These food companies today are like the cigarette companies 40 years ago. Webb is a highly-respected knee surgeon in the United States. Then we'll be able to give that data over to the grocer in more real-time. He has also held roles in movies and television series. Copyright 2023 Surperformance. 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. 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. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. 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. Webb was named a World Rugby Council RFU representative in 2016. 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. 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. Its the single largest LED installation in the United States despite using constant passive solar, waters its plants using recycled rainwater, employs an integrated pest management system to avoid any pesticides, has a 30x higher production yield than traditional open field agriculture, and has the ever so modest goal of transforming the future of agriculture. This is a BETA experience. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Did we help them reach their goals? He also received his medical license from Minnesota. But I dont think thats adding value to the company, or looking out for our shareholders, he said. 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. 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.. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Below, we look at some of his most popular tweets. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. 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. We have a phenomenal growing team. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. Moser: Yeah, I'd tell you, I think you're right. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. You mentioned your children. CEOs can get lazy and only worry about the last 90 days; thats easy. The greenhouse will cost $97 million and span 60 acres. If you look at the largest grocers in the U.S., we're selling to Kroger, Walmart, Publix, and we're selling to Wendy's. He was born into a medical family. Look at the open fields in Mexico. ESG should be at the core of profitability and it should be at the core of building a resilient company. The private markets can be a part of every solution we have that we're seeing today. That's our headquarters. 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. For us, we're looking at metrics, how can we be more sustainable? I mean, that is right in line. I think they certainly will be. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. I love that passion. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. Europe, Menlo Park, China), Where the person is located (e.g. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. Required fields are marked *. It's about getting the industry to turn the corner at scale globally," Webb said. 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. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Who were the most active food and agriculture technology venture capital firms in 2022. That's how quickly the energy industry shifted. 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. They have 10% of the world's freshwater. www.vbprofiles.com is now www.topionetworks.com. If I can sell you a grocer, a product at around the same price, what are we solving for? I pay attention to my kids. We don't want to be selling just to the high-end. Jonathan has a Bachelors degree from the University of Kentucky in Business. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. We'll talk a little bit about that in just a second. It's therefore worth looking at AppHarvest's earnings history below. Then Jeff Obin, who is on our board and has been an early investor. This helped the Army reach its goal of 20% renewable energy by 2025. Cell ag experts weigh in, Keep calm and carry on: Navigating the trough of disillusionment for plant-based meat, Its been a very dark week Miyoko Schinner hits back as company accuses her of hatching plot to steal IP, With $3bn in deals, top 10 climate x agrifoodtech startups prove themselves a vital part of climate tech ecosystem, BII eyes full-stack startups, ag marketplaces & embedded financing as it earmarks funds for Africa, Smoke & mirrors, not worth the extra cost: 50 US farmers speak out on carbon markets. I'm Jason Moser, thanks for listening, and we'll see you next week. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. We use completely recycled rainwater. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. AppHarvest. He also has experience in civil litigation and Title IX proceedings. Most countries in the Middle East import nearly all of their fruit and vegetables. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. I love your long-term focus. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. We hit our Q1 guidance, $2.3 million in revenue. I hope you enjoy our conversation. 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. When is it going to be able to ship? 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 "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 if you look at the world, China and India account for 40% of the world's population. But in order to prove to our investors and prove to our shareholders and broader stakeholders, for us, it's about meeting our targets, and I've tried to say AppHarvest, we're in the business of delivering on our promises. Let's let the consumer of our product also be the buyer in our company. Despite the off quarter, Webb has much to celebrate. 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 key issues including improving access for all to nutritious food, farming more sustainably, building a homegrown foods supply, and more. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. Then I got to mention the area we're in, Eastern Kentucky has been known for coal mining for decades, it was known as the whole country, so to speak, and empowering the U.S. through the industrial revolution with low-cost coal. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Terms & Conditions. Moser: Yeah. Webb is from Kentucky, where 16% of residents are In 1985, he joined Bristol Rugby and won the John Player Cup. We have a lot of work to do ahead of us over the years to come. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. 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. There won't be one automotive company transporting the world. Webb is a consultant orthopaedic physician and a board member of World Rugby. Were investing heavily in our future, so were spending heavily today, he said. I'm sure it was an exciting time. 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. We'll head down here and then I would start or I would end with what I started with. The world's food and agriculture problems are not going to be solved overnight. Powered and implemented by Interactive Data Managed Solutions. No one else in America is doing something at that scale. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. Jonathan received his bachelors degree from the University of Kentucky. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. WebJonathan Webb. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. Appharvest has Were investing heavily I watch them, I watch their friends, the things that they care about. 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. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. Look at how many times in the last few years you've had leafy greens yanked off store shelves. In order to do that, you have to have rigor. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. At one point, we were thinking of putting up a billboard in front of several large tech company offices saying, Come build tech that matters, Webb said. 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. 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. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. 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.
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