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Get the latest news and research from AFN & AgFunder in your inbox. 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.. All Rights Reserved. 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 pay attention to my kids. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. 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. Webb: The industry is at an inflection point. 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. 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 Here are five relaxing scents you can use in your bedroom. ESG should be at the core of profitability and it should be at the core of building a resilient company. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. He also has experience in civil litigation and Title IX proceedings. Your email address will not be published. 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. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. We talk about how, 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. Is there a benefit? 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. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. The greenhouse will cost $97 million and span 60 acres. Why locate in Appalachia? We're investing in our workforce. We're selling to Kroger, we're selling in fast food chains like Wendy's. 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 had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. It's a nice evolution in the investing world that we care more and more about it. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? 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. Then by the end of the year in 2022, we'll have five facilities operating. Sometimes, it can even get us a few steps closer to saving he world. What makes AppHarvest so unique? Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. He has also held roles in movies and television series. 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'm sure it was an exciting time. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. 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. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Its the single largest LED installation in the United States despite using constant passive solar, waters its plants using recycled rainwater, employs an integrated pest management system to avoid any pesticides, has a 30x higher production yield than traditional open field agriculture, and has the ever so modest goal of transforming the future of agriculture. When youre building tech for techs sake, you start to question what youre doing. Jonathan received his bachelors degree from the University of Kentucky. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Clearly, the younger generation is coming up, sustainability matters, better food matters. Below, we look at some of his most popular tweets. I graduated from the University of Kentucky. I was very fortunate. But I think there are a lot of benefits that come with that. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Because it is cutting-edge technology. When he says sustainable, he doesnt just mean that in an environmental sense. There won't be one automotive company transporting the world. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. All rights reserved. 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. These food companies today are like the cigarette companies 40 years ago. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". How excited are you to bring that Root AI company in their leadership into your family? Powered and implemented by Interactive Data Managed Solutions. Let's let the consumer of our product also be the buyer in our company. The estimated value when the deal closes will be about a billion dollars for the company. Webb is from Kentucky, where 16% of residents are The Art of Self Meditation: What Are the Benefits? Same platform but with new and improved features. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. I go directly into the facility and talk to entry-level employees and people sweeping the floors. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. We believe controlled environment agriculture is the third wave of sustainable infrastructure. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. What's the technology that you are looking toward to help you change this space? 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? monitored for quality control 24/7 and harvested robotically. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and AppHarvest Operations, Inc., Jonathan Webb is an entrepreneur who is Chairman & Chief Executive Officer of AppHarvest, Inc. and Chairman & Chief Executive Officer of AppHarvest Operations, Inc. (a subsidiary of AppHarvest, Inc.). AppHarvest raised over $475 million in a public IPO, but it is not over. 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. Everybody has full healthcare. more. Consumers are pushing back. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. I know you're busy. 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. By the end of next year, well quadruple that. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. I think they certainly will be. 20years ago it was renewable energy. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. 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. Follow him on Twitter to get more updates. We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. 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. Copyright 2023 Surperformance. His final international was against Ireland in March 1993. People at large tech companies question what theyre actually building. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. We can also do it by returning investors to our shareholders. Webb is one of very few knee surgeons to have played for both the England-France national teams. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. Notify me of follow-up comments by email. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. 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. We're a public benefit corporation, and we're B Corp certified. Look at the open fields in Mexico. I have a 16 and then going on 15-year-old daughters. 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. That's how quickly the energy industry shifted. In 1985, he joined Bristol Rugby and won the John Player Cup. You may opt-out by. 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. 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. Her estimated net worth is more than $15 million. 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. 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.. Webb is a consultant orthopaedic physician and a board member of World Rugby. We have a phenomenal growing team. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. 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. 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. Jonathan Webb is a dual-qualified lawyer. Typically, you would do 40 to 60 meetings to get a couple of investors. 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. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. 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. 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. But in order to prove to our investors and prove to our shareholders and broader stakeholders, for us, it's about meeting our targets, and I've tried to say AppHarvest, we're in the business of delivering on our promises. 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. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed.

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