Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. The world's food and agriculture problems are not going to be solved overnight. 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. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. The first harvest at its Morehead facility is slated for early 2021. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. AppHarvest is recovering from a challenging third quarter, in which it reported a net loss of over $17 million; Webb attributes it to hyper-growth. It means transparency. Eventually, he found the right problem to solve. We just want to be one of those and we're cognizant that there's going to be plenty of large players. Theyre designed to be safe around people. Project Access, Inc. was founded by Mr. Webb in 1999. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? I was very fortunate. 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. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. I go directly into the facility and talk to entry-level employees and people sweeping the floors. For example, we use integrated pest management, good pest to kill bad pest. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." 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. But then it's pulling technology in to drive nature from behind. 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He completed a fellowship in Australia at North Sydney Orthopaedic and Sports Medicine Centre and has worked in many high-profile clinics in the area. We're ramping up and scaling quickly. His fund's based in DC, we had them as early investors. Save my name, email, and website in this browser for the next time I comment. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. There's a lot of different ways to go public and at the time and we did it, and I think it was definitely the best decision for us at the time. No. WebInside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings., Webb describes the SPAC transaction and PIPE financing experience as absolutely phenomenal.. We use completely recycled rainwater. I know that you're not the only one focused on controlled environment agriculture. But then there's the other side, and introducing robotics that's operating on AI, that's collecting data in our facility and making data-driven decisions. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. "And we don't think we could do that if we weren't in the public markets.". In order to do that, you have to have rigor. But then what have we done with Root AI? 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. 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. 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. His Twitter account is one of the most popular on the social network. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. Again, for us, it's about keeping our head down, growing good fruit and vegetables. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. I have a 16 and then going on 15-year-old daughters. This commitment, at $10 per share, values the company at $1 billion. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Most people every day are just concerned about can they put food on the table? By us running on completely recycled rainwater, we have no water cost. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. 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. "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.". But I dont think thats adding value to the company, or looking out for our shareholders, he said. Webb is a consultant orthopaedic physician and a board member of World Rugby. Why locate in Appalachia? We pay every employee at AppHarvest a living wage. Karrie, on the other hand, has not disclosed her salary or income. All of our water is captured on our roof. 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. 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. We're laser-focused on getting this right here. Her estimated net worth is more than $15 million. We could've raised capital privately on the balance sheet and kept building. 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. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. His final international was against Ireland in March 1993. Non-planned trade are trades that That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. 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." 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. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. One of AppHarvest's mobile units ready to fight the food fight, outside of AppHarvest's offices in [+] Lexington, Kentucky, If we cant treat people with dignity and respect who put food on our table, where do we think humanity is going to end up? Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. WebFounder & CEO, AppHarvest 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. You have to judge yourself internally. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. We thought in order to build an organization that's going to be selling to the top grocers. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Why is that important? Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Look at the open fields in Mexico. 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. 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. Is there any one thing or is it a collection of many things? Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and 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. Moser: It's impressive to think about the scope of what you are taking on because agriculture, farming, that's been something for so long, people just think, well, it's just what it's always been and we do it this way because that's the way we've always done it. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. Part of it is that building big stuff fast in the US is very hard. They can be competitive. We talk about how, 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. We want to be at Kroger. Despite the off quarter, Webb has much to celebrate. 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. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. "In less than We're feeding our country with people in Mexico who are making $5 a day. That's how quickly the energy industry shifted. AppHarvest raised over $475 million in a public IPO, but it is not over. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. To get started investing, check out our quick-start guide to investing in stocks. 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. We're going to be based in Central Appalachia. I watch them, I watch their friends, the things that they care about. But with that said, what we have at AppHarvest is fairly unique. 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. We don't want to be selling just to the high-end. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. [laughs] This is something I'm very passionate about. WebJonathan Mark Webb net worth is $800,000 Jonathan Mark Webb Wiki: Salary, Married, Wedding, Spouse, Family Jonathan Webb is an actor, known for Graffiti Bridge (1990), In For the fourth quarter 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. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Get 5 free searches. We take that long term approach, we don't view things by quarter. 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. 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. I love your long-term focus. 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. Get 5 free searches. But the production we've left in the US is being grown in areas that are running out of water. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. We dont have two planets though, so Webb got creative. Your email address will not be published. We're selling to Kroger, we're selling in fast food chains like Wendy's. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. 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. According to AppHarvest's earnings report released Feb. 24, the company had net sales of $9.1 million and net loss of of $166.2 million in 2021. By the end of next year, we'll have five operating facilities. He also has experience in civil litigation and Title IX proceedings. They have 10% of the world's freshwater. No one else in America is doing something at that scale. 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 greenhouse will cost $97 million and span 60 acres. I asked on a call earlier today, well, have you had issues hiring people? Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. Linked companies : AppHarvest, Inc. Summary. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. Consumers are pushing back. 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.. In the same year, he scored his second try after just 23 seconds. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. 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. You are speaking our language here at The Fool. I write about the future of food, business, and culture. 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. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. 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. 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. Powered and implemented by Interactive Data Managed Solutions. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. Webb: You said you didn't want to talk the rest of the day about ESG, right? How excited are you to bring that Root AI company in their leadership into your family? I think that's going to be something that just continues to get into the public's mind. That to me, was in a nutshell what it's all about. We need to all collectively have a much more longer-term viewpoint on how we're building companies that are going to be good for communities, good for employees, and return a good return to our investors and shareholders. Look at how many times in the last few years you've had leafy greens yanked off store shelves. To access all the content for free, please sign up by entering your email. 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. Webb is one of very few knee surgeons to have played for both the England-France national teams. 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, 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. If I can sell you a grocer, a product at around the same price, what are we solving for? But if you look at the world, China and India account for 40% of the world's population. 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. But I think there are a lot of benefits that come with that. Sustainable investor Equilibrium I mean, I think that kind of speaks for itself. But really its water and food first. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. He has become a prominent social media star. 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. The history of the world is in many ways the history of technology, and of our reactions to it. But I wanted to ask you before we do, the Root AI acquisition. 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. They ask themselves, Did we help five people today? ", "It's easy to be a CEO that's looking for the next three months," Webb stated. 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. We've had one of our wettest decades on state record. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Now, our job is to make sure it's at around the same price. If we're going to be working with the largest players in the world, then we need to be in the big leagues, and the only way to do that is to be a publicly traded company. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Webb made a second appearance for England, and reached the final. We can better understand what product we are going to have available? Webb is from Kentucky, where 16% of residents are "It's hard to be the one that's looking two decades down the road while thinking of the here and now.".

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