WebJonathan Webb. To do that and look out for the long term is true sustainability, or resilience., Webb, who began his career developing renewable energy projects for the U.S. Army, believes any company is either part of destroying the planet or part of rebuilding its industry to align with the planet: I think its our obligation as CEOs to build companies that create long-standing values.. We'll talk a little bit about your quarterly results here in a minute because I want to get into that, but one of the things that stood out to me in the earnings call. Again, the private markets get a very bad rap socially. On Twitter, the actor shares his personal experiences with his followers. This is still a very new space though. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Theyre looking for purpose in their life; theyre looking for companies like us.. 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. "And we don't think we could do that if we weren't in the public markets.". Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. In the back of his mind, he wondered what he could do to help. But I think there are a lot of benefits that come with that. We can also do it by returning investors to our shareholders. This is becoming really a hot-button topic for a lot of investors, rightly so. 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. Thanks as always to Tim Sparks for putting the show together for us. We just have to keep our head down and execute and do our job every day here at AppHarvest. Webb: You said you didn't want to talk the rest of the day about ESG, right? 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. For us, we're looking at metrics, how can we be more sustainable? He also received his medical license from Minnesota. If I can sell you a grocer, a product at around the same price, what are we solving for? Webb started his professional career in 1989 as a Durban maritime lawyer firm. Get 5 free searches. Powered and implemented by Interactive Data Managed Solutions. "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.". Get the latest news and research from AFN & AgFunder in your inbox. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. Moser: Well, you said it on the call. Non-planned trade are trades that 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. We've been able, very fortunate, a very talented team, MIT team out of Boston that has a proven track record and great products that we've integrated them fully into the AppHarvest team. Moser: Yeah. Those are always famous last words as we move into some disruptive phase. We just want to be one of those and we're cognizant that there's going to be plenty of large players. How do you feel about coming public a lot earlier than you probably would've normally? 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. Yes, we're using nature for what it's good. Did we help them reach their goals? 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. Clearly, the younger generation is coming up, sustainability matters, better food matters. We're feeding our country with people in Mexico who are making $5 a day. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. *Average returns of all recommendations since inception. In the latter, Webb was the only English player to score in the game. 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. Despite the off quarter, Webb has much to celebrate. Below, we look at some of his most popular tweets. We want to make sure you get the most out of our platform. Those robots have collected the worlds largest data set of tomato images, and each one is equipped with cameras and a laser that creates a 3D scan of the crops in front of it to determine what needs to be done at any given moment. We have a phenomenal team of sustainability experts. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. You mentioned your children. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. I mean, I think that kind of speaks for itself. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. According to Webb, going public has helped the company focus on the big picture. 95% of a fruit and vegetable is water. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Moser: Yeah. I made the point at one point in regard to AppHarvest. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. But the production we've left in the US is being grown in areas that are running out of water. Cost basis and return based on previous market day close. 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. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. We've had one of our wettest decades on state record. I mean, that is right in line. Jonathan received his bachelors degree from the University of Kentucky. Making the world smarter, happier, and richer. 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 Well, you need water you need food, and you need energy. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and A universal harvester robot at AppHarvest's Morehead, Kentucky greenhouse, AppHarvests crops are monitored for quality control 24/7 and harvested robotically, a labor-saving advancement that lets the staff treat farming almost like a manufacturing process. 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. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. 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.. My competition in Mexico, you have people getting paid $5 a day. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. Sustainable investor Equilibrium Were investing heavily WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. It's the workforce that we're going to use to grow the organization. I know you're in the DC area. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. FORTUNE may receive compensation for some links to products and services on this website. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. Dr. Webb graduated at the University of California San Diego School of Medicine. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Founder & CEO at AppHarvest. Of course, the future is what really matters. ", 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. 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. 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. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. WebJonathan Webb. 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. We don't want to be selling just to the high-end. AppHarvest. 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. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. Moser: Yeah, I'd tell you, I think you're right. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Let's force that rigor early. Invest better with The Motley Fool. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. But if you look at the world, China and India account for 40% of the world's population. I think they certainly will be. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, ValueAct Capitals Spring Fund, Revolutions Rise of the Rest Seed Fund, Equilibrium Capital, and Narya the new VC firm co-founded by JD Vance, author of best-selling Appalachian memoir Hillbilly Elegy. 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. 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. 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. 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. 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. He also has experience in civil litigation and Title IX proceedings. 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. Very excited about the Root AI transaction. Learn More. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. This will result in a $1.7 billion return of investment for the company. He practices at Mayo Clinic Hospital Eau Claire. Most of those employees were hired in the midst of 2020, something that Webb considers a testament to the trust his community has placed in AppHarvest. It's nearly impossible to have full transparency. I know that you're not the only one focused on controlled environment agriculture. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. more. The estimated value when the deal closes will be about a billion dollars for the company.
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