He actively engages with his followers through his various social media accounts, including Instagram and Twitter. 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. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. 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. Webb is from Kentucky, where 16% of residents are Then we'll be able to give that data over to the grocer in more real-time. 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. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. Linked companies : AppHarvest, Inc. Summary. We dont have two planets though, so Webb got creative. Who were the most active food and agriculture technology venture capital firms in 2022. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. It's so cool to think about what you guys are doing there. 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. 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 have a phenomenal growing team. 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 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. This year alone, more than 50 SPACs have been formed in the US, collectively raising. The Motley Fool owns shares of and recommends Tesla. I write about the future of food, business, and culture. WebJonathan Webb. Jonathan Webb is an actor with a large following on Twitter. Age : 37. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. It's a nice evolution in the investing world that we care more and more about it. It was clear that their work culture is infused with a pioneering mentality, and that Webb feels strongly about keeping that culture consistent as the company expands. But I wonder, is there something to your mind? The greenhouse will cost $97 million and span 60 acres. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. The regulators are pushing that direction. With a 19% stake, CEO Jonathan Webb is the largest shareholder. FORTUNE may receive compensation for some links to products and services on this website. Yes, we're using nature for what it's good. 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. 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. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the 2023 Fortune Media IP Limited. 95% of a fruit and vegetable is water. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. But I think there are a lot of benefits that come with that. 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. I don't think anybody thinks of farming from this perspective. But with that said, what we have at AppHarvest is fairly unique. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. I think you really keyed in on something important there, a 30-year journey. 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. Get the latest news and research from AFN & AgFunder in your inbox. It's nearly impossible to have full transparency. I love your long-term focus. We'll talk a little bit about that in just a second. I graduated from the University of Kentucky. Look at how many times in the last few years you've had leafy greens yanked off store shelves. But then there's the other side, and introducing robotics that's operating on AI, that's collecting data in our facility and making data-driven decisions. 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. I think they certainly will be. We're laser-focused on getting this right here. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I mean, that is right in line. We could've raised capital privately on the balance sheet and kept building. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. 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. How do you feel about coming public a lot earlier than you probably would've normally? Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. 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. I want to know what the problems are from them, not just our executive team. We thought in order to build an organization that's going to be selling to the top grocers. But I wanted to ask you before we do, the Root AI acquisition. 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. 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. For us, we're looking at metrics, how can we be more sustainable? Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Are we perfect? Use our online form to book an appointment with Dr. Webb. 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. 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. 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. But I dont think thats adding value to the company, or looking out for our shareholders, he said. Then Jeff Obin, who is on our board and has been an early investor. In our first month or two, we're already at all those outlets. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. We use bees to pollinate our plans. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. But then what have we done with Root AI? There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. On Twitter, the actor shares his personal experiences with his followers. "And we don't think we could do that if we weren't in the public markets.". 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. He often sleeps in an RV outside the construction site of its second facility. 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. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. What's the technology that you are looking toward to help you change this space? I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. No one else in America is doing something at that scale. According to Webb, going public has helped the company focus on the big picture. In the latter, Webb was the only English player to score in the game. The first harvest at its Morehead facility is slated for early 2021. ET More on the future of agriculture and vertical farming innovator I think that's going to be something that just continues to get into the public's mind. We're a public benefit corporation, and we're B Corp certified. Jason Moser: It's Wednesday, May 26th, I'm your host, Jason Moser, and we've got a terrific interview to share with you on this week's Wildcard Wednesday show. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. more. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. 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. A full transcript follows the video. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. That's because of our inefficient systems in the supply chain. I'm one of those people growing up I went to public schools here in Kentucky. You have climate disruption. AppHarvest raised over $475 million in a public IPO, but it is not over. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. 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. AppHarvest CEO envisions 'couple-decade journey' after going public 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.. 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. We're feeding our country with people in Mexico who are making $5 a day. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest His final international was against Ireland in March 1993. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. Opinions expressed by Forbes Contributors are their own. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. There won't be one automotive company transporting the world. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. We just have to keep our head down and execute and do our job every day here at AppHarvest. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. We talk about how, How excited are you to bring that Root AI company in their leadership into your family? It doesn't need to be one or the other, it needs to be both, and we're happy to be a bit of a public benefit corporation and B Corp certified. In 1985, he joined Bristol Rugby and won the John Player Cup. Since then, AppHarvest shares have plunged 70%. Talk a little bit about what ESG means to you and some of the things that you've done, because corporately you set your business up to be able to account for some of that transparency and whatnot. 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. 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. Is there a benefit? We want to make sure you get the most out of our platform. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. Moser: That's going to do it for us this week, folks. Get 5 free searches. They ask themselves, Did we help five people today? With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. 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. Webb was named a World Rugby Council RFU representative in 2016. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. This will result in a $1.7 billion return of investment for the company. Our team is built to scale and you look at where we're at today, we've launched our first facility. 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 Rights Reserved. Are you going to have drought? WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. ESG should be at the core of profitability and it should be at the core of building a resilient company. 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. It sounds like there's a lot of potential there. 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. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. 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. People at large tech companies question what theyre actually building. Webb: The industry is at an inflection point. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." Powered and implemented by Interactive Data Managed Solutions. One, our geographic location. He has many impressive accomplishments. I have a 16 and then going on 15-year-old daughters. All rights reserved. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. 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. Moser: Yeah. We believe controlled environment agriculture is the third wave of sustainable infrastructure. We'll head down here and then I would start or I would end with what I started with. Thank you for your continued support. This is still a very new space though. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. But the production we've left in the US is being grown in areas that are running out of water. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Terms & Conditions. 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. When is it going to be able to ship? Most people every day are just concerned about can they put food on the table? We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Her estimated net worth is more than $15 million. We don't want to be selling just to the high-end. 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. *Average returns of all recommendations since inception. WebJonathan Webb. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. In the 1987 Rugby World Cup, Webb made his debut for England. We're going to be based in Central Appalachia. Jason Moser has no position in any of the stocks mentioned. Let's force that rigor early. AppHarvest knows its far from being the only player in the CEA game. All rights reserved. There's not going to be one food company feeding the world. Theyre looking for purpose in their life; theyre looking for companies like us.. He was born into a medical family. We're investing in our workforce. We have a lot of work to do ahead of us over the years to come. But one thing we'd like to talk about is competitive advantage, what makes a company special? 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. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. Moser: Yeah, absolutely. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. 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 What's your competitive advantages or something you feel differentiates you from your competition? Public asset : 44,698,475 USD. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. 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. 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. 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 Learn More. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. We've had record amounts of rainfall. It's about getting the industry to turn the corner at scale globally," Webb said. 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. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Clearly, the younger generation is coming up, sustainability matters, better food matters. Jonathan Webb's Appharvest shares are currently valued at $20.96M. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Jonathan Webb grew up in Kentucky and has been committed to developing Copyright 2023 Surperformance. You have food safety concerns. Notify me of follow-up comments by email. That world will look pretty different from the one we live in now, but Lessing assured me that even as AI gets firmly integrated into agriculture, AppHarvests robots are, fundamentally collaborative. My answer to that is always; sustainability is profitability. That might sound straight from science fiction, but AppHarvests CTO Josh Lessing, who designed many of these universal harvesting systems says we only think that because farming has been so slow to innovate. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. 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.
