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." But I wanted to ask you before we do, the Root AI acquisition. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. 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. How do they plan on achieving that goal? The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. He pointed out that, At NASA in the 60s, if you would go visit a facility and you walked up to a janitor and asked, What do you do here? they would say, Im working to put a man on the moon. Thats been the same mentality here Its the collective thats making this thing possible.. Jonathan received his bachelors degree from the University of Kentucky. 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. 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. While living in Washington D.C. developing sustainable energy farms, Jonathan researched another type of farming the Netherlands and its high-tech greenhouses that in a single acre yield as much as 10 outdoor acres and virtually eliminate the use of chemicals. His Twitter account is one of the most popular on the social network. What is AppHarvest to you? As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. 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. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. Webb was named a World Rugby Council RFU representative in 2016. 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. People, planet, wonderful, but I'm trying to make money. Moser: Well, you said it on the call. But really its water and food first. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Thats why AI scares people, we know tech can be used just as coldly as anything else. We use completely recycled rainwater. AppHarvest: Transforming The Future Of Agtech, And Maybe The 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. This helped the Army reach its goal of 20% renewable energy by 2025. Despite the off quarter, Webb has much to celebrate. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. I fundamentally do not think its a tradeoff. Jonathan Webb is an actor with a large following on Twitter. We can have all the technological tools in the world, but at the end of the day we have to put people at the center of the equation.. To access all the content for free, please sign up by entering your email. Dr. Webb graduated at the University of California San Diego School of Medicine. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. 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. "For us, at AppHarvest, this isn't just about a company. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. 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. That's how quickly the energy industry shifted. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. But one thing we'd like to talk about is competitive advantage, what makes a company special? By us running on completely recycled rainwater, we have no water cost. 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. 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. Follow him on Twitter to get more updates. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. 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. Are we perfect? Same platform but with new and improved features. 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. 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. Europe, Menlo Park, China), Where the person is located (e.g. We always talk about investing for the future because that's really what investing is all about. It's therefore worth looking at AppHarvest's earnings history below. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. He represented his country in 33 Test matches and played for Bristol and Bath. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. He was born into a medical family. But the journey hasnt been without pitfalls. But if you look at the world, China and India account for 40% of the world's population. We talk about how, We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Webb was raised in a white-bread, wealthy family. He also received his medical license from Minnesota. The human spirit is willing to do a lot. I hope you enjoy our conversation. AppHarvest raised over $475 million in a public IPO, but it is not over. 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. 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. 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. Webb made a second appearance for England, and reached the final. No. Opinions expressed by Forbes Contributors are their own. The estimated value when the deal closes will be about a billion dollars for the company. monitored for quality control 24/7 and harvested robotically. With a 19% stake, CEO Jonathan Webb is the largest shareholder. You talk about sustainable. The Motley Fool owns shares of and recommends Tesla. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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 document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. ESG should be at the core of profitability and it should be at the core of building a resilient company. We have a lot of work to do ahead of us over the years to come. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. You mentioned your children. We're investing in our workforce. If you look at AppHarvest, what are we doing? WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. Webb is an expert in reconstructive and arthroscopic surgery. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. By the end of next year, well quadruple that. Webb Net Worth We have a phenomenal growing team. There won't be one automotive company transporting the world. We love DC, but we don't want to just be selling to the high-end restaurants in DC. 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. Jonathan Webb is a dual-qualified lawyer. CEOs can get lazy and only worry about the last 90 days; thats easy. Terms & Conditions. I mean, I think that kind of speaks for itself. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. AppHarvest WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 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. You have to judge yourself internally. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. By the end of next year, we'll have five operating facilities. Her estimated net worth is more than $15 million. We hit our Q1 guidance, $2.3 million in revenue. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. 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. We just want to be one of those and we're cognizant that there's going to be plenty of large players. 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. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Its easier than ever to find a trustworthy doctor. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. 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. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. One, our geographic location. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. Everybody has full healthcare. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. In the latter, Webb was the only English player to score in the game. Copyright 2023 Surperformance. These food companies today are like the cigarette companies 40 years ago. Then Jeff Obin, who is on our board and has been an early investor. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. 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. 20years ago it was renewable energy. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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.
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