Earlier this year we did get listed on the Nasdaq. Announces Separation of Julie Nelson as Chief Operating Officer Nov 16 Price target decreased to US$5.33 Nov 16 See more updates Shareholder Returns See full shareholder returns Return vs Industry: APPH underperformed the US Food industry which returned I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Webb: We could not be more excited. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. Get 5 free searches. For us, we're looking at metrics, how can we be more sustainable? Non-planned trade are trades that Very excited about the Root AI transaction. Learn More. 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 had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. Making the world smarter, happier, and richer. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. We pay every employee at AppHarvest a living wage. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. In the back of his mind, he wondered what he could do to help. 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. Why is that important? This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. Her estimated net worth is more than $15 million. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. The same way there won't be one energy company powering the world. All of our water is captured on our roof. I have a 16 and then going on 15-year-old daughters. Webb: We've been very fortunate that some of our investors and board members, Fidelity was the largest investor in our pipe during the public process, Jeff Ubben of Inclusive Capital, our Chief Sustainability Officer, Jackie Roberts came to us from the Carlyle Group, we're all very serious about this. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". That to me, was in a nutshell what it's all about. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. 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. Moser: Yeah. Founder & CEO at AppHarvest. Notify me of follow-up comments by email. We want to make sure you get the most out of our platform. All rights reserved. Are you going to have drought? Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. But I think there are a lot of benefits that come with that. Webb is a highly-respected knee surgeon in the United States. Did we help them reach their goals? Europe, Menlo Park, China), Where the person is located (e.g. Of course, the future is what really matters. What's the technology that you are looking toward to help you change this space? 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.. Webb is a consistent presence at the companys flagship greenhouse in Morehead. He has also held roles in movies and television series. All Rights Reserved. Sustainable investor Equilibrium Moser: Well, you said it on the call. Were investing heavily in our future, so were spending heavily today, he said. 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. There won't be one automotive company transporting the world. For the fourth quarter He actively engages with his followers through his various social media accounts, including Instagram and Twitter. 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 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. 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 was born into a medical family. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. I mean, all of the stuff that you just talked about really does matter. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. This article will briefly review the most important information. You have labor concerns. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. This is still a very new space though. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. This is a BETA experience. 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. AppHarvest reaffirms guidance on full-year 2021 net revenue of $21 million and Adjusted EBITDA of ($41) million provided during its Analyst Day presentation on December 15, 2020. 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. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. I graduated from the University of Kentucky. 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. Theyre looking for purpose in their life; theyre looking for companies like us.. Jonathan has a Bachelors degree from the University of Kentucky in Business. 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. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. Three thoughts on leadership from the founder and CEO Thats why AI scares people, we know tech can be used just as coldly as anything else. I think you really keyed in on something important there, a 30-year journey. We've had one of our wettest decades on state record. Terms & Conditions. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest I have no doubt that we will. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the It's nearly impossible to have full transparency. Webb started his professional career in 1989 as a Durban maritime lawyer firm. No. It's so cool to think about what you guys are doing there. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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. more. KY-based AppHarvest admits serious concerns about its But if you look at the world, China and India account for 40% of the world's population. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. I watch them, I watch their friends, the things that they care about. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. He has become a prominent social media star. 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. AppHarvest is an indoor farming company, so has massive greenhouses sold to the top 25 U.S. grocers. Webb is from Kentucky, where 16% of residents are As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. AppHarvest People are becoming more and more aware of where they get stuff and for people that question how quickly a sector can transition, I have a lot of friends that worked in the coal industry. Webb is an expert in reconstructive and arthroscopic surgery. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. I fundamentally do not think its a tradeoff. We want to be at Wendy's, we want to be at Walmart. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. 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. AppHarvest. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. 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 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). That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Sometimes, it can even get us a few steps closer to saving he world. Moser: Yeah. If you look at AppHarvest, what are we doing?
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