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WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. The history of the world is in many ways the history of technology, and of our reactions to it. Those are always famous last words as we move into some disruptive phase. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. We just have to keep our head down and execute and do our job every day here at AppHarvest. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. Get 5 free searches. 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. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. 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? This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. 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 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.. They're not going to be solved in a month or a year or a quarter and we just want to build an organization that's going to be able to go toe-to-toe with the larger incumbents out there, and the best way to do that is to have that rigor of being a publicly traded company. Founder & CEO at AppHarvest. Why is that important? He has become a prominent social media star. Why? 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. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. That to me, was in a nutshell what it's all about. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. 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. 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. Were investing heavily in our future, so were spending heavily today, he said. We don't want to be selling just to the high-end. Part of it is that building big stuff fast in the US is very hard. 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 was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. 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. Typically, you would do 40 to 60 meetings to get a couple of investors. It feels like this is something that really is just getting some traction here. 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." 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 feeding our country with people in Mexico who are making $5 a day. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest But if you look at all the problems in the agriculture system, this industry really solves most of those problems. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. The world's food and agriculture problems are not going to be solved overnight. 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. Look at how many times in the last few years you've had leafy greens yanked off store shelves. The same way there won't be one energy company powering the world. We'll talk a little bit about your quarterly results here in a minute because I want to get into that, but one of the things that stood out to me in the earnings call. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). 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. Moser: Yeah. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. 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. What makes AppHarvest so unique? 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.". Webb: We could not be more excited. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. 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. 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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. 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. 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. We want to be at Kroger. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. My competition in Mexico, you have people getting paid $5 a day. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? We've been very fortunate and humbled that the Root AI team is fully a part of the AppHarvest team building robotics that's operating on AI, collecting data. I go directly into the facility and talk to entry-level employees and people sweeping the floors. One, our geographic location. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. 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. But its confident in its approach. "We see this as a couple-decade journey, and really, we're in our first decade," Webb told Yahoo Finance's Julie Hyman at the 2022 SXSW Conference (video above). This is becoming really a hot-button topic for a lot of investors, rightly so. This helped the Army reach its goal of 20% renewable energy by 2025. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. He represented his country in 33 Test matches and played for Bristol and Bath. 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. Invest better with The Motley Fool. We want to be at Wendy's, we want to be at Walmart. Non-planned trade are trades that 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. 2023 Fortune Media IP Limited. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. But then what have we done with Root AI? Thank you for your continued support. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. Learn More. 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. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. He has also held roles in movies and television series. Appharvest has Most people every day are just concerned about can they put food on the table? 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 Karrie, on the other hand, has not disclosed her salary or income. I know that you're not the only one focused on controlled environment agriculture. The estimated value when the deal closes will be about a billion dollars for the company. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. 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. Jonathan Webb was born on 24 August 1963, in London, England. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. No one else in America is doing something at that scale. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. Jonathan, thank you so much for taking the time out of your busy schedule to see just more about AppHarvest to talk about all the stuff that you're trying to accomplish there. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. We want to be selling to 90% of America. Jonathan Webb is a dual-qualified lawyer. Project Access offers ESL/ESL classes, after school programs, and computer literacy. Webb started his professional career in 1989 as a Durban maritime lawyer firm. 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. 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. Offers may be subject to change without notice. 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. They can be competitive. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Europe, Menlo Park, China), Where the person is located (e.g. WebJonathan Webb, AppHarvest Inc: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Leaders with Lacqua:Mark Read WPP CEO Bloomberg Radio Meet the You said that we're a technology company working to disrupt agriculture. "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. People at large tech companies question what theyre actually building. 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. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. The other thing is scale. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. Look at the open fields in Mexico. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and This commitment, at $10 per share, values the company at $1 billion. I have a 16 and then going on 15-year-old daughters. We have a lot of work to do ahead of us over the years to come. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. What's the technology that you are looking toward to help you change this space? We're going to be headquartered in Central Appalachia, execution at scale here in the U.S. but this is a global problem that we've gotten phone calls from around the world about how and when we can take our solution and go elsewhere. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. Get 5 free searches. I mean, I think that kind of speaks for itself. We have one farm right now thats 2.8 million square feet. 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. 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. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. "For us, being transparent with not only the consumer, but having that transparency of a public company as we build a large global food company, we think the long-term benefits are great.". "In less than What are you trying to accomplish? Webb, a Kentucky native and University of Kentucky graduate, says he remains committed to his goal of employing large numbers of people at high-tech farms around the eastern half of the state. There are many sources of information on Jonathan Webbs networth. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. David and Tom just revealed what they believe are theten best stocks for investors to buy right now and Walmart wasn't one of them! Now, our job is to make sure it's at around the same price. But the futuristic pieces, we've combined a technology team with a great plant science group. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. 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. I know you're in the DC area. Moser: Yeah. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. 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. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. 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. We're ramping up and scaling quickly. This will result in a $1.7 billion return of investment for the company. Yahoo Finance's Julie Hyman at the 2022 SXSW Conference, 3 big things in investing you might have missed this week, UPDATE 1-North Korea says US causing international arms control collapse, EU releases funds, prepares aid flight for eastern Congo, Rheinmetall in talks on building tank factory in Ukraine - report, Ukraine Latest: Metsola Urges More Sanctions Pressure on Russia. Jonathan Webb's Appharvest shares are currently valued at $20.96M. In the back of his mind, he wondered what he could do to help. 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. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. His vision of the future of farming and much, much more. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. I mean, all of the stuff that you just talked about really does matter. Because it is cutting-edge technology. Jonathan Webb is an actor with a large following on Twitter. Save my name, email, and website in this browser for the next time I comment. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. But I wonder, is there something to your mind? 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. Moser: That's exciting. We need to change the profits versus purpose narrative; purpose drives profit and, ultimately, is what makes an organization durable and resilient for decades to come, Webb told Fortune. Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. Talk a little bit about what ESG means to you and some of the things that you've done, because corporately you set your business up to be able to account for some of that transparency and whatnot. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. 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. 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 hit our Q1 guidance, $2.3 million in revenue. Required fields are marked *. We're in that classic scenario of demand exceeding supply. We can also do it by returning investors to our shareholders. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. AppHarvest raised over $475 million in a public IPO, but it is not over. By being able to have robotics and AI they can have more real-time information. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. 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. His Twitter account is one of the most popular on the social network. 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. They ask themselves, Did we help five people today? These food companies today are like the cigarette companies 40 years ago. Making the world smarter, happier, and richer. Everybody has full healthcare. Webb is an expert in reconstructive and arthroscopic surgery. Brooke DiPalma is a producer and reporter for Yahoo Finance. 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. It means being a little bit more upfront with your investors. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. 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. You talk about sustainable. 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. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. It's therefore worth looking at AppHarvest's earnings history below. We'll head down here and then I would start or I would end with what I started with. We're selling to Kroger, we're selling in fast food chains like Wendy's. Below, we look at some of his most popular tweets. Thats why AI scares people, we know tech can be used just as coldly as anything else. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. I want to talk with you about in regard to AppHarvest. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York.