*Average returns of all recommendations since inception. In order to do that, you have to have rigor. This will result in a $1.7 billion return of investment for the company. "In less than We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Again, for their CEO, for their team to say to them not just about money, we can have more impact at scale with AppHarvest and achieve our mission and achieve our goals by working together. I asked on a call earlier today, well, have you had issues hiring people? Yes, we're using nature for what it's good. Webb: We could not be more excited. Webb is a highly-respected knee surgeon in the United States. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. Save my name, email, and website in this browser for the next time I comment. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. ET More on the future of agriculture and vertical farming innovator You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. Jonathan Webb Net Worth Of course, the future is what really matters. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Founder & CEO at AppHarvest. You have to judge yourself internally. But I wonder, is there something to your mind? By us running on completely recycled rainwater, we have no water cost. Webb is a consultant orthopaedic physician and a board member of World Rugby. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Again, the private markets get a very bad rap socially. Typically, you would do 40 to 60 meetings to get a couple of investors. Webb is one of very few knee surgeons to have played for both the England-France national teams. We pay every employee at AppHarvest a living wage. It's nearly impossible to have full transparency. 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. We look forward to providing you with even more cutting-edge market research, as Topio Networks. 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 Webb was raised in a white-bread, wealthy family. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. 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 same way there won't be one energy company powering the world. How do they plan on achieving that goal? Learn More. AppHarvest: Transforming The Future Of Agtech, And Maybe The He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. I mean, that is right in line. Most countries in the Middle East import nearly all of their fruit and vegetables. That's our headquarters. No one else in America is doing something at that scale. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Then by the end of the year in 2022, we'll have five facilities operating. AppHarvest Went From Seed to $1 Billion in Just 3 Years 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. But then what have we done with Root AI? 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. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our We use bees to pollinate our plans. Photo credit: US controlled environment agriculture (CEA) startup, has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC), 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, I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told, . 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. I write about the future of food, business, and culture. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. He also has experience in civil litigation and Title IX proceedings. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. The Motley Fool has a disclosure policy. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. It's a nice evolution in the investing world that we care more and more about it. Is there any one thing or is it a collection of many things? I'm sitting in the heart of coal country right now. Jonathan Webb Net Worth - Bologny We have a lot of work to do ahead of us over the years to come. We hit our Q1 guidance, $2.3 million in revenue. Remember, you can always reach out to us on Twitter at @MFIndustryFocus, or drop us an email at [emailprotected] As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. WebJonathan Webb. I think it's clear that investors should really be excited for the future of AgTech. 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. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address 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. Moser: Yeah, I'd tell you, I think you're right. 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. Webb is a consistent presence at the companys flagship greenhouse in Morehead. The actor regularly posts photos and videos of himself, as well as engaging with his fans. more. We have one farm right now thats 2.8 million square feet. I'm Jason Moser, thanks for listening, and we'll see you next week. We've had 8,000 people apply to work at the company and we've hired 500 people in the middle of a global pandemic. AppHarvest And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. The fired Google engineer who thought its A.I. 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. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. 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. That's right -- they think these 10 stocks are even better buys. The business combination values AppHarvest at a $1.0 billion pro forma equity value, at the $10.00 per share PIPE price and assuming minimal redemptions by Novus Capital shareholders. 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? I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. 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. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. Copyright 2023 Surperformance. "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.". I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. Then we'll be able to give that data over to the grocer in more real-time. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. AppHarvest raised over $475 million in a public IPO, but it is not over. In the back of his mind, he wondered what he could do to help. 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. Moser: Yeah. 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. 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. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. It's about getting the industry to turn the corner at scale globally," Webb said. 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. We talk about how, 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. 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. We always talk about investing for the future because that's really what investing is all about. Were investing heavily Thank you for your continued support. We want to make sure you get the most out of our platform. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. Jeff Ubben on investing in AppHarvest - CNBC I think you really keyed in on something important there, a 30-year journey. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Look at how many times in the last few years you've had leafy greens yanked off store shelves. His fund's based in DC, we had them as early investors. I have no doubt that we will. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. But one thing we'd like to talk about is competitive advantage, what makes a company special? Get 5 free searches. We dont have two planets though, so Webb got creative. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food..
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