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. Europe, Menlo Park, China), Where the person is located (e.g. 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. I want to talk with you about in regard to AppHarvest. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and 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. He holds a legal degree from the University of Natal as well as the University of Cape Town. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. But the journey hasnt been without pitfalls. 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 You have climate disruption. We can better understand what product we are going to have available? In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Now, his company AppHarvest (the name is a play on both Appalachia and the high-tech nature of what they do), operates a sixty acre greenhouse in Morehead, Kentucky that grows hydroponic tomatoes up to the ceiling. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. 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. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. His final international was against Ireland in March 1993. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. But the production we've left in the US is being grown in areas that are running out of water. To get started investing, check out our quick-start guide to investing in stocks. We'll head down here and then I would start or I would end with what I started with. Jason Moser has no position in any of the stocks mentioned. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. I watch them, I watch their friends, the things that they care about. 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. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address key issues including improving access for all to nutritious food, farming more sustainably, building a homegrown foods supply, and more. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. They ask themselves, Did we help five people today? Offers may be subject to change without notice. This is a BETA experience. We have one farm right now thats 2.8 million square feet. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. 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. 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 look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. 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. We've had record amounts of rainfall. more. I have a 16 and then going on 15-year-old daughters. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Sometimes, it can even get us a few steps closer to saving he world. Webb: You said you didn't want to talk the rest of the day about ESG, right? 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. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. I did want to know here because I saw this in the earnings release and I just thought it was one of those quotes that stood out to me from Mastronardi, your distributor. Webb: The industry is at an inflection point. Opinions expressed by Forbes Contributors are their own. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. We'll talk a little bit about that in just a second. Webb was named a World Rugby Council RFU representative in 2016. 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. 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. 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. Now, our job is to make sure it's at around the same price. I love that passion. We want to be at Kroger. 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." 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. 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. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. 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. I think it's clear that investors should really be excited for the future of AgTech. AppHarvest raised over $475 million in a public IPO, but it is not over. One of AppHarvest's mobile units ready to fight the food fight, outside of AppHarvest's offices in [+] Lexington, Kentucky, If we cant treat people with dignity and respect who put food on our table, where do we think humanity is going to end up? 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. You've had fast-food chains, that is one of the biggest risk to a grocer is the paranoia and being terrified of where that product is being grown. Despite the off quarter, Webb has much to celebrate. My answer to that is always; sustainability is profitability. ESG should be at the core of profitability and it should be at the core of building a resilient company. People at large tech companies question what theyre actually building. 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. In 1985, he joined Bristol Rugby and won the John Player Cup. Powered and implemented by Interactive Data Managed Solutions. [laughs] This is something I'm very passionate about. How do they plan on achieving that goal? "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Location: Pikeville, KY. Add to My Lists. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. Moser: Yeah. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). By being able to have robotics and AI they can have more real-time information. To learn more about AppHarvest, you can visit appharvest.com. Moser: Yeah, I'd tell you, I think you're right. No one else in America is doing something at that scale. 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. We can get to 70% of the U.S. in a one-day drive. Well, you need water you need food, and you need energy. To make the world smarter, happier, and richer. 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. 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. Jonathan Webb currently follows over 1 million people. Making the world smarter, happier, and richer. Is there any one thing or is it a collection of many things? Learn More. Webb: Regulators are pounding on them, consumers are pounding on them. 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. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. ", As a CEO, Webb admitted that this focus on the long-term outlook has not been easy to prove to Wall Street, especially when compared to those who are "selling a worthless product that's not good for people and not good for planet and arguably questionable for shareholders. What's the technology that you are looking toward to help you change this space? If you want to know how wealthy he is, read on! Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. Earlier this year we did get listed on the Nasdaq. But I dont think thats adding value to the company, or looking out for our shareholders, he said. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We're laser-focused on getting this right here. Moser: Well, you said it on the call. Why? His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. Webb: Well, we built the company from day one. 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, . It's therefore worth looking at AppHarvest's earnings history below. He has also held roles in movies and television series. WebJonathan Webb. I fundamentally do not think its a tradeoff. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. To access all the content for free, please sign up by entering your email. You have labor concerns. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Then by the end of the year in 2022, we'll have five facilities operating. This commitment, at $10 per share, values the company at $1 billion. 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. 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. Then we have to remember this isn't just a U.S. problem we're trying to solve. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. In the same year, he scored his second try after just 23 seconds. Two years into production, AppHarvest already provides 500 living wage jobs, is a second chance employer, and aims to hire a team as diverse as our nation and then empower them as individuals. Plus, the company is a B corp, a public benefit corporation, and its publicly traded. 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. Webb is an expert in reconstructive and arthroscopic surgery. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. 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. 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. 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. 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. Very excited about the Root AI transaction. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. Sustainable investor Equilibrium How do you feel about coming public a lot earlier than you probably would've normally? I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. Almost every company in the coal industry has gone bankrupt over the last 10 years. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. We want to be at Wendy's, we want to be at Walmart. Age : 37. The Motley Fool recommends AppHarvest, Inc. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. People, planet, wonderful, but I'm trying to make money. Were investing heavily Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. "For us, being transparent with not only the consumer, but having that transparency of a public company as we build a large global food company, we think the long-term benefits are great.". Webb was raised in a white-bread, wealthy family. But if you look at the world, China and India account for 40% of the world's population. I want to know what the problems are from them, not just our executive team. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. All of our water is captured on our roof. Webb: We could not be more excited. 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. That's our headquarters. We could've raised capital privately on the balance sheet and kept building. Later, in 1993, he relocated to the United Kingdom, where he completed his LLM. What's your competitive advantages or something you feel differentiates you from your competition? 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. Most countries in the Middle East import nearly all of their fruit and vegetables. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. Webb is a consistent presence at the companys flagship greenhouse in Morehead. Theyre designed to be safe around people. Yes, we're using nature for what it's good. We're selling to Kroger, we're selling in fast food chains like Wendy's. 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. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. 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. Invest better with The Motley Fool. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest In the latter, Webb was the only English player to score in the game. It's about getting the industry to turn the corner at scale globally," Webb said. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. 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. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. Linked companies : AppHarvest, Inc. Summary. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. What's that Harvest's secret sauce? 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. Most people every day are just concerned about can they put food on the table? Webb is a consultant orthopaedic physician and a board member of World Rugby. In the 1987 Rugby World Cup, Webb made his debut for England. Here are five relaxing scents you can use in your bedroom. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. Let's let the consumer of our product also be the buyer in our company. We've had one of our wettest decades on state record. 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.

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