To get started investing, check out our quick-start guide to investing in stocks. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. 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. 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. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. I'm sitting in the heart of coal country right now. We want to be at Kroger. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. It's a nice evolution in the investing world that we care more and more about it. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. Earlier this year we did get listed on the Nasdaq. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. Age : 37. Jonathan Webb He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. But the futuristic pieces, we've combined a technology team with a great plant science group. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. But if you look at the world, China and India account for 40% of the world's population. I pay attention to my kids. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. It's therefore worth looking at AppHarvest's earnings history below. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Again, if we look at agriculture, there's a lot of trouble in our current agriculture system and we can use ESG metrics to clean up our food supply and create better food systems. 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. 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. Then Jeff Obin, who is on our board and has been an early investor. By the end of next year, we'll have five operating facilities. I asked on a call earlier today, well, have you had issues hiring people? Europe, Menlo Park, China), Where the person is located (e.g. What's the technology that you are looking toward to help you change this space? We have a lot of work to do ahead of us over the years to come. 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. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. We'll talk a little bit about that in just a second. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Again to some of your viewers that aren't aware of Root AI just look them up and take a look at some of those videos. We can get to 70% of the U.S. in a one-day drive. 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. Then we have to remember this isn't just a U.S. problem we're trying to solve. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. 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, well quadruple that. You have to judge yourself internally. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. We have a phenomenal team of sustainability experts. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. Webb was named a World Rugby Council RFU representative in 2016. We're laser-focused on getting this right here. 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. 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. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the Use our online form to book an appointment with Dr. Webb. We've had one of our wettest decades on state record. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. I hope you enjoy our conversation. 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. Jonathan has a Bachelors degree from the University of Kentucky in Business. I go directly into the facility and talk to entry-level employees and people sweeping the floors. If you want to know how wealthy he is, read on! 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. 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. The history of the world is in many ways the history of technology, and of our reactions to it. AppHarvest 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 had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. We just want to be one of those and we're cognizant that there's going to be plenty of large players. Cost basis and return based on previous market day close. 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. He practices at Mayo Clinic Hospital Eau Claire. 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. Get 5 free searches. more. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. 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. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. His fund's based in DC, we had them as early investors. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. He also received his medical license from Minnesota. That to me, was in a nutshell what it's all about. 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. We want to be selling to 90% of America. Is there a benefit? People don't leave purpose-driven companies, AppHarvest CEO says Appharvest Stock Ownership Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. FORTUNE may receive compensation for some links to products and services on this website. Your email address will not be published. Moser: Yeah, I'd tell you, I think you're right. They have 10% of the world's freshwater. No one else in America is doing something at that scale. To learn more about AppHarvest, you can visit appharvest.com. "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.". This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. My answer to that is always; sustainability is profitability. Almost every company in the coal industry has gone bankrupt over the last 10 years. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. Let's force that rigor early. Jonathan Webb How do you feel about coming public a lot earlier than you probably would've normally? 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. AppHarvest 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. If you look at the largest grocers in the U.S., we're selling to Kroger, Walmart, Publix, and we're selling to Wendy's.
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