AppHarvest CEO envisions 'couple-decade journey' after going public Again, for us, it's about keeping our head down, growing good fruit and vegetables. The Motley Fool has a disclosure policy. 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. Is there a benefit? Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. "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). The history of the world is in many ways the history of technology, and of our reactions to it. 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. You can also follow him on Instagram. The same way there won't be one energy company powering the world. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. The Motley Fool recommends AppHarvest, Inc. But the journey hasnt been without pitfalls. He has also held roles in movies and television series. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". Invest better with The Motley Fool. Well, you need water you need food, and you need energy. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. By the end of next year, well quadruple that. Look at how many times in the last few years you've had leafy greens yanked off store shelves. It's nearly impossible to have full transparency. 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. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Theyre designed to be safe around people. 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. 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 There are many sources of information on Jonathan Webbs networth. If you want to know how wealthy he is, read on! That's our headquarters. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. Jonathan Webb currently follows over 1 million people. 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. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. I would not want to be one of those large operators and food today when you see the consumer trends changing as quickly as they are, and we feel very optimistic again about where our growth trajectory is. It's a nice evolution in the investing world that we care more and more about it. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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. Consumers are pushing back. The human spirit is willing to do a lot. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. Project Access, Inc. was founded by Mr. Webb in 1999. The first harvest at its Morehead facility is slated for early 2021. The actor regularly posts photos and videos of himself, as well as engaging with his fans. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Are we perfect? "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. 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. But I wonder, is there something to your mind? Why locate in Appalachia? 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. His final international was against Ireland in March 1993. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. 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. 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. There won't be one automotive company transporting the world. Location: Pikeville, KY. Add to My Lists. 95% of a fruit and vegetable is water. 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. We're one of four companies that are publicly traded that have both of those as a company. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. We just want to be one of those and we're cognizant that there's going to be plenty of large players. According to Webb, going public has helped the company focus on the big picture. 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. AppHarvest raised $500 million on its balance sheet this year, went public on the Nasdaq, hired 400 people to work in its first facility, and brought its first product, beefsteak tomatoes, to grocery stores including Kroger, Walmart, and Publix. Webb made a second appearance for England, and reached the final. 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 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. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. Jonathan Webb was born on 24 August 1963, in London, England. Moser: That's going to do it for us this week, folks. Theyre looking for purpose in their life; theyre looking for companies like us.. 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. 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 worth $375 million from existing and new investors including Fidelity Management & Research Company, Inclusive Capital, and Novus. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. Just wondering if you could share some of the highlights, some of the things you're proud of in regard to this earnings release, and your excitement here for the year to come. 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. It's the workforce that we're going to use to grow the organization. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. ET More on the future of agriculture and vertical farming innovator He has successfully completed over 200 operations using the Mako machine. 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. Learn More. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. My answer to that is always; sustainability is profitability. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. Then I got to mention the area we're in, Eastern Kentucky has been known for coal mining for decades, it was known as the whole country, so to speak, and empowering the U.S. through the industrial revolution with low-cost coal. 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. We can get to 70% of the U.S. in a one-day drive. Almost every company in the coal industry has gone bankrupt over the last 10 years. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? 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. They ask themselves, Did we help five people today? 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. We have one farm right now thats 2.8 million square feet. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors.
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