Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Theyre designed to be safe around people. For example, we use integrated pest management, good pest to kill bad pest. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. I know you're in the DC area. What is AppHarvest to you? Those are always famous last words as we move into some disruptive phase. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. All Rights Reserved. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. These food companies today are like the cigarette companies 40 years ago. The Motley Fool recommends AppHarvest, Inc. But if you look at the world, China and India account for 40% of the world's population. Of course, the future is what really matters. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. His military experience allows him to leverage private capital for his projects. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). I think it's clear that investors should really be excited for the future of AgTech. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. We hit our Q1 guidance, $2.3 million in revenue. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. The fired Google engineer who thought its A.I. 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. 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. We believe controlled environment agriculture is the third wave of sustainable infrastructure. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. 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. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. That's because of our inefficient systems in the supply chain. Jonathan Webb currently follows over 1 million people. According to Webb, going public has helped the company focus on the big picture. The other thing is scale. Then we have to remember this isn't just a U.S. problem we're trying to solve. 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'll talk a little bit about that in just a second. Follow him on Twitter to get more updates. ET More on the future of agriculture and vertical farming innovator They have 10% of the world's freshwater. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. I hope you enjoy our conversation. His final international was against Ireland in March 1993. Opinions expressed by Forbes Contributors are their own. I love your long-term focus. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. Moser: Yeah. Jonathan Webb's Appharvest shares are currently valued at $20.96M. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. AppHarvest CEO envisions 'couple-decade journey' after going public Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. AppHarvest is recovering from a challenging third quarter, in which it reported a net loss of over $17 million; Webb attributes it to hyper-growth. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. He has become a prominent social media star. Age : 37. 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 Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. 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. AppHarvest is an indoor farming company, so has massive greenhouses But then it's pulling technology in to drive nature from behind. 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.. But its confident in its approach. This is a BETA experience. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. Save my name, email, and website in this browser for the next time I comment. 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. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. The project aimed to help achieve an Obama-era goal of ensuring the militarys hundreds of installations develop resilient on-site power generation and receive 20% of their electricity from renewable sources by 2025. Is there any one thing or is it a collection of many things? A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. www.vbprofiles.com is now www.topionetworks.com. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. Jonathan Webb is a dual-qualified lawyer. Are you going to have drought? 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. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. Despite the off quarter, Webb has much to celebrate. I think we have seen some other players in the space that are starting. I have a 16 and then going on 15-year-old daughters. Moser: Yeah. Why is that important? 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. *Average returns of all recommendations since inception. But then what have we done with Root AI? I'm sitting in the heart of coal country right now. Then by the end of the year in 2022, we'll have five facilities operating. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. 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. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. I want to talk with you about in regard to AppHarvest. Is there a benefit? I'm Jason Moser, thanks for listening, and we'll see you next week. I made the point at one point in regard to AppHarvest. 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? Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. 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. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. 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 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. Eventually, he found the right problem to solve. I don't think anybody thinks of farming from this perspective. Most of those employees were hired in the midst of 2020, something that Webb considers a testament to the trust his community has placed in AppHarvest. Appharvest has When youre building tech for techs sake, you start to question what youre doing. I mean, all of the stuff that you just talked about really does matter. For us, we're looking at metrics, how can we be more sustainable? Webb was named a World Rugby Council RFU representative in 2016. Moser: Well, you said it on the call. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. 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. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll As founder and CEO of AppHarvest, Ive been listening to a podcast called The Future of Farming and Investing, where Jonathan Webb discusses how AppHarvest has built a three-million-square-foot indoor farm, twice as large as Amazons largest distribution center. Webb is a consultant orthopaedic physician and a board member of World Rugby. Going down, scanning the plant, pest, is there a disease, brightness? I fundamentally do not think its a tradeoff. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. 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. Well, you need water you need food, and you need energy. You are speaking our language here at The Fool. I watch them, I watch their friends, the things that they care about. His Twitter account is one of the most popular on the social network. We've had 8,000 people apply to work at the company and we've hired 500 people in the middle of a global pandemic. But with that said, what we have at AppHarvest is fairly unique. The company is building some of the largest indoor farms in the world, combining conventional agricultural techniques with todays technology to grow non-GMO, chemical-free produce to be. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest 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. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. Moser: Yeah, absolutely. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. Then Jeff Obin, who is on our board and has been an early investor. 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. 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. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. My answer to that is always; sustainability is profitability. The business combination values AppHarvest at a $1.0 billion pro forma equity value, at the $10.00 per share PIPE price and assuming minimal redemptions by Novus Capital shareholders. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. 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, . This article will briefly review the most important information. That to me, was in a nutshell what it's all about. 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. 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. That's our headquarters. Get the latest news and research from AFN & AgFunder in your inbox. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. 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. He pointed out that, At NASA in the 60s, if you would go visit a facility and you walked up to a janitor and asked, What do you do here? they would say, Im working to put a man on the moon. Thats been the same mentality here Its the collective thats making this thing possible.. I love that passion. No one else in America is doing something at that scale. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Our team is built to scale and you look at where we're at today, we've launched our first facility. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. The same way there won't be one energy company powering the world. 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. Webb: We could not be more excited. Clearly, the younger generation is coming up, sustainability matters, better food matters. We dont have two planets though, so Webb got creative. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. I want to know what the problems are from them, not just our executive team. We've just been selling product for a matter of months. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. He practices at Mayo Clinic Hospital Eau Claire. It feels like this is something that really is just getting some traction here. It's therefore worth looking at AppHarvest's earnings history below. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. 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. We could've raised capital privately on the balance sheet and kept building. Were investing heavily in our future, so were spending heavily today, he said. WebInside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Moser: That's exciting. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. But in its entirety not only do we have a problem we want to solve, we have a place in the world that wants to solve it with us., A crop care specialist carries boxes of tomatoes through a column of crops, pruning as she goes, I got to visit AppHarvest in November, and the sheer enthusiasm Webb has built in his staff is phenomenal. 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. 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. 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. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. I was really excited to be able to recommend it after all of the work I had done on the business, learning more about it, listening to you in your passion regarding this company, I think it would be beneficial for our members, for our listeners to hear it from your own words as the founder, as the CEO of AppHarvest. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. We talk about how, 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. People at large tech companies question what theyre actually building. The Motley Fool owns shares of and recommends Tesla. But the journey hasnt been without pitfalls. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. They can be competitive. We just have to keep our head down and execute and do our job every day here at AppHarvest. As I was listening, there was a quote, you said, "We are farmers and futurists." WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. AppHarvest knows its far from being the only player in the CEA game. We dont talk about this at all in the US. 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. Linked companies : AppHarvest, Inc. Summary. 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 a highly-respected knee surgeon in the United States. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. WebJonathan Webb. Thanks as always to Tim Sparks for putting the show together for us. He has also held roles in movies and television series. That's not the conversation at all. The private markets can be a part of every solution we have that we're seeing today. In the latter, Webb was the only English player to score in the game. 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. Since then, AppHarvest shares have plunged 70%. Your email address will not be published. I pay attention to my kids. 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. 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. Everybody has full healthcare. By us running on completely recycled rainwater, we have no water cost. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. 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 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. This is still a very new space though. This will result in a $1.7 billion return of investment for the company. His fund's based in DC, we had them as early investors. That's how quickly the energy industry shifted. The history of the world is in many ways the history of technology, and of our reactions to it. I'm really excited to have you all as a recommendation in our service and hopefully, our members are too after talking with you today. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. 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. 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.. Same platform but with new and improved features. What's your competitive advantages or something you feel differentiates you from your competition? WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future.
