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. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." 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. "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. 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. I'm Jason Moser, thanks for listening, and we'll see you next week. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Linked companies : AppHarvest, Inc. Summary. WebJonathan Webb. With a 19% stake, CEO Jonathan Webb is the largest shareholder. He holds a legal degree from the University of Natal as well as the University of Cape Town. 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. Brooke DiPalma is a producer and reporter for Yahoo Finance. Most countries in the Middle East import nearly all of their fruit and vegetables. Sometimes, it can even get us a few steps closer to saving he world. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. We've had record amounts of rainfall. He was born into a medical family. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. I graduated from the University of Kentucky. Theyre looking for purpose in their life; theyre looking for companies like us.. Thank you for accessing our content on the Topio Networks Market Intelligence Center. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. 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. 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. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. No. This is a BETA experience. 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. Yahoo Finance's Julie Hyman at the 2022 SXSW Conference, 3 big things in investing you might have missed this week, UPDATE 1-North Korea says US causing international arms control collapse, EU releases funds, prepares aid flight for eastern Congo, Rheinmetall in talks on building tank factory in Ukraine - report, Ukraine Latest: Metsola Urges More Sanctions Pressure on Russia. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. 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. By the end of next year, we'll have five operating facilities. In order to do that, you have to have rigor. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. 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? Thats why AI scares people, we know tech can be used just as coldly as anything else. 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. I write about the future of food, business, and culture. Founder & CEO at AppHarvest. Required fields are marked *. Then we'll be able to give that data over to the grocer in more real-time. You have food safety concerns. Three thoughts on leadership from the founder and CEO Appharvest has 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: Regulators are pounding on them, consumers are pounding on them. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Typically, you would do 40 to 60 meetings to get a couple of investors. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. Karrie, on the other hand, has not disclosed her salary or income. Thank you for your continued support. 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. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. We pay every employee at AppHarvest a living wage. No. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). But one thing we'd like to talk about is competitive advantage, what makes a company special? 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. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. 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. 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 We're in that classic scenario of demand exceeding supply. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. 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. Get 5 free searches. I'm one of those people growing up I went to public schools here in Kentucky. 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, . "For us, at AppHarvest, this isn't just about a company. Consumers are pushing back. But the futuristic pieces, we've combined a technology team with a great plant science group. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. He represented his country in 33 Test matches and played for Bristol and Bath. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. 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. Jonathan Webb - Insider Trading Tracker - Fintel Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. All Rights Reserved. Moser: That's exciting. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. A 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. Yes, we're using nature for what it's good. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. 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. We have a lot of work to do ahead of us over the years to come. What's the technology that you are looking toward to help you change this space? Moser: Yeah. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Let's force that rigor early. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. 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. Jonathan Webb - Founder & CEO @ AppHarvest could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. 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. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. ", 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. Those are always famous last words as we move into some disruptive phase. He played against Australia on 23 May. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. All rights reserved. We can get to 70% of the U.S. in a one-day drive. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. But I dont think thats adding value to the company, or looking out for our shareholders, he said. 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. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. AppHarvest CEO envisions 'couple-decade journey' after going public Because it is cutting-edge technology. The same way there won't be one energy company powering the world. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. An Interview With AppHarvest Founder and CEO Jonathan Webb Save my name, email, and website in this browser for the next time I comment. Jonathan Webb - Biography - MarketScreener.com Project Access, Inc. was founded by Mr. Webb in 1999. 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.. Is there a benefit? We dont talk about this at all in the US. Why locate in Appalachia? Opinions expressed by Forbes Contributors are their own. 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. The agriculture-tech startup raised $250,000 in its first round of seed capital in February 2018, AppHarvest CEO and founder Jonathan Webb told Insider. AppHarvest Your email address will not be published. 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. 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. Webb: We could not be more excited. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. It sounds like there's a lot of potential there. Moser: Yeah, absolutely. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. We want to be at Kroger. Jonathan Webb was born on 24 August 1963, in London, England. 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. To do that and look out for the long term is true sustainability, or resilience., Webb, who began his career developing renewable energy projects for the U.S. Army, believes any company is either part of destroying the planet or part of rebuilding its industry to align with the planet: I think its our obligation as CEOs to build companies that create long-standing values.. Earlier this year we did get listed on the Nasdaq. It's a nice evolution in the investing world that we care more and more about it. AppHarvest I asked on a call earlier today, well, have you had issues hiring people? When he says sustainable, he doesnt just mean that in an environmental sense. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. This will result in a $1.7 billion return of investment for the company. On this week's episode of Industry Focus: Wildcard, host Jason Moser chats with AppHarvest (APPH) founder and CEO Jonathan Webb about the growing opportunity in the agtech space, what makes AppHarvest unique, his vision of the future of farming, and much more. Jonathan Webb, AppHarvest Inc: Profile and Biography We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. 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. 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 For us, we're looking at metrics, how can we be more sustainable? Webb: The industry is at an inflection point. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. No one else in America is doing something at that scale. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Webb is an expert in reconstructive and arthroscopic surgery. AppHarvest 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. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. The fired Google engineer who thought its A.I. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. 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. Then we have to remember this isn't just a U.S. problem we're trying to solve. Same platform but with new and improved features. 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. It's nearly impossible to have full transparency. CEOs can get lazy and only worry about the last 90 days; thats easy. We're focused on bringing that production back from Mexico that has been shifted outside of the U.S. and bring that back into the U.S. in a controlled environment. Look at how many times in the last few years you've had leafy greens yanked off store shelves. How do you feel about coming public a lot earlier than you probably would've normally? 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. 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." A universal harvester robot at AppHarvest's Morehead, Kentucky greenhouse, AppHarvests crops are monitored for quality control 24/7 and harvested robotically, a labor-saving advancement that lets the staff treat farming almost like a manufacturing process. You said that we're a technology company working to disrupt agriculture. I think we have seen some other players in the space that are starting. It's so cool to think about what you guys are doing there. By us running on completely recycled rainwater, we have no water cost. ET More on the future of agriculture and vertical farming innovator The Motley Fool recommends AppHarvest, Inc. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. 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. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Thanks as always to Tim Sparks for putting the show together for us. Many of our early investors have been very helpful with the company, and we knew that we are not just building one facility, we're building an organization that's going to go toe-to-toe with agriculture and food, globally. AppHarvest raised over $475 million in a public IPO, but it is not over. 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. His vision of the future of farming and much, much more. No one else in America is doing something at that scale. Her estimated net worth is more than $15 million. All of our water is captured on our roof. 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. Powered and implemented by Interactive Data Managed Solutions. But its confident in its approach. Non-planned trade are trades that For example, we use integrated pest management, good pest to kill bad pest. For the fourth quarter We just want to be one of those and we're cognizant that there's going to be plenty of large players. How do they plan on achieving that goal? That's because of our inefficient systems in the supply chain. How excited are you to bring that Root AI company in their leadership into your family? There's a lot of different ways to go public and at the time and we did it, and I think it was definitely the best decision for us at the time. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. Jonathan Webb grew up in Kentucky and has been committed to developing Jonathan has a Bachelors degree from the University of Kentucky in Business. We believe controlled environment agriculture is the third wave of sustainable infrastructure. 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. Of course, the future is what really matters. AppHarvest knows its far from being the only player in the CEA game. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. I have no doubt that we will. Investors Dig Into AppHarvest | The Motley Fool - Nasdaq Theyre designed to be safe around people. There won't be one automotive company transporting the world. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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. His fund's based in DC, we had them as early investors. They ask themselves, Did we help five people today? 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. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. Moser: Yeah. "In less than To access all the content for free, please sign up by entering your email. You talk about sustainable. AppHarvest raised over $475 million in a public IPO, but it is not over. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. We always talk about investing for the future because that's really what investing is all about. 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. But I wanted to ask you before we do, the Root AI acquisition. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address That's right -- they think these 10 stocks are even better buys. I mean, that is right in line. If I can sell you a grocer, a product at around the same price, what are we solving for? 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? He actively engages with his followers through his various social media accounts, including Instagram and Twitter. 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. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia.