shelves. They have 10% of the world's freshwater. This will result in a $1.7 billion return of investment for the company. www.vbprofiles.com is now www.topionetworks.com. You have climate disruption. Let's force that rigor early. Get 5 free searches. Public asset : 44,698,475 USD. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. I go directly into the facility and talk to entry-level employees and people sweeping the floors. I think it's clear that investors should really be excited for the future of AgTech. The actor regularly posts photos and videos of himself, as well as engaging with his fans. 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. Typically, you would do 40 to 60 meetings to get a couple of investors. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Jonathan Webb was born on 24 August 1963, in London, England. 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. AppHarvest which raised $28 million in its Series C round 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. The history of the world is in many ways the history of technology, and of our reactions to it. Webb is from Kentucky, where 16% of residents are This year alone, more than 50 SPACs have been formed in the US, collectively raising. We're one of four companies that are publicly traded that have both of those as a company. My competition in Mexico, you have people getting paid $5 a day. This article will briefly review the most important information. I think that's going to be something that just continues to get into the public's mind. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. This commitment, at $10 per share, values the company at $1 billion. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Offers may be subject to change without notice. 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. What are you trying to accomplish? How excited are you to bring that Root AI company in their leadership into your family? Location: Pikeville, KY. Add to My Lists. People at large tech companies question what theyre actually building. It sounds like there's a lot of potential there. We just have to keep our head down and execute and do our job every day here at AppHarvest. Typically, you would do 40 to 60 meetings to get a couple of investors. We hit our Q1 guidance, $2.3 million in revenue. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. 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. 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. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." He actively engages with his followers through his various social media accounts, including Instagram and Twitter. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Webb was raised in a white-bread, wealthy family. To learn more about AppHarvest, you can visit appharvest.com. 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. 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. Why is that important? But one thing we'd like to talk about is competitive advantage, what makes a company special? Appharvest has AppHarvest is an indoor farming company, so has massive greenhouses I love that passion. 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. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. To me, at least, it feels like we are at the [] of a disruptive phase here, and a lot of that is thanks to technology. Jonathan received his bachelors degree from the University of Kentucky. I'm sitting in the heart of coal country right now. He played against Australia on 23 May. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. Of course, the future is what really matters. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. 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. Part of it is that building big stuff fast in the US is very hard. Since then, AppHarvest shares have plunged 70%. Sustainable investor Equilibrium You said that we're a technology company working to disrupt agriculture. Get the latest news and research from AFN & AgFunder in your inbox. I write about the future of food, business, and culture. His Twitter account is one of the most popular on the social network. Moser: Yeah, I'd tell you, I think you're right. monitored for quality control 24/7 and harvested robotically. That's because of our inefficient systems in the supply chain. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. 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. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. No one else in America is doing something at that scale. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. "Tech for good the consumer wants it. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. The Motley Fool recommends AppHarvest, Inc. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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. The same way there won't be one energy company powering the world. They ask themselves, Did we help five people today? We're ramping up and scaling quickly. 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. I want to talk with you about in regard to AppHarvest. 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: To put this in perspective, this was our first facility under operations, our flagship facility. 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. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. 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. We want to be selling to 90% of America. Are we perfect? In the back of his mind, he wondered what he could do to help. Webb is an expert in reconstructive and arthroscopic surgery. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. One of AppHarvest's mobile units ready to fight the food fight, outside of AppHarvest's offices in [+] Lexington, Kentucky, If we cant treat people with dignity and respect who put food on our table, where do we think humanity is going to end up? We're a public benefit corporation, and we're B Corp certified. The world's food and agriculture problems are not going to be solved overnight. Theyre designed to be safe around people. Because it is cutting-edge technology. 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. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. Moser: Yeah, absolutely. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. The greenhouse will cost $97 million and span 60 acres. But its confident in its approach.
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