Save my name, email, and website in this browser for the next time I comment. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address key issues including improving access for all to nutritious food, farming more sustainably, building a homegrown foods supply, and more. For example, we use integrated pest management, good pest to kill bad pest. 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. Yes, we're using nature for what it's good. Jonathan Webb currently follows over 1 million people. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. He is an ex-rugby player who represented England from 1987 to 1993, reaching the World Cup Final and winning two Five Nations grand slam titles. Typically, you would do 40 to 60 meetings to get a couple of investors. more. I hope you enjoy our conversation. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. The history of the world is in many ways the history of technology, and of our reactions to it. 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. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. 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. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. 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. What's that Harvest's secret sauce? Her estimated net worth is more than $15 million. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. 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. I made the point at one point in regard to AppHarvest. "You look at renewable energy 20 years ago, electric vehicles 10 years ago, if we want to get CEA to be institutional at scale, not only in households with consumers, you really need that rigor of the public markets and that attention of the public markets to help institutionalize an industry," he said. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. Then by the end of the year in 2022, we'll have five facilities operating. He often sleeps in an RV outside the construction site of its second facility. Webb is a consistent presence at the companys flagship greenhouse in Morehead. The company is building some of the largest indoor farms in the world, combining conventional agricultural techniques with todays technology to grow non-GMO, chemical-free produce to be. 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. 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. We're one of four companies that are publicly traded that have both of those as a company. 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, . Typically, you would do 40 to 60 meetings to get a couple of investors. 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 Jonathan Webb is an actor with a large following on Twitter. I don't think anybody thinks of farming from this perspective. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. The same way there won't be one energy company powering the world. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. Making the world smarter, happier, and richer. 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.. 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 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.". 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. Webb is a consultant orthopaedic physician and a board member of World Rugby. I have a 16 and then going on 15-year-old daughters. FORTUNE may receive compensation for some links to products and services on this website. 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. Theyre designed to be safe around people. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. Again, the private markets get a very bad rap socially. 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. All of our water is captured on our roof. To get started investing, check out our quick-start guide to investing in stocks. Webb is one of very few knee surgeons to have played for both the England-France national teams. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. 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! We take that long term approach, we don't view things by quarter. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. Invest better with The Motley Fool. Even though you entered at such a young stage of your business, You essentially were pre-revenue coming into the public markets, and now, you're just getting that started. Cell ag experts weigh in, Keep calm and carry on: Navigating the trough of disillusionment for plant-based meat, Its been a very dark week Miyoko Schinner hits back as company accuses her of hatching plot to steal IP, With $3bn in deals, top 10 climate x agrifoodtech startups prove themselves a vital part of climate tech ecosystem, BII eyes full-stack startups, ag marketplaces & embedded financing as it earmarks funds for Africa, Smoke & mirrors, not worth the extra cost: 50 US farmers speak out on carbon markets. monitored for quality control 24/7 and harvested robotically. You talk about sustainable. [laughs] This is something I'm very passionate about. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. They can be competitive. Cost basis and return based on previous market day close. 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. In 1985, he joined Bristol Rugby and won the John Player Cup. 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. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. They ask themselves, Did we help five people today? In the 1987 Rugby World Cup, Webb made his debut for England. Same platform but with new and improved features. Follow him on Twitter to get more updates. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. We pay every employee at AppHarvest a living wage. Part of it is that building big stuff fast in the US is very hard. Moser: Yeah. 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. He was born into a medical family. He practices at Mayo Clinic Hospital Eau Claire. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. By the end of next year, well quadruple that. Look at the open fields in Mexico. All rights reserved. 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. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? It's therefore worth looking at AppHarvest's earnings history below. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. If you want to know how wealthy he is, read on! He has many impressive accomplishments. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. I think it's clear that investors should really be excited for the future of AgTech. 2023 Fortune Media IP Limited. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Who were the most active food and agriculture technology venture capital firms in 2022. Terms & Conditions. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. The estimated value when the deal closes will be about a billion dollars for the company. There's not going to be one food company feeding the world. 20years ago it was renewable energy. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Webb was raised in a white-bread, wealthy family. I'm sitting in the heart of coal country right now. Jonathan received his bachelors degree from the University of Kentucky. The other thing is scale. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Going down, scanning the plant, pest, is there a disease, brightness? You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. I want to know what the problems are from them, not just our executive team. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. 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. "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.". The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. Your email address will not be published. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. The Art of Self Meditation: What Are the Benefits? I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. If I can sell you a grocer, a product at around the same price, what are we solving for? The world's food and agriculture problems are not going to be solved overnight. In the latter, Webb was the only English player to score in the game. 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. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. I was very fortunate. That's right -- they think these 10 stocks are even better buys. 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. Age : 37. But I wonder, is there something to your mind? Notify me of follow-up comments by email. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. We're laser-focused on getting this right here. By the end of next year, we'll have five operating facilities. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. 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. Webb was named a World Rugby Council RFU representative in 2016. What's the technology that you are looking toward to help you change this space? No one else in America is doing something at that scale. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Moser: Yeah. The Motley Fool recommends AppHarvest, Inc. Project Access, Inc. was founded by Mr. Webb in 1999. 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. 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. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. Let's force that rigor early. As I was listening, there was a quote, you said, "We are farmers and futurists." Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest His vision of the future of farming and much, much more. Powered and implemented by Interactive Data Managed Solutions. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. 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. 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. We can better understand what product we are going to have available? Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. 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. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. It's nearly impossible to have full transparency. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings., Webb describes the SPAC transaction and PIPE financing experience as absolutely phenomenal.. 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. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. It's so cool to think about what you guys are doing there. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. By us running on completely recycled rainwater, we have no water cost. 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. 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. Use our online form to book an appointment with Dr. Webb. 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. AppHarvest knows its far from being the only player in the CEA game. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. 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. You may opt-out by. Get the latest news and research from AFN & AgFunder in your inbox. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. The fired Google engineer who thought its A.I. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. We always talk about investing for the future because that's really what investing is all about. Well, you need water you need food, and you need energy. 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.
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