Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and The same way there won't be one energy company powering the world. Dr. Webb graduated at the University of California San Diego School of Medicine. Earlier this year we did get listed on the Nasdaq. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. Webb made a second appearance for England, and reached the final. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. 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 think they certainly will be. 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. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. 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. 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. Thats why AI scares people, we know tech can be used just as coldly as anything else. We have a phenomenal growing team. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 ESG should be at the core of profitability and it should be at the core of building a resilient company. Because it is cutting-edge technology. 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. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. The Motley Fool owns shares of and recommends Tesla. 20years ago it was renewable energy. 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. FORTUNE may receive compensation for some links to products and services on this website. When youre building tech for techs sake, you start to question what youre doing. Webb is a consultant orthopaedic physician and a board member of World Rugby. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. 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. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? Cost basis and return based on previous market day close. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. 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.". 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. 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. 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. The history of the world is in many ways the history of technology, and of our reactions to it. 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. There's not going to be one food company feeding the world. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. If I can sell you a grocer, a product at around the same price, what are we solving for? "In less than The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. It sounds like there's a lot of potential there. 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. Webb: Regulators are pounding on them, consumers are pounding on them. By being able to have robotics and AI they can have more real-time information. Despite the off quarter, Webb has much to celebrate. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. Invest better with The Motley Fool. It's about getting the industry to turn the corner at scale globally," Webb said. The last thing I would say to that is whether or not we want to do it or not, the world is changing and regulators are approaching back. 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. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. You talk about sustainable. 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. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. I don't think anybody thinks of farming from this perspective. 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." 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. We have one farm right now thats 2.8 million square feet. The actor regularly posts photos and videos of himself, as well as engaging with his fans. Europe, Menlo Park, China), Where the person is located (e.g. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our AppHarvest: Transforming The Future Of Agtech, And Maybe The The greenhouse will cost $97 million and span 60 acres. With a 19% stake, CEO Jonathan Webb is the largest shareholder. He has successfully completed over 200 operations using the Mako machine. To learn more about AppHarvest, you can visit appharvest.com. Look at the open fields in Mexico. 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 Were building robotics and software that will ultimately be able to service the entire global agriculture industry. The estimated value when the deal closes will be about a billion dollars for the company. 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. AppHarvest raised $500 million on its balance sheet this year, went public on the Nasdaq, hired 400 people to work in its first facility, and brought its first product, beefsteak tomatoes, to grocery stores including Kroger, Walmart, and Publix. KY-based AppHarvest admits serious concerns about its We pay every employee at AppHarvest a living wage. Since then, AppHarvest shares have plunged 70%. If you look at the grocery and then you go, wait a second. You are speaking our language here at The Fool. No one else in America is doing something at that scale. AppHarvest. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Typically, you would do 40 to 60 meetings to get a couple of investors. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. We'll talk a little bit about that in just a second. What are you trying to accomplish? What's the technology that you are looking toward to help you change this space? By the end of next year, well quadruple that. All rights reserved. It's so cool to think about what you guys are doing there. He also has experience in civil litigation and Title IX proceedings. How excited are you to bring that Root AI company in their leadership into your family? My competition in Mexico, you have people getting paid $5 a day. Its easier than ever to find a trustworthy doctor. Webb left for college, eventually pursuing a career in renewables at the DOE, a space where he felt he could be part of the solution. But the economic devastation in his home state still bothered him. Jonathan, thank you so much for taking the time out of your busy schedule to see just more about AppHarvest to talk about all the stuff that you're trying to accomplish there. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. We'll head down here and then I would start or I would end with what I started with. We're ramping up and scaling quickly. 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. Eventually, he found the right problem to solve. Are we perfect? He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. We don't want to be selling just to the high-end. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. 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. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. Well, you need water you need food, and you need energy. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. But one thing we'd like to talk about is competitive advantage, what makes a company special? Everybody has full healthcare. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. My answer to that is always; sustainability is profitability. Three thoughts on leadership from the founder and CEO Let's force that rigor early. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Jonathan Webb - Founder & CEO @ AppHarvest You mentioned your children. AppHarvest to go public, seeks $475m at $1bn valuation - AFN People don't leave purpose-driven companies, AppHarvest CEO says Moser: That's going to do it for us this week, folks. Is there a benefit? Age : 37. Opinions expressed by Forbes Contributors are their own. It's the workforce that we're going to use to grow the organization. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. Making the world smarter, happier, and richer. The Motley Fool has a disclosure policy. 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 could've raised capital privately on the balance sheet and kept building. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. Were investing heavily FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. 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. You have food safety concerns. AppHarvest 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. AppHarvest 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. 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. 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. 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. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our "You look at renewable energy 20 years ago, electric vehicles 10 years ago, if we want to get CEA to be institutional at scale, not only in households with consumers, you really need that rigor of the public markets and that attention of the public markets to help institutionalize an industry," he said. Brooke DiPalma is a producer and reporter for Yahoo Finance. Karrie, on the other hand, has not disclosed her salary or income. Required fields are marked *. He often sleeps in an RV outside the construction site of its second facility. I pay attention to my kids. Non-planned trade are trades that You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. He played against Australia on 23 May. I write about the future of food, business, and culture. His vision of the future of farming and much, much more. Moser: It's impressive to think about the scope of what you are taking on because agriculture, farming, that's been something for so long, people just think, well, it's just what it's always been and we do it this way because that's the way we've always done it. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. Clearly, the younger generation is coming up, sustainability matters, better food matters. A universal harvester robot at AppHarvest's Morehead, Kentucky greenhouse, AppHarvests crops are monitored for quality control 24/7 and harvested robotically, a labor-saving advancement that lets the staff treat farming almost like a manufacturing process. Purpose At Work: How AppHarvests On A Mission To Help You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. His fund's based in DC, we had them as early investors. The human spirit is willing to do a lot. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. That's not the conversation at all. 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. AppHarvest raised over $475 million in a public IPO, but it is not over. I have a 16 and then going on 15-year-old daughters. For the fourth quarter Jonathan Webb is an actor with a large following on Twitter. Very excited about the Root AI transaction. Theyre designed to be safe around people. We're one of four companies that are publicly traded that have both of those as a company. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. CEOs can get lazy and only worry about the last 90 days; thats easy. I know you're in the DC area. But the futuristic pieces, we've combined a technology team with a great plant science group. Most countries in the Middle East import nearly all of their fruit and vegetables. All Rights Reserved. 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. All of our water is captured on our roof. Webb is an expert in reconstructive and arthroscopic surgery. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). AppHarvest raised over $475 million in a public IPO, but it is not over. ET More on the future of agriculture and vertical farming innovator There are many sources of information on Jonathan Webbs networth. 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 Your email address will not be published. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Moser: Yeah. 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. Get 5 free searches. We're selling to Kroger, we're selling in fast food chains like Wendy's. Now, we want to turn this region into an area of the country that's known for sustainable food production, but beyond just loving the place, I'm from Kentucky, beyond just loving this area, we can get to three quarters of the U.S. on a day drive. 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 have two planets though, so Webb got creative. We talk about how, I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. But then it's pulling technology in to drive nature from behind. We can get to 70% of the U.S. in a one-day drive. 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. Moser: Yeah, I'd tell you, I think you're right. We have a phenomenal team of sustainability experts. Same platform but with new and improved features. Even though you entered at such a young stage of your business, You essentially were pre-revenue coming into the public markets, and now, you're just getting that started. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. Use our online form to book an appointment with Dr. Webb. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. The first harvest at its Morehead facility is slated for early 2021. 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. We look forward to providing you with even more cutting-edge market research, as Topio Networks. This company has plans to open two additional indoor farms in Kentucky and has already announced partnerships with the Dutch government and multiple universities to make Appalachia a hub for the agtech industry. For us, we're looking at metrics, how can we be more sustainable? 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. Again to some of your viewers that aren't aware of Root AI just look them up and take a look at some of those videos.
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