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. You mentioned your children. The Motley Fool has a disclosure policy. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. You may opt-out by. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? AppHarvest Use our online form to book an appointment with Dr. Webb. I graduated from the University of Kentucky. If you look at AppHarvest, what are we doing? Those are always famous last words as we move into some disruptive phase. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. That's our headquarters. 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. Theyre looking for purpose in their life; theyre looking for companies like us.. What weve proven through a global pandemic is that we can build one of the largest facilities in the world on time, on budget, at a record pace.. We're focused on bringing that production back from Mexico that has been shifted outside of the U.S. and bring that back into the U.S. in a controlled environment. 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. But its confident in its approach. 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Very few passed on this deal and we eventually had to cancel meetings.. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. Webb was named a World Rugby Council RFU representative in 2016. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. 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. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. I think that's going to be something that just continues to get into the public's mind. Jonathan Webb Net Worth But then there's the other side, and introducing robotics that's operating on AI, that's collecting data in our facility and making data-driven decisions. I made the point at one point in regard to AppHarvest. 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. If I can sell you a grocer, a product at around the same price, what are we solving for? WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. He also has experience in civil litigation and Title IX proceedings. FORTUNE may receive compensation for some links to products and services on this website. What makes AppHarvest so unique? You are speaking our language here at The Fool. We have one farm right now thats 2.8 million square feet. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our We always talk about investing for the future because that's really what investing is all about. Webb: We've been very fortunate that some of our investors and board members, Fidelity was the largest investor in our pipe during the public process, Jeff Ubben of Inclusive Capital, our Chief Sustainability Officer, Jackie Roberts came to us from the Carlyle Group, we're all very serious about this. It's so cool to think about what you guys are doing there. I know you're busy. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. 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. Then by the end of the year in 2022, we'll have five facilities operating. 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. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. You can also follow him on Instagram. Webb is from Kentucky, where 16% of residents are Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Then we'll be able to give that data over to the grocer in more real-time. 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. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. I fundamentally do not think its a tradeoff. 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. He was born into a medical family. Very excited about the Root AI transaction. We want to be selling to 90% of America. But I think there are a lot of benefits that come with that. All Rights Reserved. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. AppHarvest Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our We'll talk a little bit about your quarterly results here in a minute because I want to get into that, but one of the things that stood out to me in the earnings call. We just want to be one of those and we're cognizant that there's going to be plenty of large players. 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. To access all the content for free, please sign up by entering your email. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. 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. Were investing heavily 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. Jonathan Webb Net Worth - Bologny 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. But I wonder, is there something to your mind? There won't be one automotive company transporting the world. Notify me of follow-up comments by email. 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. 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. 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. 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. 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. more. Clearly, the younger generation is coming up, sustainability matters, better food matters. We hit our Q1 guidance, $2.3 million in revenue. Here are five relaxing scents you can use in your bedroom. Founder & CEO at AppHarvest. 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. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. 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. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. The Motley Fool recommends AppHarvest, Inc. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. People, planet, wonderful, but I'm trying to make money. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. We could've raised capital privately on the balance sheet and kept building. By the end of next year, we'll have five operating facilities. Going down, scanning the plant, pest, is there a disease, brightness? Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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, . Despite the off quarter, Webb has much to celebrate. 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. A full transcript follows the video. I have no doubt that we will. I love that passion. 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. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. 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. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. 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. You have labor concerns. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 Webb is an expert in reconstructive and arthroscopic surgery. But really its water and food first. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. We're feeding our country with people in Mexico who are making $5 a day. One, our geographic location. Who were the most active food and agriculture technology venture capital firms in 2022. "And we don't think we could do that if we weren't in the public markets.". 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. 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. We want to make sure you get the most out of our platform. For young people, we've invested heavily in high school education here in this region and part of it is, we're not just building facilities, we're building an ecosystem and part of that is change the narrative that farming is simply outdoors and on a tractor, we very much respect American farmers, we have great respect for the four-season farmer that's putting food on our table but we have to get young people to think, the average age of the American farmer is about 60 years old, and so for us by investing in high schools, it's teaching young people you're operating a farm with an iPhone and iPad using industrial sensors, with robotics operating on AI. Dr. Webb graduated at the University of California San Diego School of Medicine. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. AppHarvest Founder & CEO on company's public debut via SPAC 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? 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. ET More on the future of agriculture and vertical farming innovator I'm one of those people growing up I went to public schools here in Kentucky. Project Access offers ESL/ESL classes, after school programs, and computer literacy. Because it is cutting-edge technology. Eventually, he found the right problem to solve. He has a particular interest in knee surgery and sports medicine. Is there a benefit? No. He has successfully completed over 200 operations using the Mako machine. Most countries in the Middle East import nearly all of their fruit and vegetables. If you look at the largest grocers in the U.S., we're selling to Kroger, Walmart, Publix, and we're selling to Wendy's. The other thing is scale. It's the workforce that we're going to use to grow the organization. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. We're a public benefit corporation, and we're B Corp certified. We have a phenomenal growing team. Your email address will not be published. Earlier this year we did get listed on the Nasdaq. Learn More. AppHarvest "In less than 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. These food companies today are like the cigarette companies 40 years ago. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. I love your long-term focus. AppHarvest CEO envisions 'couple-decade journey' after going public We're investing in our workforce. Announces Separation of Julie Nelson as Chief Operating Officer Nov 16 Price target decreased to US$5.33 Nov 16 See more updates Shareholder Returns See full shareholder returns Return vs Industry: APPH underperformed the US Food industry which returned Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. He practices at Mayo Clinic Hospital Eau Claire. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. 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.. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. 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. AppHarvest CEO envisions 'couple-decade journey' after going public 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. We've had one of our wettest decades on state record. Thanks as always to Tim Sparks for putting the show together for us. 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. To learn more about AppHarvest, you can visit appharvest.com. Its easier than ever to find a trustworthy doctor. 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. I'm sure it was an exciting time. Let's let the consumer of our product also be the buyer in our company. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. In the same year, he scored his second try after just 23 seconds. Get 5 free searches. Jonathan Webb - Founder & CEO @ AppHarvest Its service leadership; our team does not work for me, I work for our team., To that effect, hes imparted a lesson to each of his team members: Every day, help five people. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. What is AppHarvest to you? All rights reserved. Jonathan Webb's Appharvest shares are currently valued at $20.96M. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Appharvest has Consumers are pushing back. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. Typically, you would do 40 to 60 meetings to get a couple of investors.