Then Jeff Obin, who is on our board and has been an early investor. This is becoming really a hot-button topic for a lot of investors, rightly so. AppHarvest knows its far from being the only player in the CEA game. I mean, I think that kind of speaks for itself. Moser: Yeah, absolutely. 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. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. This commitment, at $10 per share, values the company at $1 billion. The world's food and agriculture problems are not going to be solved overnight. Why? His Twitter account is one of the most popular on the social network. 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. The regulators are pushing that direction. Those are always famous last words as we move into some disruptive phase. I think you really keyed in on something important there, a 30-year journey. 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. 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. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. Theyre looking for purpose in their life; theyre looking for companies like us.. A full transcript follows the video. WebJonathan Webb, the CEO of AppHarvest, says water scarcity is a growing national security concern as a heatwave continues to wreak havoc on the West Coast. 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." If I can sell you a grocer, a product at around the same price, what are we solving for? 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. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. We're ramping up and scaling quickly. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We're feeding our country with people in Mexico who are making $5 a day. 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. I don't think anybody thinks of farming from this perspective. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. You can also follow him on Instagram. What makes AppHarvest so unique? Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. He has many impressive accomplishments. Cost basis and return based on previous market day close. By us running on completely recycled rainwater, we have no water cost. 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. There won't be one automotive company transporting the world. I'm one of those people growing up I went to public schools here in Kentucky. But the journey hasnt been without pitfalls. Why locate in Appalachia? If you look at the grocery and then you go, wait a second. 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. We want to be at Kroger. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. The method of farming uses technology like artificial intelligence and robotics to grow fruits and vegetables, producing 30 times the yield of traditional farming while using 90% less water, the company claims. 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. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. Then we'll be able to give that data over to the grocer in more real-time. In the same year, he scored his second try after just 23 seconds. monitored for quality control 24/7 and harvested robotically. Get 5 free searches. Its easier than ever to find a trustworthy doctor. Eventually, he found the right problem to solve. I hope you enjoy our conversation. We'll head down here and then I would start or I would end with what I started with. That's right -- they think these 10 stocks are even better buys. 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. I pay attention to my kids. His fund's based in DC, we had them as early investors. When he says sustainable, he doesnt just mean that in an environmental sense. Webb is from Kentucky, where 16% of residents are below the poverty line, and when the coal jobs dried up, nothing came in to replace them. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. To access all the content for free, please sign up by entering your email. Thats why AI scares people, we know tech can be used just as coldly as anything else. 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. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? Again, for us, it's about keeping our head down, growing good fruit and vegetables. Terms & Conditions. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. I'm sure it was an exciting time. 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.. "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.". Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and I want to know what the problems are from them, not just our executive team. All rights reserved. We just want to be one of those and we're cognizant that there's going to be plenty of large players. For the fourth quarter 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. He also received his medical license from Minnesota. Webb started his professional career in 1989 as a Durban maritime lawyer firm. Offers may be subject to change without notice. It sounds like there's a lot of potential there. This will result in a $1.7 billion return of investment for the company. Australian National University Alumni Founded Companies, Rashtrasant Tukadoji Maharaj Nagpur University Alumni Founded Companies, Seattle Pacific University Alumni Founded Companies, Regis University Alumni Founded Companies, Emory University Alumni Founded Companies, New Mexico State University Alumni Founded Companies, Oakland University Alumni Founded Companies, Oklahoma State University Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. 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. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. *Average returns of all recommendations since inception. 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 One, our geographic location. 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. But I wonder, is there something to your mind? Webb: We could not be more excited. 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. Jonathan Webb is an actor with a large following on Twitter. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. I know you're in the DC area. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. 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. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. In our first month or two, we're already at all those outlets. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. 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. This is still a very new space though. Let's let the consumer of our product also be the buyer in our company. in August is launching what it describes as the worlds largest greenhouse later this year, consisting of a 2.76 million square foot facility in Morehead, Kentucky. Webb was raised in a white-bread, wealthy family. 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. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. more. Here are five relaxing scents you can use in your bedroom. You talk about sustainable. 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. "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. Well, you need water you need food, and you need energy. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. Did we help them reach their goals? 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. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. You may opt-out by. Follow him on Twitter to get more updates. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. Webb: Regulators are pounding on them, consumers are pounding on them. As I was listening, there was a quote, you said, "We are farmers and futurists." That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. We use completely recycled rainwater. Same platform but with new and improved features. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. 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. 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. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Webb is from Kentucky, where 16% of residents are Notify me of follow-up comments by email. WebJonathan Webb. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. 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 Webb: You said you didn't want to talk the rest of the day about ESG, right? This helped the Army reach its goal of 20% renewable energy by 2025. It's about getting the industry to turn the corner at scale globally," Webb said. He was made a Fellow of the British Association of Surgery on the Knee (BASK), and has since taught many international and national athletes in sports medicine. You have food safety concerns. Who were the most active food and agriculture technology venture capital firms in 2022. If you want to know how wealthy he is, read on! 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. That's our headquarters. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. 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. His military experience allows him to leverage private capital for his projects. David and Tom just revealed what they believe are theten best stocks for investors to buy right now and Walmart wasn't one of them! That's, for us, again, there's a piece where we need to be very close to the product and that's we're optimizing for the plant. AppHarvest which raised $28 million in its Series C round in August is launching what it describes as the worlds largest greenhouse later this year, consisting of a 2.76 million square foot facility in Morehead, Kentucky. 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. Then we have to remember this isn't just a U.S. problem we're trying to solve. 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. It's therefore worth looking at AppHarvest's earnings history below. It means transparency. There's not going to be one food company feeding the world. 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. His final international was against Ireland in March 1993. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. But its confident in its approach. 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. Webb is a highly-respected knee surgeon in the United States. The Motley Fool owns shares of and recommends Tesla. 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. Age : 37. The first harvest at its Morehead facility is slated for early 2021. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. In 1985, he joined Bristol Rugby and won the John Player Cup. We can get to 70% of the U.S. in a one-day drive. We'll talk a little bit about that in just a second. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest 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. If we're going to be working with the largest players in the world, then we need to be in the big leagues, and the only way to do that is to be a publicly traded company. AppHarvest is an indoor farming company, so has massive greenhouses ESG should be at the core of profitability and it should be at the core of building a resilient company. Public asset : 44,698,475 USD. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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. We can better understand what product we are going to have available? Making the world smarter, happier, and richer. He often sleeps in an RV outside the construction site of its second facility. 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. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings., Webb describes the SPAC transaction and PIPE financing experience as absolutely phenomenal.. Everybody has full healthcare. 95% of a fruit and vegetable is water. But I think there are a lot of benefits that come with that. He played against Australia on 23 May. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff.