"We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. 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." Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. Webb is an expert in reconstructive and arthroscopic surgery. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. Those are always famous last words as we move into some disruptive phase. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. It means being a little bit more upfront with your investors. 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. We just want to be one of those and we're cognizant that there's going to be plenty of large players. 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. Are you going to have drought? This article will briefly review the most important information. Jonathan Webb currently follows over 1 million people. I'm sure it was an exciting time. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. Webb made a second appearance for England, and reached the final. 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. Copyright 2023 Surperformance. That's our headquarters. 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. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. As I was listening, there was a quote, you said, "We are farmers and futurists." All rights reserved. In the 1987 Rugby World Cup, Webb made his debut for England. Going down, scanning the plant, pest, is there a disease, brightness? On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. I pay attention to my kids. One of the things we like to discuss as investors and when we find companies, we find businesses that we like and we want to be owners of. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. 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. Look at the open fields in Mexico. 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.). We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. [laughs] This is something I'm very passionate about. 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. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. Opinions expressed by Forbes Contributors are their own. You mentioned your children. *Average returns of all recommendations since inception. Webb is one of very few knee surgeons to have played for both the England-France national teams. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. I mean, I think that kind of speaks for itself. Typically, you would do 40 to 60 meetings to get a couple of investors. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. On this week's episode of Industry Focus: Wildcard, host Jason Moser chats with AppHarvest (APPH) founder and CEO Jonathan Webb about the growing opportunity in the agtech space, what makes AppHarvest unique, his vision of the future of farming, and much more. 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. All rights reserved. I know that you're not the only one focused on controlled environment agriculture. They can be competitive. You are speaking our language here at The Fool. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). 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. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. The Art of Self Meditation: What Are the Benefits? Then by the end of the year in 2022, we'll have five facilities operating. 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. "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). Moser: Yeah, absolutely. 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. 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. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. I think we have seen some other players in the space that are starting. Sometimes, it can even get us a few steps closer to saving he world. No one else in America is doing something at that scale. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. 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. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Almost every company in the coal industry has gone bankrupt over the last 10 years. Then we'll be able to give that data over to the grocer in more real-time. Moser: Yeah. 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. Clearly, the younger generation is coming up, sustainability matters, better food matters. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. What's your competitive advantages or something you feel differentiates you from your competition? 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 The fired Google engineer who thought its A.I. We're investing in our workforce. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. 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. 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. Look at how many times in the last few years you've had leafy greens yanked off store shelves. By us running on completely recycled rainwater, we have no water cost. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Are we perfect? 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. The human spirit is willing to do a lot. I made the point at one point in regard to AppHarvest. 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. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Webb: Well, we built the company from day one. Moser: That's exciting. Moser: Yeah. How do they plan on achieving that goal? But really its water and food first. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. All of our water is captured on our roof. Is there a benefit? You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. 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. 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. There's a lot of different ways to go public and at the time and we did it, and I think it was definitely the best decision for us at the time. Most people every day are just concerned about can they put food on the table? We look forward to providing you with even more cutting-edge market research, as Topio Networks. Then Jeff Obin, who is on our board and has been an early investor. You have labor concerns. I was very fortunate. Follow him on Twitter to get more updates. But I think there are a lot of benefits that come with that. To access all the content for free, please sign up by entering your email. We're going to be based in Central Appalachia. In the latter, Webb was the only English player to score in the game. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Then we have to remember this isn't just a U.S. problem we're trying to solve. We're selling to Kroger, we're selling in fast food chains like Wendy's. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. But the production we've left in the US is being grown in areas that are running out of water. The Motley Fool has a disclosure policy. Were investing heavily in our future, so were spending heavily today, he said. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. These food companies today are like the cigarette companies 40 years ago. Webb is a highly-respected knee surgeon in the United States. That's how quickly the energy industry shifted. 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. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. This commitment, at $10 per share, values the company at $1 billion. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. People, planet, wonderful, but I'm trying to make money. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. It's therefore worth looking at AppHarvest's earnings history below. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. 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. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. 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 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. 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. 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. We dont talk about this at all in the US. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. In order to do that, you have to have rigor. 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. 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. Your email address will not be published. Part of it is that building big stuff fast in the US is very hard. ESG should be at the core of profitability and it should be at the core of building a resilient company. I have a 16 and then going on 15-year-old daughters. AppHarvest knows its far from being the only player in the CEA game. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. We take that long term approach, we don't view things by quarter. We have a phenomenal growing team. 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 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. AppHarvest CEO envisions 'couple-decade journey' after going public I asked on a call earlier today, well, have you had issues hiring people? We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. 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. Webb: Regulators are pounding on them, consumers are pounding on them. We're laser-focused on getting this right here. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. He has become a prominent social media star. 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 president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. That's not the conversation at all. In its Nov. 7 filing, AppHarvest reported net losses of $83 million for the first nine months of the year and net sales of $10 million, with an accumulated deficit of $270 million. 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. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. Webb is a consultant orthopaedic physician and a board member of World Rugby. He has many impressive accomplishments. AppHarvest raised over $475 million in a public IPO, but it is not over. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. What makes AppHarvest so unique? That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. But its confident in its approach. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. The regulators are pushing that direction. I fundamentally do not think its a tradeoff. Use our online form to book an appointment with Dr. Webb. But I wanted to ask you before we do, the Root AI acquisition. Karrie, on the other hand, has not disclosed her salary or income. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. 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: You said you didn't want to talk the rest of the day about ESG, right? Because it is cutting-edge technology. Let's let the consumer of our product also be the buyer in our company. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. He has a particular interest in knee surgery and sports medicine. "And we don't think we could do that if we weren't in the public markets.". 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. He represented his country in 33 Test matches and played for Bristol and Bath. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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.". Eventually, he found the right problem to solve. 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. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. Get 5 free searches. In the same year, he scored his second try after just 23 seconds. Jonathan received his bachelors degree from the University of Kentucky. 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. But I dont think thats adding value to the company, or looking out for our shareholders, he said. It's a nice evolution in the investing world that we care more and more about it. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. "For us, at AppHarvest, this isn't just about a company. Webb was named a World Rugby Council RFU representative in 2016. I think that's going to be something that just continues to get into the public's mind. Why is that important? We want to be selling to 90% of America. I don't know that we're going to have enough time, but let's just start first and foremost this is one of our most recent recommendations in our service. Thats why AI scares people, we know tech can be used just as coldly as anything else. What's that Harvest's secret sauce? Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. I mean, all of the stuff that you just talked about really does matter. 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. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. This will result in a $1.7 billion return of investment for the company. If you look at the grocery and then you go, wait a second. For the fourth quarter Webb started his professional career in 1989 as a Durban maritime lawyer firm. I'm sitting in the heart of coal country right now. What is AppHarvest to you? By the end of next year, well quadruple that. On Twitter, the actor shares his personal experiences with his followers. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. It feels like this is something that really is just getting some traction here. 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. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. 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. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. 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. 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. Brooke DiPalma is a producer and reporter for Yahoo Finance. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. Our team is built to scale and you look at where we're at today, we've launched our first facility. 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. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. He often sleeps in an RV outside the construction site of its second facility. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. I go directly into the facility and talk to entry-level employees and people sweeping the floors. You said that we're a technology company working to disrupt agriculture. We believe controlled environment agriculture is the third wave of sustainable infrastructure. 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. 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. 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.
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