We take that long term approach, we don't view things by quarter. With significant tailwinds from heightened investor focus on ESG initiatives and the secular shift to plant-based foods, we believe AppHarvest is well-positioned to execute on its strategy for rapid growth and value creation, he continued. 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. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. Let's let the consumer of our product also be the buyer in our company. 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. Theyre looking for purpose in their life; theyre looking for companies like us.. We're laser-focused on getting this right here. I like thinking about a future where AppHarvest and companies like you all are helping make our food supply not only here domestically, but really around the world better, more reliable, more transparent. I have no doubt that we will. Remember, you can always reach out to us on Twitter at @MFIndustryFocus, or drop us an email at [emailprotected] As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. Clearly, the younger generation is coming up, sustainability matters, better food matters. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. How do they plan on achieving that goal? The Motley Fool recommends AppHarvest, Inc. 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. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. Then we have to remember this isn't just a U.S. problem we're trying to solve. 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. This article will briefly review the most important information. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. 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. Webb: Well, we built the company from day one. But then it's pulling technology in to drive nature from behind. He played against Australia on 23 May. I would not want to be one of those large operators and food today when you see the consumer trends changing as quickly as they are, and we feel very optimistic again about where our growth trajectory is. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. I want to talk with you about in regard to AppHarvest. Moser: Well, you said it on the call. We want to be at Kroger. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. ESG should be at the core of profitability and it should be at the core of building a resilient company. This is a BETA experience. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. www.vbprofiles.com is now www.topionetworks.com. Webb is a consistent presence at the companys flagship greenhouse in Morehead. I think it's clear that investors should really be excited for the future of AgTech. 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 Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. But if we do the work to center the people who benefit from that technology in the middle of the conversation, then progress doesnt have to be a bad thing. But really its water and food first. It made good logistical sense since Kentucky is within a days drive of 70% of the United States, plus there was an untapped labor force there ready and waiting to be hired. We hit our Q1 guidance, $2.3 million in revenue. Opinions expressed by Forbes Contributors are their own. Jonathan Webb is a dual-qualified lawyer. 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. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Webb left for college, eventually pursuing a career in renewables at the DOE, a space where he felt he could be part of the solution. But the economic devastation in his home state still bothered him. 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. I write about the future of food, business, and culture. 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. I don't think anybody thinks of farming from this perspective. You are speaking our language here at The Fool. ET More on the future of agriculture and vertical farming innovator 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. 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 Invest better with The Motley Fool. These food companies today are like the cigarette companies 40 years ago. Webb was raised in a white-bread, wealthy family. I did want to know here because I saw this in the earnings release and I just thought it was one of those quotes that stood out to me from Mastronardi, your distributor. I have a 16 and then going on 15-year-old daughters. I know that you're not the only one focused on controlled environment agriculture. Her estimated net worth is more than $15 million. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. My competition in Mexico, you have people getting paid $5 a day. Eventually, he found the right problem to solve. 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. I go directly into the facility and talk to entry-level employees and people sweeping the floors. 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. Again, for us, it's about keeping our head down, growing good fruit and vegetables. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Two years into production, AppHarvest already provides 500 living wage jobs, is a second chance employer, and aims to hire a team as diverse as our nation and then empower them as individuals. Plus, the company is a B corp, a public benefit corporation, and its publicly traded. Appharvest has I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. 20years ago it was renewable energy. Did we help them reach their goals? We're investing in our workforce. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. You have climate disruption. Age : 37. If you look at AppHarvest, what are we doing? sold to the top 25 U.S. grocers. Those are always famous last words as we move into some disruptive phase. This helped the Army reach its goal of 20% renewable energy by 2025. Australian National University Alumni Founded Companies, Rashtrasant Tukadoji Maharaj Nagpur University Alumni Founded Companies, Seattle Pacific University Alumni Founded Companies, Regis University Alumni Founded Companies, Emory University Alumni Founded Companies, New Mexico State University Alumni Founded Companies, Oakland University Alumni Founded Companies, Oklahoma State University Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. Webb is a highly-respected knee surgeon in the United States. 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.". "We see this as a couple-decade journey, and really, we're in our first decade," Webb told Yahoo Finance's Julie Hyman at the 2022 SXSW Conference (video above). Thank you for your continued support. 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. Were investing heavily in our future, so were spending heavily today, he said. 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. We can better understand what product we are going to have available? That's because of our inefficient systems in the supply chain. He practices at Mayo Clinic Hospital Eau Claire. It sounds like there's a lot of potential there. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. If you want to know how wealthy he is, read on! The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. We're feeding our country with people in Mexico who are making $5 a day. We just have to keep our head down and execute and do our job every day here at AppHarvest. Project Access, Inc. was founded by Mr. Webb in 1999. I watch them, I watch their friends, the things that they care about. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. AppHarvest. No one else in America is doing something at that scale. Why? We've had one of our wettest decades on state record. His Twitter account is one of the most popular on the social network. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. 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. We could've raised capital privately on the balance sheet and kept building. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. But the journey hasnt been without pitfalls. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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 was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. 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 As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. 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. Not only picking, pruning, harvesting, being able to actually get the tomato off the vine, and ultimately, shipped out, but also the predictive analytics that we can use. 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. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. Most countries in the Middle East import nearly all of their fruit and vegetables. Then Jeff Obin, who is on our board and has been an early investor. You have food safety concerns. I think we have seen some other players in the space that are starting.
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