We can get to 70% of the U.S. in a one-day drive. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. We hit our Q1 guidance, $2.3 million in revenue. Europe, Menlo Park, China), Where the person is located (e.g. 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. Jonathan Webb - Biography - MarketScreener.com Jonathan Webb, Founder & CEO, AppHarvest It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. 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. It's about getting the industry to turn the corner at scale globally," Webb said. It's a nice evolution in the investing world that we care more and more about it. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Good CEOs do both., Given the rapidly worsening climate outlook, all founders should focus on building a business that will be more powerful in 30 years than it will in 30 days, he said. Were investing heavily in our future, so were spending heavily today, he said. We just have to keep our head down and execute and do our job every day here at AppHarvest. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. You have to judge yourself internally. 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 can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. We want to make sure you get the most out of our platform. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. 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. There's not going to be one food company feeding the world. If I can sell you a grocer, a product at around the same price, what are we solving for? We use bees to pollinate our plans. Jonathan Webb, CEO of agricultural technology and indoor farming startup AppHarvest, wants investors and founders alike to know that he doesnt struggle to balance purpose and profit; if a company loses track of the former, its only a matter of time until it loses the latter. Moser: Yeah. We need to change the profits versus purpose narrative; purpose drives profit and, ultimately, is what makes an organization durable and resilient for decades to come, Webb told Fortune. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll We're in that classic scenario of demand exceeding supply. Her estimated net worth is more than $15 million. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. 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've had one of our wettest decades on state record. 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. "And we don't think we could do that if we weren't in the public markets.". Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. The method of farming uses technology like artificial intelligence and robotics to grow fruits and vegetables, producing 30 times the yield of traditional farming while using 90% less water, the company claims. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. Webb made a second appearance for England, and reached the final. 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. You said that we're a technology company working to disrupt agriculture. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. By us running on completely recycled rainwater, we have no water cost. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Webb is a consistent presence at the companys flagship greenhouse in Morehead. I want to know what the problems are from them, not just our executive team. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Eventually, he found the right problem to solve. I know that you're not the only one focused on controlled environment agriculture. A full transcript follows the video. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. 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 How do they plan on achieving that goal? 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. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. 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. WebAppHarvest salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like AppHarvest based on real 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. Webb: Well, we built the company from day one. His final international was against Ireland in March 1993. Age : 37. This helped the Army reach its goal of 20% renewable energy by 2025. His Twitter account is one of the most popular on the social network. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. Below, we look at some of his most popular tweets. 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. AppHarvest Founder & CEO on company's public debut via SPAC We've just been selling product for a matter of months. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. We thought in order to build an organization that's going to be selling to the top grocers. Most people every day are just concerned about can they put food on the table? Again, the private markets get a very bad rap socially. 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. 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.). Purpose At Work: How AppHarvests On A Mission To Help 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. Offers may be subject to change without notice. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Webb is a highly-respected knee surgeon in the United States. Clearly, the younger generation is coming up, sustainability matters, better food matters. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. To me, at least, it feels like we are at the [] of a disruptive phase here, and a lot of that is thanks to technology. Jonathan Webb's Appharvest shares are currently valued at $20.96M. more. 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. Save my name, email, and website in this browser for the next time I comment. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. To make the world smarter, happier, and richer. Very excited about the Root AI transaction. 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. He also has experience in civil litigation and Title IX proceedings. 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. 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 Earlier this year we did get listed on the Nasdaq. For us, we're looking at metrics, how can we be more sustainable? Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. Powered and implemented by Interactive Data Managed Solutions. *Average returns of all recommendations since inception. Its service leadership; our team does not work for me, I work for our team., To that effect, hes imparted a lesson to each of his team members: Every day, help five people. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Fame | AppHarvest net worth and salary income estimation Jan, Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. We use completely recycled rainwater. 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. Webb Net Worth According to Webb, going public has helped the company focus on the big picture. We're feeding our country with people in Mexico who are making $5 a day. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. 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. Yes, we're using nature for what it's good. I go directly into the facility and talk to entry-level employees and people sweeping the floors. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 AppHarvest knows its far from being the only player in the CEA game. No, weve made some mistakes. AppHarvest CEO envisions 'couple-decade journey' after going public Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. Jonathan Webb - Insider Trading Tracker - Fintel 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. We want to be at Kroger. I think we have seen some other players in the space that are starting. This is becoming really a hot-button topic for a lot of investors, rightly so. 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. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. 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. We're investing in our workforce. You have labor concerns. The regulators are pushing that direction. Why is that important? The first harvest at its Morehead facility is slated for early 2021. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. The Art of Self Meditation: What Are the Benefits? 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. I have no doubt that we will. 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 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. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. We just want to be one of those and we're cognizant that there's going to be plenty of large players. 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. Webb: You said you didn't want to talk the rest of the day about ESG, right? WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. That's right -- they think these 10 stocks are even better buys. I'm one of those people growing up I went to public schools here in Kentucky. By the end of next year, we'll have five operating facilities. 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. The Motley Fool owns shares of and recommends Tesla. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. I know you're busy. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. 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.
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