jonathan webb appharvest net worth

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. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. 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 By the end of next year, we'll have five operating facilities. No, weve made some mistakes. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. Jonathan Webb was born on 24 August 1963, in London, England. We just have to keep our head down and execute and do our job every day here at AppHarvest. 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. This is becoming really a hot-button topic for a lot of investors, rightly so. No one else in America is doing something at that scale. He has a particular interest in knee surgery and sports medicine. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. AppHarvest Jonathan Webb Net Worth - Bologny Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. That to me, was in a nutshell what it's all about. What are you trying to accomplish? 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. 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. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. Three thoughts on leadership from the founder and CEO The same way there won't be one energy company powering the world. Despite the off quarter, Webb has much to celebrate. The history of the world is in many ways the history of technology, and of our reactions to it. Clearly, the younger generation is coming up, sustainability matters, better food matters. This is still a very new space though. Jonathan Webb Net Worth 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. Webb made a second appearance for England, and reached the final. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. 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. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. What weve proven through a global pandemic is that we can build one of the largest facilities in the world on time, on budget, at a record pace.. We'll talk a little bit about that in just a second. An Interview With AppHarvest Founder and CEO Jonathan Webb It means transparency. We just want to be one of those and we're cognizant that there's going to be plenty of large players. He has successfully completed over 200 operations using the Mako machine. 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. Yes, we're using nature for what it's good. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? CEOs can get lazy and only worry about the last 90 days; thats easy. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our Founder & CEO at AppHarvest. AppHarvest: Transforming The Future Of Agtech, And Maybe The The fired Google engineer who thought its A.I. *Average returns of all recommendations since inception. They have 10% of the world's freshwater. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Because it is cutting-edge technology. That's right -- they think these 10 stocks are even better buys. We can also do it by returning investors to our shareholders. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. Its easier than ever to find a trustworthy doctor. There won't be one automotive company transporting the world. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. He also has experience in civil litigation and Title IX proceedings. But I wonder, is there something to your mind? The other thing is scale. Theyre looking for purpose in their life; theyre looking for companies like us.. Earlier this year we did get listed on the Nasdaq. I made the point at one point in regard to AppHarvest. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Project Access offers ESL/ESL classes, after school programs, and computer literacy. But I dont think thats adding value to the company, or looking out for our shareholders, he said. This company has plans to open two additional indoor farms in Kentucky and has already announced partnerships with the Dutch government and multiple universities to make Appalachia a hub for the agtech industry. Moser: Yeah. It's the workforce that we're going to use to grow the organization. We have a phenomenal team of sustainability experts. He often sleeps in an RV outside the construction site of its second facility. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. We use completely recycled rainwater. We look forward to providing you with even more cutting-edge market research, as Topio Networks. In the latter, Webb was the only English player to score in the game. Webb: We could not be more excited. Project Access, Inc. was founded by Mr. Webb in 1999. I mean, all of the stuff that you just talked about really does matter. But the journey hasnt been without pitfalls. I know you're busy. 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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 Notify me of follow-up comments by email. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. 20years ago it was renewable energy. AppHarvest We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Look at the open fields in Mexico. 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. 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. I hope you enjoy our conversation. The estimated value when the deal closes will be about a billion dollars for the company. Moser: Yeah. We love DC, but we don't want to just be selling to the high-end restaurants in DC. Jonathan Webb is a dual-qualified lawyer. But I wanted to ask you before we do, the Root AI acquisition. 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. We always talk about investing for the future because that's really what investing is all about. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. But the futuristic pieces, we've combined a technology team with a great plant science group. 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. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Jonathan Webb's Appharvest shares are currently valued at $20.96M. He studied history and economics at the University of Cape Town, and obtained a Bachelor of Laws and post-graduate diploma in maritime law from the University of Natal. Dr. Webb graduated at the University of California San Diego School of Medicine. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. I asked on a call earlier today, well, have you had issues hiring people? 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. 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. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address Brooke DiPalma is a producer and reporter for Yahoo Finance. 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. His fund's based in DC, we had them as early investors. AppHarvest For example, we use integrated pest management, good pest to kill bad pest. 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. We have one farm right now thats 2.8 million square feet. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. Offers may be subject to change without notice. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. We hit our Q1 guidance, $2.3 million in revenue. His vision of the future of farming and much, much more. In the same year, he scored his second try after just 23 seconds. All of our water is captured on our roof. "Tech for good the consumer wants it. You are speaking our language here at The Fool. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Public asset : 44,698,475 USD. For the fourth quarter He actively engages with his followers through his various social media accounts, including Instagram and Twitter. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. That world will look pretty different from the one we live in now, but Lessing assured me that even as AI gets firmly integrated into agriculture, AppHarvests robots are, fundamentally collaborative. Europe, Menlo Park, China), Where the person is located (e.g. We want to make sure you get the most out of our platform. All rights reserved. There's not going to be one food company feeding the world. We're going to be based in Central Appalachia. "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.". 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.. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. AppHarvest How do you feel about coming public a lot earlier than you probably would've normally? Webb is one of very few knee surgeons to have played for both the England-France national teams. sold to the top 25 U.S. grocers. Why locate in Appalachia? We talk about how, 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've had one of our wettest decades on state record. We want to be selling to 90% of America. We're feeding our country with people in Mexico who are making $5 a day. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. I'm sitting in the heart of coal country right now. Terms & Conditions. We've had record amounts of rainfall. One of the things we like to discuss as investors and when we find companies, we find businesses that we like and we want to be owners of. We thought in order to build an organization that's going to be selling to the top grocers. 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 Fidelity Management & Research Company, Inclusive Capital, and Novus. Jonathan Webb - Founder & CEO @ AppHarvest Your email address will not be published. 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. 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Appharvest Stock Ownership 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. AppHarvest CEO envisions 'couple-decade journey' after going public ESG should be at the core of profitability and it should be at the core of building a resilient company. 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. 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. Again, for us, it's about keeping our head down, growing good fruit and vegetables. We've just been selling product for a matter of months. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. It feels like this is something that really is just getting some traction here. Talk a little bit about what ESG means to you and some of the things that you've done, because corporately you set your business up to be able to account for some of that transparency and whatnot. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. We've been able, very fortunate, a very talented team, MIT team out of Boston that has a proven track record and great products that we've integrated them fully into the AppHarvest team. Moser: That's going to do it for us this week, folks. 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. KY-based AppHarvest admits serious concerns about its He practices at Mayo Clinic Hospital Eau Claire. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. They can be competitive. Webb: Well, thank you and thank you for having me, and we've got a lot of work to do here, but I can assure you we're head down building and look forward to continuing the conversation another time. 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. It was clear that their work culture is infused with a pioneering mentality, and that Webb feels strongly about keeping that culture consistent as the company expands. The regulators are pushing that direction. When youre building tech for techs sake, you start to question what youre doing. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Jonathan Webb currently follows over 1 million people. 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. 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. I think you really keyed in on something important there, a 30-year journey. This article will briefly review the most important information. What makes AppHarvest so unique? Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. We have a lot of work to do ahead of us over the years to come. I think that's going to be something that just continues to get into the public's mind. 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.. No. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Get the latest news and research from AFN & AgFunder in your inbox. The companys first greenhouse will span 60 acres and open in 2020 in Morehead, Ky.The greenhouse will operate entirely on rainwater using a 10-acre retention pond, reducing water usage by 80% compared to a typical farm. 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. While living in Washington D.C. developing sustainable energy farms, Jonathan researched another type of farming the Netherlands and its high-tech greenhouses that in a single acre yield as much as 10 outdoor acres and virtually eliminate the use of chemicals. Moser: It's impressive to think about the scope of what you are taking on because agriculture, farming, that's been something for so long, people just think, well, it's just what it's always been and we do it this way because that's the way we've always done it. Thats why AI scares people, we know tech can be used just as coldly as anything else. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Copyright 2023 Surperformance. I pay attention to my kids. He also received his medical license from Minnesota. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. We dont talk about this at all in the US. I'm one of those people growing up I went to public schools here in Kentucky. We're selling to Kroger, we're selling in fast food chains like Wendy's. I have a 16 and then going on 15-year-old daughters. I'm really excited to have you all as a recommendation in our service and hopefully, our members are too after talking with you today. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. Powered and implemented by Interactive Data Managed Solutions. By the end of next year, well quadruple that. Since then, AppHarvest shares have plunged 70%. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. We want to be at Kroger. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. I don't think anybody thinks of farming from this perspective. Moser: Yeah, I'd tell you, I think you're right. His final international was against Ireland in March 1993. His military experience allows him to leverage private capital for his projects. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. We're one of four companies that are publicly traded that have both of those as a company. Jonathan Webb, AppHarvest Inc: Profile and Biography That's not the conversation at all. 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. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. 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. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. He has become a prominent social media star. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Same platform but with new and improved features. 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. It's nearly impossible to have full transparency. This helped the Army reach its goal of 20% renewable energy by 2025. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. How excited are you to bring that Root AI company in their leadership into your family? I love your long-term focus. Jonathan Webb If you look at the grocery and then you go, wait a second. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. 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. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. 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. Most countries in the Middle East import nearly all of their fruit and vegetables. Well, you need water you need food, and you need energy. How do they plan on achieving that goal? To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. Webb: Regulators are pounding on them, consumers are pounding on them. "And we don't think we could do that if we weren't in the public markets.". Purpose At Work: How AppHarvests On A Mission To Help When is it going to be able to ship? 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.

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