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 founded AppHarvest in 2017, and the company was certified as a B Corp two years later. I was very fortunate. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. The first harvest at its Morehead facility is slated for early 2021. 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. Thats why AI scares people, we know tech can be used just as coldly as anything else. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. 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. Despite the off quarter, Webb has much to celebrate. Then by the end of the year in 2022, we'll have five facilities operating. His vision of the future of farming and much, much more. I mean, I think that kind of speaks for itself. 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 [laughs] This is something I'm very passionate about. But really its water and food first. We thought in order to build an organization that's going to be selling to the top grocers. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. I asked on a call earlier today, well, have you had issues hiring people? 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. 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. 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. Webb is one of very few knee surgeons to have played for both the England-France national teams. The fired Google engineer who thought its A.I. You have to judge yourself internally. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. I have a 16 and then going on 15-year-old daughters. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. If I can sell you a grocer, a product at around the same price, what are we solving for? He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. Your email address will not be published. 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. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. The Art of Self Meditation: What Are the Benefits? My competition in Mexico, you have people getting paid $5 a day. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. Look at the open fields in Mexico. 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. Moser: That's going to do it for us this week, folks. This article will briefly review the most important information. I'm sure it was an exciting time. ET More on the future of agriculture and vertical farming innovator We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. 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 has successfully completed over 200 operations using the Mako machine. His military experience allows him to leverage private capital for his projects. It's about getting the industry to turn the corner at scale globally," Webb said. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. 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. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Powered and implemented by Interactive Data Managed Solutions. We have one farm right now thats 2.8 million square feet. Jonathan Webb Appharvest Stock Ownership Those robots have collected the worlds largest data set of tomato images, and each one is equipped with cameras and a laser that creates a 3D scan of the crops in front of it to determine what needs to be done at any given moment. Part of it is that building big stuff fast in the US is very hard. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Thank you for accessing our content on the Topio Networks Market Intelligence Center. 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. I hope you enjoy our conversation. This is a BETA experience. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. Moser: Yeah. "In less than Moser: Yeah. A full transcript follows the video. AppHarvest What's your competitive advantages or something you feel differentiates you from your competition? How do you feel about coming public a lot earlier than you probably would've normally? AppHarvest We need to all collectively have a much more longer-term viewpoint on how we're building companies that are going to be good for communities, good for employees, and return a good return to our investors and shareholders. You may opt-out by. You can also follow him on Instagram. AppHarvest knows its far from being the only player in the CEA game. AppHarvest 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 Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. Webb is a consultant orthopaedic physician and a board member of World Rugby. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. We're ramping up and scaling quickly. We just have to keep our head down and execute and do our job every day here at AppHarvest. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? I know you're busy. In the latter, Webb was the only English player to score in the game. His final international was against Ireland in March 1993. We dont talk about this at all in the US. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. If you look at AppHarvest, what are we doing? I go directly into the facility and talk to entry-level employees and people sweeping the floors. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. monitored for quality control 24/7 and harvested robotically. I think they certainly will be. "We see this as a couple-decade journey, and really, we're in our first decade," Webb told Yahoo Finance's Julie Hyman at the 2022 SXSW Conference (video above). We're building infrastructure in an area of the country where we're having record amounts of rainfall, and if you look at the climate maps, we continue to get wetter. 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. Moser: Yeah. Consumers are pushing back. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." All rights reserved. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. In order to do that, you have to have rigor. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. 2023 Fortune Media IP Limited. He has many impressive accomplishments. Invest better with The Motley Fool. 20years ago it was renewable energy. It feels like this is something that really is just getting some traction here. People are becoming more and more aware of where they get stuff and for people that question how quickly a sector can transition, I have a lot of friends that worked in the coal industry. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. 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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. AppHarvest CEO envisions 'couple-decade journey' after going public WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. In 1985, he joined Bristol Rugby and won the John Player Cup. 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. 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.". A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. No, weve made some mistakes. People, planet, wonderful, but I'm trying to make money. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. All Rights Reserved. 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.. He has become a prominent social media star. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. The human spirit is willing to do a lot. Notify me of follow-up comments by email. That's how quickly the energy industry shifted. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Its easier than ever to find a trustworthy doctor. Jonathan Webb is a dual-qualified lawyer. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. 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. Since then, AppHarvest shares have plunged 70%. Non-planned trade are trades that AppHarvest That's right -- they think these 10 stocks are even better buys. I'm sitting in the heart of coal country right now. 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. Now, our job is to make sure it's at around the same price. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Well, you need water you need food, and you need energy. I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. 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. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. Jason Moser has no position in any of the stocks mentioned. 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. No one else in America is doing something at that scale. He practices at Mayo Clinic Hospital Eau Claire. Sustainable investor Equilibrium The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. But then what have we done with Root AI? 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. 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. Jonathan Webb, CEO of agricultural technology and indoor farming startup AppHarvest, wants investors and founders alike to know that he doesnt struggle to balance purpose and profit; if a company loses track of the former, its only a matter of time until it loses the latter. 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. MOREHEAD, Ky., Feb. 27, 2023 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the worlds largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. These food companies today are like the cigarette companies 40 years ago. Location: Pikeville, KY. Add to My Lists. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Offers may be subject to change without notice. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. 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. We want to be at Kroger. 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. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. An Interview With AppHarvest Founder and CEO Jonathan Webb AppHarvest raised over $475 million in a public IPO, but it is not over. 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. It's therefore worth looking at AppHarvest's earnings history below. 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. Purpose At Work: How AppHarvests On A Mission To Help 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. 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. We're one of four companies that are publicly traded that have both of those as a company. It's so cool to think about what you guys are doing there. He has a particular interest in knee surgery and sports medicine. 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 Founder & CEO on company's public debut via SPAC AppHarvest to go public, seeks $475m at $1bn valuation - AFN My answer to that is always; sustainability is profitability. 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 watch them, I watch their friends, the things that they care about. Fame | AppHarvest net worth and salary income estimation Jan, We can better understand what product we are going to have available? 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. Everybody has full healthcare. Jonathan Webb's Appharvest shares are currently valued at $20.96M. 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.. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. 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. more. He also has experience in civil litigation and Title IX proceedings. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. 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. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Most people every day are just concerned about can they put food on the table? 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. Jonathan Webb, AppHarvest Inc: Profile and Biography Why locate in Appalachia? What makes AppHarvest so unique?