[laughs] This is something I'm very passionate about. We're one of four companies that are publicly traded that have both of those as a company. The greenhouse will cost $97 million and span 60 acres. This is becoming really a hot-button topic for a lot of investors, rightly so. Did we help them reach their goals? We have a lot of work to do ahead of us over the years to come. To make the world smarter, happier, and richer. 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 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. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. 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. My competition in Mexico, you have people getting paid $5 a day. 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. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. Part of it is that building big stuff fast in the US is very hard. I want to know what the problems are from them, not just our executive team. 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 Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. 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. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. Most countries in the Middle East import nearly all of their fruit and vegetables. But with that said, what we have at AppHarvest is fairly unique. No. I'm sitting in the heart of coal country right now. But its confident in its approach. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. In 1985, he joined Bristol Rugby and won the John Player Cup. By the end of next year, we'll have five operating facilities. He also has experience in civil litigation and Title IX proceedings. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. St John Greek Orthodox Church Easter Schedule, 7 Residential Solar Maintenance Errors and How to Avoid Them, 4 Errors with Kitchen Renovations and How to Avoid Them, An Informative Guide to Livestock Transportation, A Tool That You Need If You are Into Live Stream. ET More on the future of agriculture and vertical farming innovator Non-planned trade are trades that His vision of the future of farming and much, much more. 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. 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. Its flagship facility is a 60-acre indoor farm in Morehead, a town of 8,000 in the foothills of the Appalachian Mountains, and it solely uses rainwater for its irrigation. Many of our early investors have been very helpful with the company, and we knew that we are not just building one facility, we're building an organization that's going to go toe-to-toe with agriculture and food, globally. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Thats why AI scares people, we know tech can be used just as coldly as anything else. That's not the conversation at all. 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. Let's let the consumer of our product also be the buyer in our company. When is it going to be able to ship? Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. That to me, was in a nutshell what it's all about. We believe controlled environment agriculture is the third wave of sustainable infrastructure. The world's food and agriculture problems are not going to be solved overnight. The same way there won't be one energy company powering the world. But I think there are a lot of benefits that come with that. Why? 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 Look at how many times in the last few years you've had leafy greens yanked off store shelves. We want to be at Kroger. We could've raised capital privately on the balance sheet and kept building. Yahoo Finance's Julie Hyman at the 2022 SXSW Conference, 3 big things in investing you might have missed this week, UPDATE 1-North Korea says US causing international arms control collapse, EU releases funds, prepares aid flight for eastern Congo, Rheinmetall in talks on building tank factory in Ukraine - report, Ukraine Latest: Metsola Urges More Sanctions Pressure on Russia. We want to be selling to 90% of America. He was born into a medical family. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Our team is built to scale and you look at where we're at today, we've launched our first facility. monitored for quality control 24/7 and harvested robotically. We have to figure out how to grow a lot more food with a lot less resources and we can use that by utilizing technology and infrastructure to grow fruit and vegetables with 90% less water and get about 30 times yield per acre. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll 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.". I mean, all of the stuff that you just talked about really does matter. CSC Leasing: Non-dilutive Funding for AgTech Startups, Americas Cultivation Corridor: We Grow AgTech Innovation, As demand for protein grows Sustainable Planet bets on water lentils as a viable alternative to soya, How not to fail in vertical farming: Be on guard for hubris, say Indoor Ag-Con speakers, International Fresh Produce Association launches 2023 Fresh Field Catalyst Accelerator program, BREAKING: Perfect Day animal-free dairy patent in US challenged, What is the role of biotech in an ethical food system? Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. 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. He pointed out that, At NASA in the 60s, if you would go visit a facility and you walked up to a janitor and asked, What do you do here? they would say, Im working to put a man on the moon. Thats been the same mentality here Its the collective thats making this thing possible.. For young people, we've invested heavily in high school education here in this region and part of it is, we're not just building facilities, we're building an ecosystem and part of that is change the narrative that farming is simply outdoors and on a tractor, we very much respect American farmers, we have great respect for the four-season farmer that's putting food on our table but we have to get young people to think, the average age of the American farmer is about 60 years old, and so for us by investing in high schools, it's teaching young people you're operating a farm with an iPhone and iPad using industrial sensors, with robotics operating on AI. David and Tom just revealed what they believe are theten best stocks for investors to buy right now and Walmart wasn't one of them! The human spirit is willing to do a lot. 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. There are many sources of information on Jonathan Webbs networth. 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.). We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. I fundamentally do not think its a tradeoff. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. The last thing I would say to that is whether or not we want to do it or not, the world is changing and regulators are approaching back. Then Jeff Obin, who is on our board and has been an early investor. The Art of Self Meditation: What Are the Benefits? This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. That might sound straight from science fiction, but AppHarvests CTO Josh Lessing, who designed many of these universal harvesting systems says we only think that because farming has been so slow to innovate. This commitment, at $10 per share, values the company at $1 billion. Because it is cutting-edge technology. With a 19% stake, CEO Jonathan Webb is the largest shareholder. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". I know you're busy. Location: Pikeville, KY. Add to My Lists. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. 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. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. 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. 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. He has become a prominent social media star. We have a phenomenal growing team. If I can sell you a grocer, a product at around the same price, what are we solving for? On this week's episode of Industry Focus: Wildcard, host Jason Moser chats with AppHarvest (APPH) founder and CEO Jonathan Webb about the growing opportunity in the agtech space, what makes AppHarvest unique, his vision of the future of farming, and much more. Moser: Well, you said it on the call. Moser: Yeah, I'd tell you, I think you're right. 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. 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. 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. AppHarvest knows its far from being the only player in the CEA game. Below, we look at some of his most popular tweets. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. The private markets can be a part of every solution we have that we're seeing today. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. 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. Karrie, on the other hand, has not disclosed her salary or income. I'm one of those people growing up I went to public schools here in Kentucky. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Webb is a highly-respected knee surgeon in the United States. 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. What's that Harvest's secret sauce?

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