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. His final international was against Ireland in March 1993. 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.. Three thoughts on leadership from the founder and CEO Again, the private markets get a very bad rap socially. Were investing heavily His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Save my name, email, and website in this browser for the next time I comment. Webb Net Worth 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. CEOs can get lazy and only worry about the last 90 days; thats easy. Its the single largest LED installation in the United States despite using constant passive solar, waters its plants using recycled rainwater, employs an integrated pest management system to avoid any pesticides, has a 30x higher production yield than traditional open field agriculture, and has the ever so modest goal of transforming the future of agriculture. That's because of our inefficient systems in the supply chain. The actor regularly posts photos and videos of himself, as well as engaging with his fans. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. In the 1987 Rugby World Cup, Webb made his debut for England. As I was listening, there was a quote, you said, "We are farmers and futurists." AppHarvest CEO envisions 'couple-decade journey' after going public 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. 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. 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. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. I think you really keyed in on something important there, a 30-year journey. 20years ago it was renewable energy. All of our water is captured on our roof. I was very fortunate. AppHarvest knows its far from being the only player in the CEA game. The other thing is scale. AppHarvest Were investing heavily in our future, so were spending heavily today, he said. 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.. Everybody has full healthcare. In the same year, he scored his second try after just 23 seconds. Part of it is that building big stuff fast in the US is very hard. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. We dont have two planets though, so Webb got creative. 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. 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. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. 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. This year alone, more than 50 SPACs have been formed in the US, collectively raising. Did we help them reach their goals? This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. My competition in Mexico, you have people getting paid $5 a day. 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. The regulators are pushing that direction. 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. "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). Again, if we look at agriculture, there's a lot of trouble in our current agriculture system and we can use ESG metrics to clean up our food supply and create better food systems. I'm sitting in the heart of coal country right now. I made the point at one point in regard to AppHarvest. WebJonathan Webb. It means transparency. They can be competitive. We don't want to be selling just to the high-end. When youre building tech for techs sake, you start to question what youre doing. Your email address will not be published. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. All Rights Reserved. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. "Tech for good the consumer wants it. We'll head down here and then I would start or I would end with what I started with. He holds a legal degree from the University of Natal as well as the University of Cape Town. Location: Pikeville, KY. Add to My Lists. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. I love that passion. We could've raised capital privately on the balance sheet and kept building. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. 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. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Then we have to remember this isn't just a U.S. problem we're trying to solve. Your email address will not be published. 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 sources by leveraging private sector capital for the projects. 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.". Webb: Well, thank you and thank you for having me, and we've got a lot of work to do here, but I can assure you we're head down building and look forward to continuing the conversation another time. AppHarvest. Jonathan received his bachelors degree from the University of Kentucky. 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. Yes, we're using nature for what it's good. We thought in order to build an organization that's going to be selling to the top grocers. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. Webb is a highly-respected knee surgeon in the United States. ESG should be at the core of profitability and it should be at the core of building a resilient company. He has also held roles in movies and television series. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. Webb is from Kentucky, where 16% of residents are below the poverty line, and when the coal jobs dried up, nothing came in to replace them. Thank you for accessing our content on the Topio Networks Market Intelligence Center. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. I graduated from the University of Kentucky. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. Why locate in Appalachia? To access all the content for free, please sign up by entering your email. 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. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. WebAppHarvest salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like AppHarvest based on real He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. 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. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. Jonathan Webb grew up in Kentucky and has been committed to developing For example, we use integrated pest management, good pest to kill bad pest. According to Webb, going public has helped the company focus on the big picture. We have one farm right now thats 2.8 million square feet. AppHarvest In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. Europe, Menlo Park, China), Where the person is located (e.g. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest While living in Washington D.C. developing sustainable energy farms, Jonathan researched another type of farming the Netherlands and its high-tech greenhouses that in a single acre yield as much as 10 outdoor acres and virtually eliminate the use of chemicals. Jonathan has a Bachelors degree from the University of Kentucky in Business. 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 grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. 2023 Fortune Media IP Limited. 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 pay every employee at AppHarvest a living wage. No. 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. Karrie, on the other hand, has not disclosed her salary or income. It feels like this is something that really is just getting some traction here. 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.. 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. One, our geographic location. "In less than The estimated value when the deal closes will be about a billion dollars for the company. Brooke DiPalma is a producer and reporter for Yahoo Finance. Public asset : 44,698,475 USD. For the fourth quarter AppHarvest CEO envisions 'couple-decade journey' after going public I'm sure it was an exciting time. People at large tech companies question what theyre actually building. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. 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. CSC Leasing: Non-dilutive Funding for AgTech Startups, Americas Cultivation Corridor: We Grow AgTech Innovation, As demand for protein grows Sustainable Planet bets on water lentils as a viable alternative to soya, How not to fail in vertical farming: Be on guard for hubris, say Indoor Ag-Con speakers, International Fresh Produce Association launches 2023 Fresh Field Catalyst Accelerator program, BREAKING: Perfect Day animal-free dairy patent in US challenged, What is the role of biotech in an ethical food system? Of course, the future is what really matters. 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. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. We want to be at Wendy's, we want to be at Walmart. 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. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. 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. In 1985, he joined Bristol Rugby and won the John Player Cup. 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. You have labor concerns. Why is that important? 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. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. St John Greek Orthodox Church Easter Schedule, 7 Residential Solar Maintenance Errors and How to Avoid Them, 4 Errors with Kitchen Renovations and How to Avoid Them, An Informative Guide to Livestock Transportation, A Tool That You Need If You are Into Live Stream. 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. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. Invest better with The Motley Fool. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. AppHarvest: Transforming The Future Of Agtech, And Maybe The I'm Jason Moser, thanks for listening, and we'll see you next week. For us, we're looking at metrics, how can we be more sustainable? Well, you need water you need food, and you need energy. But I wonder, is there something to your mind? 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. That to me, was in a nutshell what it's all about. sold to the top 25 U.S. grocers. Moser: Yeah. That world will look pretty different from the one we live in now, but Lessing assured me that even as AI gets firmly integrated into agriculture, AppHarvests robots are, fundamentally collaborative. There are many sources of information on Jonathan Webbs networth. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. We've just been selling product for a matter of months. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. A full transcript follows the video. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. Purpose At Work: How AppHarvests On A Mission To Help People don't leave purpose-driven companies, AppHarvest CEO says What makes AppHarvest so unique? We use completely recycled rainwater. 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. I think it's clear that investors should really be excited for the future of AgTech. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. Are we perfect? He also received his medical license from Minnesota. I want to talk with you about in regard to AppHarvest. Get 5 free searches. We use bees to pollinate our plans. We always talk about investing for the future because that's really what investing is all about. Learn More. There won't be one automotive company transporting the world. I have no doubt that we will. In the latter, Webb was the only English player to score in the game. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. They have 10% of the world's freshwater. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. Then Jeff Obin, who is on our board and has been an early investor. Project Access offers ESL/ESL classes, after school programs, and computer literacy. We're one of four companies that are publicly traded that have both of those as a company. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. 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. Typically, you would do 40 to 60 meetings to get a couple of investors. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. The Motley Fool recommends AppHarvest, Inc. Making the world smarter, happier, and richer. Same platform but with new and improved features. Webb: Well, we built the company from day one. Offers may be subject to change without notice. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. 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. Here are five relaxing scents you can use in your bedroom. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and AppHarvest Operations, Inc., Jonathan Webb is an entrepreneur who is Chairman & Chief Executive Officer of AppHarvest, Inc. and Chairman & Chief Executive Officer of AppHarvest Operations, Inc. (a subsidiary of AppHarvest, Inc.). I asked on a call earlier today, well, have you had issues hiring people? So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. 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. 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Going down, scanning the plant, pest, is there a disease, brightness? 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. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. I mean, I think that kind of speaks for itself. This is still a very new space though. WebJonathan Webb, the CEO of AppHarvest, says water scarcity is a growing national security concern as a heatwave continues to wreak havoc on the West Coast. I know that you're not the only one focused on controlled environment agriculture. But I wanted to ask you before we do, the Root AI acquisition. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll 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. I go directly into the facility and talk to entry-level employees and people sweeping the floors. WebInside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional The fired Google engineer who thought its A.I. Jonathan Webb is a dual-qualified lawyer. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. 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 AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). "For us, at AppHarvest, this isn't just about a company. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. Thats why AI scares people, we know tech can be used just as coldly as anything else. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors.