", "It's easy to be a CEO that's looking for the next three months," Webb stated. Yes, we're using nature for what it's good. Everybody has full healthcare. The Motley Fool has a disclosure policy. By us running on completely recycled rainwater, we have no water cost. To learn more about AppHarvest, you can visit appharvest.com. Founder & CEO at AppHarvest. Karrie, on the other hand, has not disclosed her salary or income. 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. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. In the latter, Webb was the only English player to score in the game. A universal harvester robot at AppHarvest's Morehead, Kentucky greenhouse, AppHarvests crops are monitored for quality control 24/7 and harvested robotically, a labor-saving advancement that lets the staff treat farming almost like a manufacturing process. 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. I think they certainly will be. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. This year alone, more than 50 SPACs have been formed in the US, collectively raising. Vance, and politicians of both parties, Jonathan left Washington and came home to Kentucky, where he now works tirelessly to make the eastern part of the state the AgTech capital of America. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Copyright 2023 Surperformance. 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. 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. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. But I dont think thats adding value to the company, or looking out for our shareholders, he said. Moser: That's going to do it for us this week, folks. 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. 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. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. 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. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. He has become a prominent social media star. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. Again, if you look at the U.S. right now, this is a USDA statistic, nearly 40% of fresh fruit and vegetables end up in a landfill. 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 This is becoming really a hot-button topic for a lot of investors, rightly so. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. 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. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. AppHarvest raised $500 million on its balance sheet this year, went public on the Nasdaq, hired 400 people to work in its first facility, and brought its first product, beefsteak tomatoes, to grocery stores including Kroger, Walmart, and Publix. Jonathan Webb is an actor with a large following on Twitter. [laughs] This is something I'm very passionate about. 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. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. All rights reserved. Webb was named a World Rugby Council RFU representative in 2016. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. Running AppHarvest this way definitely creates extra workthe company even has facilitators who help employees navigate unexpected life events that might prevent them from coming to workbut its work Webb considers essential. For example, we use integrated pest management, good pest to kill bad pest. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address 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 is a consistent presence at the companys flagship greenhouse in Morehead. You can also follow him on Instagram. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Most people every day are just concerned about can they put food on the table? Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. We'll head down here and then I would start or I would end with what I started with. As I was listening, there was a quote, you said, "We are farmers and futurists." AppHarvest is a unique and compelling investment opportunity that is redefining American agriculture by improving access for all to fresh non-GMO produce, growing more with fewer resources, and creating an agtech hub from within Appalachia, Novus chairman Bob Laikin said in a statement. 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. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Most of those employees were hired in the midst of 2020, something that Webb considers a testament to the trust his community has placed in AppHarvest. Again, for their CEO, for their team to say to them not just about money, we can have more impact at scale with AppHarvest and achieve our mission and achieve our goals by working together. AppHarvest is an indoor farming company, so has massive greenhouses Again, the private markets get a very bad rap socially. His military experience allows him to leverage private capital for his projects. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. But its confident in its approach. 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.". 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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. 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. We've had 8,000 people apply to work at the company and we've hired 500 people in the middle of a global pandemic. 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WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. My background was a part of building some of the largest solar projects in the U.S. David Lee, who joined us from Impossible Foods, joined impossible foods five years ago as their CFO and COO raised them nearly over $1 billion in the last five years and turned them into what was a boutique idea, into a mass-market product on store shelves. What is AppHarvest to you? 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 Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. Look at how many times in the last few years you've had leafy greens yanked off store shelves. This is a BETA experience. 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. By the end of next year, well quadruple that. Photo credit: US controlled environment agriculture (CEA) startup, has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC), 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, I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told, . 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. If I can sell you a grocer, a product at around the same price, what are we solving for? 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. Then by the end of the year in 2022, we'll have five facilities operating. Jonathan received his bachelors degree from the University of Kentucky. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Going down, scanning the plant, pest, is there a disease, brightness? Webb is from Kentucky, where 16% of residents are I'm Jason Moser, thanks for listening, and we'll see you next week. We can have all the technological tools in the world, but at the end of the day we have to put people at the center of the equation.. If you look at the grocery and then you go, wait a second. Dr. Webb graduated at the University of California San Diego School of Medicine. We're ramping up and scaling quickly. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed.
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