Since then, AppHarvest shares have plunged 70%. ESG should be at the core of profitability and it should be at the core of building a resilient company. I have a 16 and then going on 15-year-old daughters. He has successfully completed over 200 operations using the Mako machine. But in its entirety not only do we have a problem we want to solve, we have a place in the world that wants to solve it with us., A crop care specialist carries boxes of tomatoes through a column of crops, pruning as she goes, I got to visit AppHarvest in November, and the sheer enthusiasm Webb has built in his staff is phenomenal. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. We're feeding our country with people in Mexico who are making $5 a day. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. Invest better with The Motley Fool. In order to do that, you have to have rigor. We've had one of our wettest decades on state record. Moser: That's going to do it for us this week, folks. Jonathan received his bachelors degree from the University of Kentucky. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. I was very fortunate. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. Because it is cutting-edge technology. The regulators are pushing that direction. Let's force that rigor early. Use our online form to book an appointment with Dr. Webb. Brooke DiPalma is a producer and reporter for Yahoo Finance. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. "And we don't think we could do that if we weren't in the public markets.". That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. 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. Webb is an expert in reconstructive and arthroscopic surgery. Those are always famous last words as we move into some disruptive phase. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. If you look at AppHarvest, what are we doing? We'll talk a little bit about that in just a second. 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. No, weve made some mistakes. AppHarvest raised over $475 million in a public IPO, but it is not over. Most people every day are just concerned about can they put food on the table? You have to judge yourself internally. We're one of four companies that are publicly traded that have both of those as a company. We dont talk about this at all in the US. The world's food and agriculture problems are not going to be solved overnight. 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 graduated from the University of Kentucky. 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. They're not going to be solved in a month or a year or a quarter and we just want to build an organization that's going to be able to go toe-to-toe with the larger incumbents out there, and the best way to do that is to have that rigor of being a publicly traded company. 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. I love your long-term focus. For example, we use integrated pest management, good pest to kill bad pest. No one else in America is doing something at that scale. ET More on the future of agriculture and vertical farming innovator A full transcript follows the video. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. 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. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. With a 19% stake, CEO Jonathan Webb is the largest shareholder. 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. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. There's a lot of different ways to go public and at the time and we did it, and I think it was definitely the best decision for us at the time. We need to change the profits versus purpose narrative; purpose drives profit and, ultimately, is what makes an organization durable and resilient for decades to come, Webb told Fortune. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. His vision of the future of farming and much, much more. When is it going to be able to ship? We have a lot of work to do ahead of us over the years to come. The history of the world is in many ways the history of technology, and of our reactions to it. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Your email address will not be published. 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. Again, the private markets get a very bad rap socially. We want to be at Wendy's, we want to be at Walmart. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. Were investing heavily We always talk about investing for the future because that's really what investing is all about. Is there a benefit? Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. 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. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and Age : 37. Jonathan Webb is a dual-qualified lawyer. Jonathan has a Bachelors degree from the University of Kentucky in Business. We're ramping up and scaling quickly. Get the latest news and research from AFN & AgFunder in your inbox. 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. David and Tom just revealed what they believe are theten best stocks for investors to buy right now and Walmart wasn't one of them! FORTUNE may receive compensation for some links to products and services on this website. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. WebJonathan Webb. When he says sustainable, he doesnt just mean that in an environmental sense. Look at how many times in the last few years you've had leafy greens yanked off store shelves. 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. 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. That's, for us, again, there's a piece where we need to be very close to the product and that's we're optimizing for the plant. 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. CEOs can get lazy and only worry about the last 90 days; thats easy. 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. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. I made the point at one point in regard to AppHarvest. As I was listening, there was a quote, you said, "We are farmers and futurists." Are we perfect? There are many sources of information on Jonathan Webbs networth. 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. Then by the end of the year in 2022, we'll have five facilities operating. Appharvest has WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. The agriculture-tech startup raised $250,000 in its first round of seed capital in February 2018, AppHarvest CEO and founder Jonathan Webb told Insider. What makes AppHarvest so unique? 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.. 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. Who were the most active food and agriculture technology venture capital firms in 2022. I write about the future of food, business, and culture. Project Access offers ESL/ESL classes, after school programs, and computer literacy. That's how quickly the energy industry shifted. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. Thats why AI scares people, we know tech can be used just as coldly as anything else. I know you're busy. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. We could've raised capital privately on the balance sheet and kept building. He represented his country in 33 Test matches and played for Bristol and Bath. Maintaining that inclusive work culture, especially since he works in agriculture, is incredibly important to Webb, who aims to do everything from a place of empathy and considers his employees to be his first customers. AppHarvest. On Twitter, the actor shares his personal experiences with his followers. 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. 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. Is there any one thing or is it a collection of many things? Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Eventually, he found the right problem to solve. 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. Save my name, email, and website in this browser for the next time I comment. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Jonathan Webb grew up in Kentucky and has been committed to developing Well, I mean speaking of a publicly traded company, you just released your first-quarter results, and I think this was your first full quarter as a publicly traded company. WebJonathan Mark Webb net worth is $800,000 Jonathan Mark Webb Wiki: Salary, Married, Wedding, Spouse, Family Jonathan Webb is an actor, known for Graffiti Bridge (1990), In This helped the Army reach its goal of 20% renewable energy by 2025. 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. Webb was named a World Rugby Council RFU representative in 2016. For us, this year, it's less about the dollars and more about hitting our targets and we were able to hit our Q1 guidance and ramp up our facility to, later on, this year by Q4, we'll be at full capacity in Q3 and Q4, selling tomatoes out of this facility in more Kentucky. But the journey hasnt been without pitfalls. Webb: You said you didn't want to talk the rest of the day about ESG, right? The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. The human spirit is willing to do a lot. You have food safety concerns. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We're a public benefit corporation, and we're B Corp certified. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person, How AppHarvest Is Investing in the First Generation of High-Tech Farmers, AppHarvest May Not Be a Tasty Investment Yet, Agtech company AppHarvest debuts produce in select grocery stores, AppHarvest hires Impossible Foods David Lee as president, AppHarvest hires chief communications officer, Watch NASAs James Webb Space Telescope do high-tech origami, Varsity Spirits Webb on Bolstering the Middle Class, Jimmy Webb, Purveyor of Punk Fashion, Is Dead at 62, James Webb Space Telescope Successfully Deploys Its Mirror for the First Time. What's that Harvest's secret sauce? The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. Clearly, the younger generation is coming up, sustainability matters, better food matters. Yahoo Finance's Julie Hyman at the 2022 SXSW Conference, 3 big things in investing you might have missed this week, UPDATE 1-North Korea says US causing international arms control collapse, EU releases funds, prepares aid flight for eastern Congo, Rheinmetall in talks on building tank factory in Ukraine - report, Ukraine Latest: Metsola Urges More Sanctions Pressure on Russia. 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 He has many impressive accomplishments. I want to talk with you about in regard to AppHarvest. He played against Australia on 23 May. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. 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. Very excited about the Root AI transaction. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. The method of farming uses technology like artificial intelligence and robotics to grow fruits and vegetables, producing 30 times the yield of traditional farming while using 90% less water, the company claims. He practices at Mayo Clinic Hospital Eau Claire. 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. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. We hit our Q1 guidance, $2.3 million in revenue. But one thing we'd like to talk about is competitive advantage, what makes a company special? Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. Cost basis and return based on previous market day close. Let's let the consumer of our product also be the buyer in our company. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. He completed a fellowship in Australia at North Sydney Orthopaedic and Sports Medicine Centre and has worked in many high-profile clinics in the area. Jonathan Webb is an actor with a large following on Twitter. 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. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll 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. Typically, you would do 40 to 60 meetings to get a couple of investors. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. Here are five relaxing scents you can use in your bedroom. This year alone, more than 50 SPACs have been formed in the US, collectively raising. We have high demand for U.S.-grown and pesticide-free produce already, and when you combine that with the taste, color, and freshness of the AppHarvest model, on top of their social mission, it's driving our customers to ask for more." Then we'll be able to give that data over to the grocer in more real-time. Sustainable investor Equilibrium I know that you're not the only one focused on controlled environment agriculture. Consumers are pushing back. Jason Moser: It's Wednesday, May 26th, I'm your host, Jason Moser, and we've got a terrific interview to share with you on this week's Wildcard Wednesday show. No one else in America is doing something at that scale. It sounds like there's a lot of potential there. 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 about getting the industry to turn the corner at scale globally," Webb said. In 1985, he joined Bristol Rugby and won the John Player Cup. ", As a CEO, Webb admitted that this focus on the long-term outlook has not been easy to prove to Wall Street, especially when compared to those who are "selling a worthless product that's not good for people and not good for planet and arguably questionable for shareholders. AppHarvest is an indoor farming company, so has massive greenhouses Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Webb was raised in a white-bread, wealthy family. I don't know that we're going to have enough time, but let's just start first and foremost this is one of our most recent recommendations in our service. We've been very fortunate and humbled that the Root AI team is fully a part of the AppHarvest team building robotics that's operating on AI, collecting data. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. AppHarvest CEO envisions 'couple-decade journey' after going public My answer to that is always; sustainability is profitability. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. 2023 Fortune Media IP Limited. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. You may opt-out by. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Project Access, Inc. was founded by Mr. Webb in 1999. To me, at least, it feels like we are at the [] of a disruptive phase here, and a lot of that is thanks to technology. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Did we help them reach their goals? Jonathan Webb was born on 24 August 1963, in London, England. You said that we're a technology company working to disrupt agriculture. Webb made a second appearance for England, and reached the final. 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.. In its Nov. 7 filing, AppHarvest reported net losses of $83 million for the first nine months of the year and net sales of $10 million, with an accumulated deficit of $270 million. You have climate disruption. His fund's based in DC, we had them as early investors. 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 greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. The other thing is scale. That to me, was in a nutshell what it's all about. 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. Moser: Yeah. In the 1987 Rugby World Cup, Webb made his debut for England. 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. Her estimated net worth is more than $15 million. He was born into a medical family. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. How do they plan on achieving that goal? He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. 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. We have a phenomenal team of sustainability experts. He holds a legal degree from the University of Natal as well as the University of Cape Town. By the end of next year, we'll have five operating facilities. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. We can get to 70% of the U.S. in a one-day drive. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. In the latter, Webb was the only English player to score in the game. 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. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. It's a nice evolution in the investing world that we care more and more about it. 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. There's not going to be one food company feeding the world. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. 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. We have a phenomenal growing team. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. 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. His final international was against Ireland in March 1993. I think we have seen some other players in the space that are starting. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the Yes, we're using nature for what it's good. I think it's clear that investors should really be excited for the future of AgTech. I hope you enjoy our conversation. 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. Earlier this year we did get listed on the Nasdaq. Now, our job is to make sure it's at around the same price. We want to be at Kroger. That's because of our inefficient systems in the supply chain. Thanks as always to Tim Sparks for putting the show together for us. Webb is a consultant orthopaedic physician and a board member of World Rugby. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. People at large tech companies question what theyre actually building. 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. The same way there won't be one energy company powering the world. 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. We take that long term approach, we don't view things by quarter. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. 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