Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. What's that Harvest's secret sauce? Since then, AppHarvest shares have plunged 70%. If you want to know how wealthy he is, read on! 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. I mean, I think that kind of speaks for itself. In the latter, Webb was the only English player to score in the game. Moser: Well, you said it on the call. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The greenhouse will cost $97 million and span 60 acres. But I think there are a lot of benefits that come with that. Look at the open fields in Mexico. It's nearly impossible to have full transparency. Linked companies : AppHarvest, Inc. Summary. We're going to be headquartered in Central Appalachia, execution at scale here in the U.S. but this is a global problem that we've gotten phone calls from around the world about how and when we can take our solution and go elsewhere. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. The history of the world is in many ways the history of technology, and of our reactions to it. I want to talk with you about in regard to AppHarvest. I'm Jason Moser, thanks for listening, and we'll see you next week. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. We're investing in our workforce. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. Jonathan Webb was born on 24 August 1963, in London, England. 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. It doesn't need to be one or the other, it needs to be both, and we're happy to be a bit of a public benefit corporation and B Corp certified. What are you trying to accomplish? We can better understand what product we are going to have available? It means transparency. AppHarvest. Learn More. We don't want to be selling just to the high-end. 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. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. Three thoughts on leadership from the founder and CEO He also has experience in civil litigation and Title IX proceedings. WebFounder & CEO, AppHarvest Kentucky native and University of Kentucky graduate Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. With a 19% stake, CEO Jonathan Webb is the largest shareholder. Age : 37. I hope you enjoy our conversation. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. All rights reserved. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. I pay attention to my kids. We've just been selling product for a matter of months. Most people every day are just concerned about can they put food on the table? Webb: Well, we built the company from day one. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. I think it's clear that investors should really be excited for the future of AgTech. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Europe, Menlo Park, China), Where the person is located (e.g. *Average returns of all recommendations since inception. 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. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Webb made a second appearance for England, and reached the final. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Eventually, he found the right problem to solve. 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. 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. He also received his medical license from Minnesota. It's so cool to think about what you guys are doing there. We love DC, but we don't want to just be selling to the high-end restaurants in DC. People, planet, wonderful, but I'm trying to make money. 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. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. Webb was raised in a white-bread, wealthy family. KY-based AppHarvest admits serious concerns about its Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. By us running on completely recycled rainwater, we have no water cost. What is AppHarvest to you? Webb was named a World Rugby Council RFU representative in 2016. 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. One, our geographic location. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." We pay every employee at AppHarvest a living wage. We dont talk about this at all in the US. Webb is a consistent presence at the companys flagship greenhouse in Morehead. 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. Were investing heavily in our future, so were spending heavily today, he said. We want to be selling to 90% of America. 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. 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. 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. He has many impressive accomplishments. That's not the conversation at all. Typically, you would do 40 to 60 meetings to get a couple of investors. This is a BETA experience. Very excited about the Root AI transaction. 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. 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. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. 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. But with that said, what we have at AppHarvest is fairly unique. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. His military experience allows him to leverage private capital for his projects. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Moser: Yeah. 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. AppHarvest is recovering from a challenging third quarter, in which it reported a net loss of over $17 million; Webb attributes it to hyper-growth. When he says sustainable, he doesnt just mean that in an environmental sense. I love that passion. 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. 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. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. This helped the Army reach its goal of 20% renewable energy by 2025. A full transcript follows the video. AppHarvest 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. 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 You are speaking our language here at The Fool. How do you feel about coming public a lot earlier than you probably would've normally? We talk about how, Well, I mean speaking of a publicly traded company, you just released your first-quarter results, and I think this was your first full quarter as a publicly traded company. Why? We've been very fortunate and humbled that the Root AI team is fully a part of the AppHarvest team building robotics that's operating on AI, collecting data. I think they certainly will be. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Webb is a highly-respected knee surgeon in the United States. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. CEOs can get lazy and only worry about the last 90 days; thats easy. 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! In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. You mentioned your children. We could've raised capital privately on the balance sheet and kept building. 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. 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. Webb: We could not be more excited. 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.). The other thing is scale. But if we do the work to center the people who benefit from that technology in the middle of the conversation, then progress doesnt have to be a bad thing. Moser: Yeah, absolutely. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. AppHarvest If you look at the grocery and then you go, wait a second. He has also held roles in movies and television series. 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 AppHarvest I asked on a call earlier today, well, have you had issues hiring people? Then we have to remember this isn't just a U.S. problem we're trying to solve. 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.". We're really in the business of packaging up water and then shipping that out to major markets and then beyond that execution at scale. I write about the future of food, business, and culture. Offers may be subject to change without notice. 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. I have a 16 and then going on 15-year-old daughters. 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.. Jonathan Webb is an actor with a large following on Twitter. But one thing we'd like to talk about is competitive advantage, what makes a company special? We always talk about investing for the future because that's really what investing is all about. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. Good CEOs do both., Given the rapidly worsening climate outlook, all founders should focus on building a business that will be more powerful in 30 years than it will in 30 days, he said. A Kentucky native and University of Kentucky graduate, Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. WebJonathan Mark Webb net worth is $800,000 Jonathan Mark Webb Wiki: Salary, Married, Wedding, Spouse, Family Jonathan Webb is an actor, known for Graffiti Bridge (1990), In Earlier this year we did get listed on the Nasdaq. Project Access, Inc. was founded by Mr. Webb in 1999. If you look at AppHarvest, what are we doing? WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. 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. 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. 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. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. 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. This year alone, more than 50 SPACs have been formed in the US, collectively raising. People don't leave purpose-driven companies, AppHarvest CEO says One of AppHarvest's mobile units ready to fight the food fight, outside of AppHarvest's offices in [+] Lexington, Kentucky, If we cant treat people with dignity and respect who put food on our table, where do we think humanity is going to end up? Those are always famous last words as we move into some disruptive phase. Clearly, the younger generation is coming up, sustainability matters, better food matters. If I can sell you a grocer, a product at around the same price, what are we solving for? 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." AppHarvest I think that's going to be something that just continues to get into the public's mind. Your email address will not be published. AppHarvest is an indoor farming company, so has massive greenhouses They ask themselves, Did we help five people today? "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. I'm one of those people growing up I went to public schools here in Kentucky. We have to figure out how to grow a lot more food with a lot less resources and we can use that by utilizing technology and infrastructure to grow fruit and vegetables with 90% less water and get about 30 times yield per acre. 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. Our team is built to scale and you look at where we're at today, we've launched our first facility. That's our headquarters. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. To access all the content for free, please sign up by entering your email. 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? The regulators are pushing that direction. But really its water and food first. We've had record amounts of rainfall. 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.. Below, we look at some of his most popular tweets. Dr. Webb graduated at the University of California San Diego School of Medicine. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. We just want to be one of those and we're cognizant that there's going to be plenty of large players. 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. FORTUNE may receive compensation for some links to products and services on this website. Is there a benefit? Despite the off quarter, Webb has much to celebrate. But I wonder, is there something to your mind? The estimated value when the deal closes will be about a billion dollars for the company. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. The first harvest at its Morehead facility is slated for early 2021. He represented his country in 33 Test matches and played for Bristol and Bath. Brooke DiPalma is a producer and reporter for Yahoo Finance. Webb doesnt mince words on the specifics; the most valued companies in 100 years, he said, will be the ones that allow humanity to survive. He names a few: electronic vehicle manufacturers, renewable energy companies.
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