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. No one else in America is doing something at that scale. According to Webb, going public has helped the company focus on the big picture. We're in that classic scenario of demand exceeding supply. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. 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. Because it is cutting-edge technology. Location: Pikeville, KY. Add to My Lists. Now, his company AppHarvest (the name is a play on both Appalachia and the high-tech nature of what they do), operates a sixty acre greenhouse in Morehead, Kentucky that grows hydroponic tomatoes up to the ceiling. 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. That's, for us, again, there's a piece where we need to be very close to the product and that's we're optimizing for the plant. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. We've just been selling product for a matter of months. A full transcript follows the video. You mentioned your children. We have a phenomenal team of sustainability experts. Notify me of follow-up comments by email. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. I have no doubt that we will. 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. 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. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. Thanks as always to Tim Sparks for putting the show together for us. Jonathan Webb grew up in Kentucky and has been committed to developing "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. 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. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. 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. 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. There's not going to be one food company feeding the world. We dont have two planets though, so Webb got creative. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. 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. The Motley Fool recommends AppHarvest, Inc. His Twitter account is one of the most popular on the social network. 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. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. People at large tech companies question what theyre actually building. Fame | AppHarvest net worth and salary income estimation Jan, Executive Vice President and Head of Enterprise Development, Support Activities for Agriculture and Forestry, Contract Support (U.S. Army Office of Energy Initiatives), Intelligent Assistance and Bots Ecosystem. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. They can be competitive. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Purpose At Work: How AppHarvests On A Mission To Help AppHarvest I think we have seen some other players in the space that are starting. His military experience allows him to leverage private capital for his projects. Jonathan Webb currently follows over 1 million people. Dr. Webb graduated at the University of California San Diego School of Medicine. Required fields are marked *. 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. I write about the future of food, business, and culture. This is still a very new space though. It doesn't need to be one or the other, it needs to be both, and we're happy to be a bit of a public benefit corporation and B Corp certified. 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 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 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. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. 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. There won't be one automotive company transporting the world. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. 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. 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. But really its water and food first. We want to be selling to 90% of America. 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.. The private markets can be a part of every solution we have that we're seeing today. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Theyre designed to be safe around people. 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. The estimated value when the deal closes will be about a billion dollars for the company. That to me, was in a nutshell what it's all about. To access all the content for free, please sign up by entering your email. When youre building tech for techs sake, you start to question what youre doing. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. Is there any one thing or is it a collection of many things? We're going to be based in Central Appalachia. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. I'm Jason Moser, thanks for listening, and we'll see you next week. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. It means transparency. We don't want to be selling just to the high-end. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. Consumers are pushing back. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. 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. 20years ago it was renewable energy. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Founder & CEO at AppHarvest. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. 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. 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.. 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. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. 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

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