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. Everybody has full healthcare. 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. 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. You mentioned your children. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? He has also held roles in movies and television series. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. But being true to our ESG values, we think it is a competitive advantage and going to make us more competitive in the years to come. Jonathan received his bachelors degree from the University of Kentucky. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. To access all the content for free, please sign up by entering your email. The other thing is scale. 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. But the production we've left in the US is being grown in areas that are running out of water. Most people every day are just concerned about can they put food on the table? I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. You are speaking our language here at The Fool. Many of our early investors have been very helpful with the company, and we knew that we are not just building one facility, we're building an organization that's going to go toe-to-toe with agriculture and food, globally. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. But I wanted to ask you before we do, the Root AI acquisition. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. Were investing heavily in our future, so were spending heavily today, he said. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. I'm one of those people growing up I went to public schools here in Kentucky. The Art of Self Meditation: What Are the Benefits? Sometimes, it can even get us a few steps closer to saving he world. We're laser-focused on getting this right here. AppHarvest is an indoor farming company, so has massive greenhouses document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. He has many impressive accomplishments. 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." 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. That's because of our inefficient systems in the supply chain. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. The greenhouse will cost $97 million and span 60 acres. I don't think anybody thinks of farming from this perspective. But really its water and food first. Powered and implemented by Interactive Data Managed Solutions. I'm really excited to have you all as a recommendation in our service and hopefully, our members are too after talking with you today. Webb is an expert in reconstructive and arthroscopic surgery. I love your long-term focus. This article will briefly review the most important information. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. We could've raised capital privately on the balance sheet and kept building. You have labor concerns. If you want to know how wealthy he is, read on! You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. 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. It's about getting the industry to turn the corner at scale globally," Webb said. Webb: Well, I'll start by saying, anyone that is growing good, clean produce, without harsh chemical pesticides, I try to call them my colleagues, not competitors. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. It's a nice evolution in the investing world that we care more and more about it. Is there any one thing or is it a collection of many things? We were just talking earlier and you mentioned how you're in the DC area, it was fortunate that we had Steve Case, the founder of AOL, and he fundraised the rest. Its flagship facility is a 60-acre indoor farm in Morehead, a town of 8,000 in the foothills of the Appalachian Mountains, and it solely uses rainwater for its irrigation. The history of the world is in many ways the history of technology, and of our reactions to it. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. There's not going to be one food company feeding the world. I asked on a call earlier today, well, have you had issues hiring people? To make the world smarter, happier, and richer. 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. Copyright 2023 Surperformance. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told, Step aside, alt-protein: Bioplastics are the real agrifoodtech opportunity, The rise of the reused machines: Germanys E-Farm raises $5.3m Series A. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. 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. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. This commitment, at $10 per share, values the company at $1 billion. Then Jeff Obin, who is on our board and has been an early investor. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. What's that Harvest's secret sauce? We're feeding our country with people in Mexico who are making $5 a day. He played against Australia on 23 May. 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. You talk about sustainable. No, weve made some mistakes. 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 watch them, I watch their friends, the things that they care about. Project Access offers ESL/ESL classes, after school programs, and computer literacy. We want to be at Wendy's, we want to be at Walmart. No. 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? I know you're in the DC area. 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. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. Theyre designed to be safe around people. 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. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Very excited about the Root AI transaction. 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. We'll head down here and then I would start or I would end with what I started with. But if you look at the world, China and India account for 40% of the world's population. 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 The estimated value when the deal closes will be about a billion dollars for the company. I want to talk with you about in regard to AppHarvest. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Her estimated net worth is more than $15 million. With a 19% stake, CEO Jonathan Webb is the largest shareholder. Webb is a consultant orthopaedic physician and a board member of World Rugby. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. In the back of his mind, he wondered what he could do to help. I think we have seen some other players in the space that are starting. Get 5 free searches. FORTUNE may receive compensation for some links to products and services on this website. I go directly into the facility and talk to entry-level employees and people sweeping the floors. Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, ValueAct Capitals Spring Fund, Revolutions Rise of the Rest Seed Fund, Equilibrium Capital, and Narya the new VC firm co-founded by JD Vance, author of best-selling Appalachian memoir Hillbilly Elegy. 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. Brooke DiPalma is a producer and reporter for Yahoo Finance. We have one farm right now thats 2.8 million square feet. What's the technology that you are looking toward to help you change this space? But with that said, what we have at AppHarvest is fairly unique. In 1985, he joined Bristol Rugby and won the John Player Cup. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. We're one of four companies that are publicly traded that have both of those as a company. Jonathan Webb's Appharvest shares are currently valued at $20.96M. 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. On Twitter, the actor shares his personal experiences with his followers. Required fields are marked *. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. It means transparency. But for us, it's not a back-and-forth, it's not OK, well, I'm going to invest in an ESG company and I'm going to sacrifice profitability. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. 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. 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. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. Jonathan Webb was born on 24 August 1963, in London, England. Moser: That's exciting. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Of course, the future is what really matters. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Webb is one of very few knee surgeons to have played for both the England-France national teams. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. Thank you for your continued support. One, our geographic location. Moser: Yeah, absolutely. There are many sources of information on Jonathan Webbs networth. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. 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. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. *Average returns of all recommendations since inception. As founder and CEO of AppHarvest, Ive been listening to a podcast called The Future of Farming and Investing, where Jonathan Webb discusses how AppHarvest has built a three-million-square-foot indoor farm, twice as large as Amazons largest distribution center. Founder & CEO at AppHarvest. In the same year, he scored his second try after just 23 seconds. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. Part of it is that building big stuff fast in the US is very hard. 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. 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. Location: Pikeville, KY. Add to My Lists. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. But one thing we'd like to talk about is competitive advantage, what makes a company special? When he says sustainable, he doesnt just mean that in an environmental sense. Webb is a consistent presence at the companys flagship greenhouse in Morehead. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. 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.. 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. 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. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. Moser: Well, you said it on the call. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. For example, we use integrated pest management, good pest to kill bad pest. 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 FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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 Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. I mean, all of the stuff that you just talked about really does matter. He has successfully completed over 200 operations using the Mako machine. 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. The Motley Fool owns shares of and recommends Tesla. Going down, scanning the plant, pest, is there a disease, brightness? 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. Because it is cutting-edge technology. It sounds like there's a lot of potential there. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. "Tech for good the consumer wants it. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. Europe, Menlo Park, China), Where the person is located (e.g. Get 5 free searches. I know that you're not the only one focused on controlled environment agriculture. He was born into a medical family. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. Look at how many times in the last few years you've had leafy greens yanked off store shelves. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. 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. Jason Moser has no position in any of the stocks mentioned. We've had one of our wettest decades on state record. 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. 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 But the journey hasnt been without pitfalls. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. You have to judge yourself internally. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. Webb: The industry is at an inflection point. 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. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. 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. [laughs] This is something I'm very passionate about. You have food safety concerns. ", 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. The same way there won't be one energy company powering the world. Typically, you would do 40 to 60 meetings to get a couple of investors. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Let's force that rigor early. But if you look at the current food system today, it's high fructose corn syrup, it's sugary food that has low nutrient density. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. To get started investing, check out our quick-start guide to investing in stocks. 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's therefore worth looking at AppHarvest's earnings history below. We dont talk about this at all in the US. Moser: Yeah, I'd tell you, I think you're right. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. Eventually, he found the right problem to solve. 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. 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. 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.