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. Since then, AppHarvest shares have plunged 70%. Why locate in Appalachia? We're building these facilities here where we can access markets and get to about three-quarters of the U.S. on a day drive. 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. For us, this year, it's less about the dollars and more about hitting our targets and we were able to hit our Q1 guidance and ramp up our facility to, later on, this year by Q4, we'll be at full capacity in Q3 and Q4, selling tomatoes out of this facility in more Kentucky. The companys first greenhouse will span 60 acres and open in 2020 in Morehead, Ky.The greenhouse will operate entirely on rainwater using a 10-acre retention pond, reducing water usage by 80% compared to a typical farm. One, our geographic location. The human spirit is willing to do a lot. Its easier than ever to find a trustworthy doctor. I made the point at one point in regard to AppHarvest. AppHarvest raised over $475 million in a public IPO, but it is not over. monitored for quality control 24/7 and harvested robotically. In our first month or two, we're already at all those outlets. For us, we're looking at metrics, how can we be more sustainable? "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. He holds a legal degree from the University of Natal as well as the University of Cape Town. Webb was raised in a white-bread, wealthy family. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Webb: The industry is at an inflection point. You have to judge yourself internally. 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. 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. 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. Linked companies : AppHarvest, Inc. Summary. Get 5 free searches. 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 sources by leveraging private sector capital for the projects. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. We can get to 70% of the U.S. in a one-day drive. You may opt-out by. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." 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.. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. 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. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. For the fourth quarter Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. The Motley Fool owns shares of and recommends Tesla. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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. If you want to know how wealthy he is, read on! My answer to that is always; sustainability is profitability. Jonathan Webb grew up in Kentucky and has been committed to developing Why is that important? You have labor concerns. 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. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. Not only picking, pruning, harvesting, being able to actually get the tomato off the vine, and ultimately, shipped out, but also the predictive analytics that we can use. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Webb is a highly-respected knee surgeon in the United States. Webb: Well, I'll start by saying, anyone that is growing good, clean produce, without harsh chemical pesticides, I try to call them my colleagues, not competitors. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. You talk about sustainable. The regulators are pushing that direction. 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. I mean, that is right in line. 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 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, a specialist in knee surgery, was once a prominent player on the English rugby team. Despite IPOs last year having the worst returns in a decade, Webb said he believed 2021 was an important time for the company to go public and stood by the decision to take the company's mission "directly to the Street" and to receive the "rigor of Wall Street early," which he claimed will only make the company "stronger in the long run.". Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. We're a public benefit corporation, and we're B Corp certified. 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. Did we help them reach their goals? Get 5 free searches. 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. My competition in Mexico, you have people getting paid $5 a day. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. 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, . 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. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. 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.. We've had one of our wettest decades on state record. "Tech for good the consumer wants it. Thank you for your continued support. We'll talk a little bit about that in just a second. Powered and implemented by Interactive Data Managed Solutions. 20years ago it was renewable energy. Its flagship facility is a 60-acre indoor farm in Morehead, a town of 8,000 in the foothills of the Appalachian Mountains, and it solely uses rainwater for its irrigation. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? We use bees to pollinate our plans. 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. 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. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. I fundamentally do not think its a tradeoff. 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 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. In the 1987 Rugby World Cup, Webb made his debut for England. AppHarvest raised over $475 million in a public IPO, but it is not over. 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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. WebJonathan Webb. Public asset : 44,698,475 USD. I love your long-term focus. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Now, we want to turn this region into an area of the country that's known for sustainable food production, but beyond just loving the place, I'm from Kentucky, beyond just loving this area, we can get to three quarters of the U.S. on a day drive. With significant tailwinds from heightened investor focus on ESG initiatives and the secular shift to plant-based foods, we believe AppHarvest is well-positioned to execute on its strategy for rapid growth and value creation, he continued. Webb: We could not be more excited. Again, the private markets get a very bad rap socially. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. To learn more about AppHarvest, you can visit appharvest.com. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the 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. 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. I think we have seen some other players in the space that are starting. 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. Use our online form to book an appointment with Dr. Webb. Theyre designed to be safe around people. He has become a prominent social media star. That's how quickly the energy industry shifted. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Now, our job is to make sure it's at around the same price. 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? These food companies today are like the cigarette companies 40 years ago. Making the world smarter, happier, and richer. more. 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. 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. Opinions expressed by Forbes Contributors are their own. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Then by the end of the year in 2022, we'll have five facilities operating. We're ramping up and scaling quickly. AppHarvest is an indoor farming company, so has massive greenhouses WebJonathan Webb. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. To make the world smarter, happier, and richer. I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. That's our headquarters. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. We've had record amounts of rainfall. He often sleeps in an RV outside the construction site of its second facility. He also received his medical license from Minnesota. He is an ex-rugby player who represented England from 1987 to 1993, reaching the World Cup Final and winning two Five Nations grand slam titles. We could've raised capital privately on the balance sheet and kept building. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. Typically, you would do 40 to 60 meetings to get a couple of investors. Sustainable investor Equilibrium By us running on completely recycled rainwater, we have no water cost. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. 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. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. 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. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. 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. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. I go directly into the facility and talk to entry-level employees and people sweeping the floors. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. AppHarvest which raised $28 million in its Series C round 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. It's about getting the industry to turn the corner at scale globally," Webb said. What's that Harvest's secret sauce? I love that passion. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Webb is a consultant orthopaedic physician and a board member of World Rugby. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. WebAppHarvest salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like AppHarvest based on real The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. CEOs can get lazy and only worry about the last 90 days; thats easy. We're feeding our country with people in Mexico who are making $5 a day. Typically, you would do 40 to 60 meetings to get a couple of investors. 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. 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. I was very fortunate. But I think there are a lot of benefits that come with that. Invest better with The Motley Fool. 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. Jonathan has a Bachelors degree from the University of Kentucky in Business. www.vbprofiles.com is now www.topionetworks.com. We're investing in our workforce. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest The Motley Fool has a disclosure policy. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Moser: Yeah. No. "In less than That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Get the latest news and research from AFN & AgFunder in your inbox. 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. Thats why AI scares people, we know tech can be used just as coldly as anything else. Webb: Well, we built the company from day one. Look at the open fields in Mexico. There's not going to be one food company feeding the world. Of course, the future is what really matters. His fund's based in DC, we had them as early investors. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. His military experience allows him to leverage private capital for his projects. Why? ET More on the future of agriculture and vertical farming innovator I hope you enjoy our conversation. Our team is built to scale and you look at where we're at today, we've launched our first facility. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. We always talk about investing for the future because that's really what investing is all about. 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. People at large tech companies question what theyre actually building. 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. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. This is still a very new space though. They can be competitive. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. I asked on a call earlier today, well, have you had issues hiring people? In the latter, Webb was the only English player to score in the game. Jonathan Webb currently follows over 1 million people. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. I think you really keyed in on something important there, a 30-year journey. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. I mean, I think that kind of speaks for itself. But one thing we'd like to talk about is competitive advantage, what makes a company special? Here are five relaxing scents you can use in your bedroom. This will result in a $1.7 billion return of investment for the company. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. Moser: Yeah, absolutely. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. It's so cool to think about what you guys are doing there. 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. He has a particular interest in knee surgery and sports medicine. Dr. Webb graduated at the University of California San Diego School of Medicine. 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. 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. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. His final international was against Ireland in March 1993. Your email address will not be published. Jason Moser has no position in any of the stocks mentioned. I'm sure it was an exciting time. We're laser-focused on getting this right here. The actor regularly posts photos and videos of himself, as well as engaging with his fans. That's right -- they think these 10 stocks are even better buys. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. [laughs] This is something I'm very passionate about. When is it going to be able to ship? 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. But then what have we done with Root AI? By the end of next year, well quadruple that. In order to do that, you have to have rigor. Those are always famous last words as we move into some disruptive phase. "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. Webb started his professional career in 1989 as a Durban maritime lawyer firm. Webb: Well, thank you and thank you for having me, and we've got a lot of work to do here, but I can assure you we're head down building and look forward to continuing the conversation another time. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Are you going to have drought? We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. 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. But really its water and food first. 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. As I was listening, there was a quote, you said, "We are farmers and futurists." Age : 37. I'm Jason Moser, thanks for listening, and we'll see you next week. We're one of four companies that are publicly traded that have both of those as a company. 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. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. Webb made a second appearance for England, and reached the final.

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