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." 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.. Jason Moser has no position in any of the stocks mentioned. Webb: Regulators are pounding on them, consumers are pounding on them. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. Your email address will not be published. Her estimated net worth is more than $15 million. 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. 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. 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? In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. You may opt-out by. Are we perfect? Jonathan received his bachelors degree from the University of Kentucky. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. 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. The estimated value when the deal closes will be about a billion dollars for the company. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. Most countries in the Middle East import nearly all of their fruit and vegetables. Invest better with The Motley Fool. Jonathan Webb grew up in Kentucky and has been committed to developing Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. We want to make sure you get the most out of our platform. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. We're investing in our workforce. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. We're going to be based in Central Appalachia. 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. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address 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 Webb: We could not be more excited. AppHarvest 20years ago it was renewable energy. 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, . That's because of our inefficient systems in the supply chain. These food companies today are like the cigarette companies 40 years ago. Get 5 free searches. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. They ask themselves, Did we help five people today? Here are five relaxing scents you can use in your bedroom. I'm Jason Moser, thanks for listening, and we'll see you next week. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. 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.. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. We use bees to pollinate our plans. Its easier than ever to find a trustworthy doctor. There won't be one automotive company transporting the world. Since then, AppHarvest shares have plunged 70%. You are speaking our language here at The Fool. Very excited about the Root AI transaction. He completed a fellowship in Australia at North Sydney Orthopaedic and Sports Medicine Centre and has worked in many high-profile clinics in the area. We hit our Q1 guidance, $2.3 million in revenue. But one thing we'd like to talk about is competitive advantage, what makes a company special? 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. No, weve made some mistakes. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our He has a particular interest in knee surgery and sports medicine. Moser: That's going to do it for us this week, folks. 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've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. Jonathan Webb Net Worth Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. We use completely recycled rainwater. We always talk about investing for the future because that's really what investing is all about. 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. 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. 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. AppHarvest to go public, seeks $475m at $1bn valuation - AFN AppHarvest Went From Seed to $1 Billion in Just 3 Years He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. Use our online form to book an appointment with Dr. Webb. 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. 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. Moser: Yeah. WebJonathan Webb. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. Learn More. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. But I think there are a lot of benefits that come with that. It means being a little bit more upfront with your investors. AppHarvest Founder & CEO on company's public debut via SPAC Why is that important? AppHarvest: Transforming The Future Of Agtech, And Maybe The Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. I write about the future of food, business, and culture. For example, we use integrated pest management, good pest to kill bad pest. I think we have seen some other players in the space that are starting. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. Dr. Webb graduated at the University of California San Diego School of Medicine. AppHarvest knows its far from being the only player in the CEA game. 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 was named a World Rugby Council RFU representative in 2016. The Motley Fool owns shares of and recommends Tesla. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. The other thing is scale. Fame | AppHarvest net worth and salary income estimation Jan, Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. 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. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. This article will briefly review the most important information. He was born into a medical family. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. This is a BETA experience. 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.. MOREHEAD, Ky., Feb. 27, 2023 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the worlds largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in In the latter, Webb was the only English player to score in the game. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. 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 started his professional career in 1989 as a Durban maritime lawyer firm. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, We want to be at Kroger. You have climate disruption. But I wonder, is there something to your mind? It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. Webb is from Kentucky, where 16% of residents are On Twitter, the actor shares his personal experiences with his followers. This helped the Army reach its goal of 20% renewable energy by 2025. That to me, was in a nutshell what it's all about. You mentioned your children. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. I mean, I think that kind of speaks for itself. Follow him on Twitter to get more updates. 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 is an expert in reconstructive and arthroscopic surgery. 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. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. While living in Washington D.C. developing sustainable energy farms, Jonathan researched another type of farming the Netherlands and its high-tech greenhouses that in a single acre yield as much as 10 outdoor acres and virtually eliminate the use of chemicals. 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. Two years into production, AppHarvest already provides 500 living wage jobs, is a second chance employer, and aims to hire a team as diverse as our nation and then empower them as individuals. Plus, the company is a B corp, a public benefit corporation, and its publicly traded. How do they plan on achieving that goal? But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Thank you for accessing our content on the Topio Networks Market Intelligence Center. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. There are many sources of information on Jonathan Webbs networth. 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. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. 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. We dont talk about this at all in the US. We look forward to providing you with even more cutting-edge market research, as Topio Networks. 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.. Did we help them reach their goals? Webb: The industry is at an inflection point. 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. He has successfully completed over 200 operations using the Mako machine. I know you're busy. It feels like this is something that really is just getting some traction here. Appharvest Stock Ownership 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. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. The private markets can be a part of every solution we have that we're seeing today. Webb made a second appearance for England, and reached the final. more. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. Location: Pikeville, KY. Add to My Lists. 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. 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. Webb Net Worth ", "It's easy to be a CEO that's looking for the next three months," Webb stated. He often sleeps in an RV outside the construction site of its second facility. Notify me of follow-up comments by email. Almost every company in the coal industry has gone bankrupt over the last 10 years. I mean, that is right in line. His Twitter account is one of the most popular on the social network. Below, we look at some of his most popular tweets. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Copyright 2023 Surperformance. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. Moser: That's exciting. AppHarvest AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? All of our water is captured on our roof. 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. My background was a part of building some of the largest solar projects in the U.S. David Lee, who joined us from Impossible Foods, joined impossible foods five years ago as their CFO and COO raised them nearly over $1 billion in the last five years and turned them into what was a boutique idea, into a mass-market product on store shelves. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. Required fields are marked *. 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. We've just been selling product for a matter of months. Why locate in Appalachia? 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. 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. 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. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. I hope you enjoy our conversation. He has many impressive accomplishments. Remember, you can always reach out to us on Twitter at @MFIndustryFocus, or drop us an email at [emailprotected] As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. That's not the conversation at all. Moser: Yeah. I have no doubt that we will. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. 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.
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