His Twitter account is one of the most popular on the social network. Going down, scanning the plant, pest, is there a disease, brightness? His vision of the future of farming and much, much more. Look at how many times in the last few years you've had leafy greens yanked off store shelves. The other thing is scale. 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 1985, he joined Bristol Rugby and won the John Player Cup. We have a phenomenal team of sustainability experts. They can be competitive. Non-planned trade are trades that document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. 95% of a fruit and vegetable is water. 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. Webb was raised in a white-bread, wealthy family. You have climate disruption. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? "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). 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. In the back of his mind, he wondered what he could do to help. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. Jonathan Webb Net Worth But I think there are a lot of benefits that come with that. How excited are you to bring that Root AI company in their leadership into your family? Webb is a highly-respected knee surgeon in the United States. "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.". If you look at the grocery and then you go, wait a second. 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. We want to be at Wendy's, we want to be at Walmart. 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. He practices at Mayo Clinic Hospital Eau Claire. This is becoming really a hot-button topic for a lot of investors, rightly so. I pay attention to my kids. Almost every company in the coal industry has gone bankrupt over the last 10 years. No. Appharvest Stock Ownership I think that's going to be something that just continues to get into the public's mind. There won't be one automotive company transporting the world. 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. Let's let the consumer of our product also be the buyer in our company. It's therefore worth looking at AppHarvest's earnings history below. That's not the conversation at all. 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. That's how quickly the energy industry shifted. 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. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. But one thing we'd like to talk about is competitive advantage, what makes a company special? Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll 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 have one farm right now thats 2.8 million square feet. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. But its confident in its approach. By us running on completely recycled rainwater, we have no water cost. He played against Australia on 23 May. 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. 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. But the production we've left in the US is being grown in areas that are running out of water. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. 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 Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. We want to be selling to 90% of America. 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. 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 arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. The greenhouse will cost $97 million and span 60 acres. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. We hit our Q1 guidance, $2.3 million in revenue. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. The Motley Fool owns shares of and recommends Tesla. To access all the content for free, please sign up by entering your email. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. 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. According to AppHarvest's earnings report released Feb. 24, the company had net sales of $9.1 million and net loss of of $166.2 million in 2021. 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.. 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. 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. But then what have we done with Root AI? ET More on the future of agriculture and vertical farming innovator AppHarvest Age : 37. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. You talk about sustainable. If you want to know how wealthy he is, read on! Karrie, on the other hand, has not disclosed her salary or income. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. I think you really keyed in on something important there, a 30-year journey. All of our water is captured on our roof. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. "For us, at AppHarvest, this isn't just about a company. He also received his medical license from Minnesota. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. But with that said, what we have at AppHarvest is fairly unique. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 No one else in America is doing something at that scale. We always talk about investing for the future because that's really what investing is all about. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Europe, Menlo Park, China), Where the person is located (e.g. Jonathan Webb currently follows over 1 million people. 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. 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 know you're in the DC area. 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. Is there any one thing or is it a collection of many things? 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. This commitment, at $10 per share, values the company at $1 billion. AppHarvest CEO envisions 'couple-decade journey' after going public Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. 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. Her estimated net worth is more than $15 million. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? 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 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. The regulators are pushing that direction. 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, . Webb is a consistent presence at the companys flagship greenhouse in Morehead. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. When is it going to be able to ship? Three thoughts on leadership from the founder and CEO AppHarvest AppHarvest 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. Since then, AppHarvest shares have plunged 70%. I hope you enjoy our conversation. AppHarvest Founder & CEO on company's public debut via SPAC Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Opinions expressed by Forbes Contributors are their own. 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 You have labor concerns. 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. Webb started his professional career in 1989 as a Durban maritime lawyer firm. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. 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.). Putting a retention pond, we filter it with no chemicals and we're able to run our facility. Sometimes, it can even get us a few steps closer to saving he world. 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. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. AppHarvest to go public, seeks $475m at $1bn valuation - AFN Why is that important? Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. Investors Dig Into AppHarvest | The Motley Fool - Nasdaq 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. That's because of our inefficient systems in the supply chain. We dont talk about this at all in the US. No. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. 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. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. 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? Brooke DiPalma is a producer and reporter for Yahoo Finance. 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. The project aimed to help achieve an Obama-era goal of ensuring the militarys hundreds of installations develop resilient on-site power generation and receive 20% of their electricity from renewable sources by 2025. Moser: Well, you said it on the call. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. 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. The actor regularly posts photos and videos of himself, as well as engaging with his fans. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. 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. In our first month or two, we're already at all those outlets. The history of the world is in many ways the history of technology, and of our reactions to it. 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. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Its easier than ever to find a trustworthy doctor. 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. People at large tech companies question what theyre actually building. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Then we'll be able to give that data over to the grocer in more real-time. 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. I think we have seen some other players in the space that are starting. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. But the futuristic pieces, we've combined a technology team with a great plant science group. Remember, you can always reach out to us on Twitter at @MFIndustryFocus, or drop us an email at [emailprotected] As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. 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. 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. AppHarvest Went From Seed to $1 Billion in Just 3 Years If you look at AppHarvest, what are we doing? Because it is cutting-edge technology. By being able to have robotics and AI they can have more real-time information. Jason Moser has no position in any of the stocks mentioned. He has many impressive accomplishments. 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. Invest better with The Motley Fool. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. I graduated from the University of Kentucky. You are speaking our language here at The Fool. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. We have a lot of work to do ahead of us over the years to come. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. 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 His final international was against Ireland in March 1993. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. 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. 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. AppHarvest raised over $475 million in a public IPO, but it is not over. Linked companies : AppHarvest, Inc. Summary. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO,