jonathan webb appharvest net worth
We're ramping up and scaling quickly. When is it going to be able to ship? I hope you enjoy our conversation. The regulators are pushing that direction. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. "You look at renewable energy 20 years ago, electric vehicles 10 years ago, if we want to get CEA to be institutional at scale, not only in households with consumers, you really need that rigor of the public markets and that attention of the public markets to help institutionalize an industry," he said. I mean, all of the stuff that you just talked about really does matter. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. 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 Now, our job is to make sure it's at around the same price. But the futuristic pieces, we've combined a technology team with a great plant science group. Jonathan received his bachelors degree from the University of Kentucky. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. It's therefore worth looking at AppHarvest's earnings history below. Jonathan has a Bachelors degree from the University of Kentucky in Business. But for us, it's not a back-and-forth, it's not OK, well, I'm going to invest in an ESG company and I'm going to sacrifice profitability. 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. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. I'm Jason Moser, thanks for listening, and we'll see you next week. For us, this year, it's less about the dollars and more about hitting our targets and we were able to hit our Q1 guidance and ramp up our facility to, later on, this year by Q4, we'll be at full capacity in Q3 and Q4, selling tomatoes out of this facility in more Kentucky. 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. You mentioned your children. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address Karrie, on the other hand, has not disclosed her salary or income. We've had record amounts of rainfall. Webb is from Kentucky, where 16% of residents are below the poverty line, and when the coal jobs dried up, nothing came in to replace them. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. 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. 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. Is there any one thing or is it a collection of many things? Yes, we're using nature for what it's good. Jonathan Webb was born on 24 August 1963, in London, England. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). It's so cool to think about what you guys are doing there. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. These food companies today are like the cigarette companies 40 years ago. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. We could've raised capital privately on the balance sheet and kept building. I go directly into the facility and talk to entry-level employees and people sweeping the floors. "For us, at AppHarvest, this isn't just about a company. I was really excited to be able to recommend it after all of the work I had done on the business, learning more about it, listening to you in your passion regarding this company, I think it would be beneficial for our members, for our listeners to hear it from your own words as the founder, as the CEO of AppHarvest. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. He played against Australia on 23 May. We use bees to pollinate our plans. People, planet, wonderful, but I'm trying to make money. 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. 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. We hit our Q1 guidance, $2.3 million in revenue. He is an ex-rugby player who represented England from 1987 to 1993, reaching the World Cup Final and winning two Five Nations grand slam titles. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and AppHarvest Operations, Inc., Jonathan Webb is an entrepreneur who is Chairman & Chief Executive Officer of AppHarvest, Inc. and Chairman & Chief Executive Officer of AppHarvest Operations, Inc. (a subsidiary of AppHarvest, Inc.). What weve proven through a global pandemic is that we can build one of the largest facilities in the world on time, on budget, at a record pace.. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. 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. Since then, AppHarvest shares have plunged 70%. We can also do it by returning investors to our shareholders. Despite IPOs last year having the worst returns in a decade, Webb said he believed 2021 was an important time for the company to go public and stood by the decision to take the company's mission "directly to the Street" and to receive the "rigor of Wall Street early," which he claimed will only make the company "stronger in the long run.". The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. I graduated from the University of Kentucky. We're laser-focused on getting this right here. Is there a benefit? Jonathan Webb is an actor with a large following on Twitter. We're building infrastructure in an area of the country where we're having record amounts of rainfall, and if you look at the climate maps, we continue to get wetter. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Webb started his professional career in 1989 as a Durban maritime lawyer firm. But I dont think thats adding value to the company, or looking out for our shareholders, he said. We're going to be based in Central Appalachia. 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. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. 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. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Despite the off quarter, Webb has much to celebrate. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. By us running on completely recycled rainwater, we have no water cost. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. AppHarvest is a unique and compelling investment opportunity that is redefining American agriculture by improving access for all to fresh non-GMO produce, growing more with fewer resources, and creating an agtech hub from within Appalachia, Novus chairman Bob Laikin said in a statement. Webb: Well, I'll start by saying, anyone that is growing good, clean produce, without harsh chemical pesticides, I try to call them my colleagues, not competitors. Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. His fund's based in DC, we had them as early investors. 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. 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're building these facilities here where we can access markets and get to about three-quarters of the U.S. on a day drive. Moser: Yeah. 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 look forward to providing you with even more cutting-edge market research, as Topio Networks. We're feeding our country with people in Mexico who are making $5 a day. Earlier this year we did get listed on the Nasdaq. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. 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. The fired Google engineer who thought its A.I. But then it's pulling technology in to drive nature from behind. But then what have we done with Root AI? The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. 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've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. We take that long term approach, we don't view things by quarter. I think we have seen some other players in the space that are starting. more. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. 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 We'll talk a little bit about that in just a second. 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've just been selling product for a matter of months. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. 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. 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. But its confident in its approach. This is becoming really a hot-button topic for a lot of investors, rightly so. I mean, I think that kind of speaks for itself. His Twitter account is one of the most popular on the social network. What's your competitive advantages or something you feel differentiates you from your competition? That world will look pretty different from the one we live in now, but Lessing assured me that even as AI gets firmly integrated into agriculture, AppHarvests robots are, fundamentally collaborative. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. That's right -- they think these 10 stocks are even better buys. 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. 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 believe controlled environment agriculture is the third wave of sustainable infrastructure. The greenhouse will cost $97 million and span 60 acres. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. With a 19% stake, CEO Jonathan Webb is the largest shareholder. To get started investing, check out our quick-start guide to investing in stocks. We're investing in our workforce. 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. 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. Your email address will not be published. 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. The first harvest at its Morehead facility is slated for early 2021. Its easier than ever to find a trustworthy doctor. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. I'm sure it was an exciting time. Then by the end of the year in 2022, we'll have five facilities operating. We're in our first decade and we're going to try to look at judging the company on decade one, decade two, and decade three. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. Copyright 2023 Surperformance. I was very fortunate. He has become a prominent social media star. A SPAC is formed with the sole purpose of raising capital through an IPO in order to acquire an existing privately-held company and take it public. I asked on a call earlier today, well, have you had issues hiring people? 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. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. All of our water is captured on our roof. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. monitored for quality control 24/7 and harvested robotically. It sounds like there's a lot of potential there. 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. We're in that classic scenario of demand exceeding supply. 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. We pay every employee at AppHarvest a living wage. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. 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.. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. He often sleeps in an RV outside the construction site of its second facility. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. He was made a Fellow of the British Association of Surgery on the Knee (BASK), and has since taught many international and national athletes in sports medicine. The Motley Fool recommends AppHarvest, Inc. The history of the world is in many ways the history of technology, and of our reactions to it. ET More on the future of agriculture and vertical farming innovator I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. That's our headquarters. Dr. Webb graduated at the University of California San Diego School of Medicine. 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. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Moser: Yeah, absolutely. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. Webb was named a World Rugby Council RFU representative in 2016. Webb is a highly-respected knee surgeon in the United States. How do you feel about coming public a lot earlier than you probably would've normally? What are you trying to accomplish? 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. No. We want to make sure you get the most out of our platform. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. Why? 2023 Fortune Media IP Limited. sold to the top 25 U.S. grocers. Webb is a consistent presence at the companys flagship greenhouse in Morehead. It was clear that their work culture is infused with a pioneering mentality, and that Webb feels strongly about keeping that culture consistent as the company expands. I mean, that is right in line. Webb is a consultant orthopaedic physician and a board member of World Rugby. He also received his medical license from Minnesota. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. No, weve made some mistakes. Again, the private markets get a very bad rap socially. Webb: You said you didn't want to talk the rest of the day about ESG, right? The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. Webb: We've been very fortunate that some of our investors and board members, Fidelity was the largest investor in our pipe during the public process, Jeff Ubben of Inclusive Capital, our Chief Sustainability Officer, Jackie Roberts came to us from the Carlyle Group, we're all very serious about this. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. We want to be selling to 90% of America. 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.. ESG should be at the core of profitability and it should be at the core of building a resilient company. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. I know you're in the DC area. 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 hard to be the one that's looking two decades down the road while thinking of the here and now.". Moser: Well, you said it on the call. 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. My competition in Mexico, you have people getting paid $5 a day. As I was listening, there was a quote, you said, "We are farmers and futurists." Same platform but with new and improved features. Moser: Yeah. I made the point at one point in regard to AppHarvest. 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. That's how quickly the energy industry shifted. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Thanks as always to Tim Sparks for putting the show together for us. Terms & Conditions. Moser: That's going to do it for us this week, folks. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. He has successfully completed over 200 operations using the Mako machine. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. He has also held roles in movies and television series. We use completely recycled rainwater. 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. "And we don't think we could do that if we weren't in the public markets.". 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.
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