Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. No, weve made some mistakes. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. "And we don't think we could do that if we weren't in the public markets.". We want to make sure you get the most out of our platform. That to me, was in a nutshell what it's all about. The same way there won't be one energy company powering the world. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. 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. 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. I know that you're not the only one focused on controlled environment agriculture. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. We're selling to Kroger, we're selling in fast food chains like Wendy's. I'm one of those people growing up I went to public schools here in Kentucky. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. We dont have two planets though, so Webb got creative. Notify me of follow-up comments by email. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. Your email address will not be published. I go directly into the facility and talk to entry-level employees and people sweeping the floors. The Motley Fool has a disclosure policy. 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. For us, we're looking at metrics, how can we be more sustainable? Were investing heavily in our future, so were spending heavily today, he said. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. 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. 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 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Let's force that rigor early. But then what have we done with Root AI? They have 10% of the world's freshwater. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. Making the world smarter, happier, and richer. Are we perfect? WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 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. All Rights Reserved. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. But really its water and food first. That's right -- they think these 10 stocks are even better buys. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Get 5 free searches. It's a nice evolution in the investing world that we care more and more about it. We use completely recycled rainwater. He has become a prominent social media star. 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 Brooke DiPalma is a producer and reporter for Yahoo Finance. Is there any one thing or is it a collection of many things? Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. 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'm sitting in the heart of coal country right now. 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. I write about the future of food, business, and culture. Why? 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. Location: Pikeville, KY. Add to My Lists. There won't be one automotive company transporting the world. I mean, that is right in line. We love DC, but we don't want to just be selling to the high-end restaurants in DC. In 1985, he joined Bristol Rugby and won the John Player Cup. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. What makes AppHarvest so unique? 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? The fired Google engineer who thought its A.I. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. Learn More. Moser: Yeah. His final international was against Ireland in March 1993. 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. Even though you entered at such a young stage of your business, You essentially were pre-revenue coming into the public markets, and now, you're just getting that started. We hit our Q1 guidance, $2.3 million in revenue. 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. 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. Again, for us, it's about keeping our head down, growing good fruit and vegetables. We're building infrastructure in an area of the country where we're having record amounts of rainfall, and if you look at the climate maps, we continue to get wetter. That's not the conversation at all. AppHarvest raised over $475 million in a public IPO, but it is not over. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. I think they certainly will be. We're in that classic scenario of demand exceeding supply. ET More on the future of agriculture and vertical farming innovator Jason Moser has no position in any of the stocks mentioned. To learn more about AppHarvest, you can visit appharvest.com. If you look at the grocery and then you go, wait a second. My competition in Mexico, you have people getting paid $5 a day. For the fourth quarter You have labor concerns. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. Offers may be subject to change without notice. Jonathan received his bachelors degree from the University of Kentucky. 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. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. I mean, I think that kind of speaks for itself. The history of the world is in many ways the history of technology, and of our reactions to it. "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. What weve proven through a global pandemic is that we can build one of the largest facilities in the world on time, on budget, at a record pace.. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? 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 president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. 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've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. 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. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. To make the world smarter, happier, and richer. Jonathan has a Bachelors degree from the University of Kentucky in Business. Then we'll be able to give that data over to the grocer in more real-time. Sometimes, it can even get us a few steps closer to saving he world. This is becoming really a hot-button topic for a lot of investors, rightly so. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". How do you feel about coming public a lot earlier than you probably would've normally? It's about getting the industry to turn the corner at scale globally," Webb said. 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 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. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. We've just been selling product for a matter of months. The first harvest at its Morehead facility is slated for early 2021. How excited are you to bring that Root AI company in their leadership into your family? 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. "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.". We just have to keep our head down and execute and do our job every day here at AppHarvest. 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. Did we help them reach their goals? AppHarvest knows its far from being the only player in the CEA game. He played against Australia on 23 May. One, our geographic location. 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. That's because of our inefficient systems in the supply chain. 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. 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 was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. 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. If you look at AppHarvest, what are we doing? 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. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. I have a 16 and then going on 15-year-old daughters. I don't think anybody thinks of farming from this perspective. 95% of a fruit and vegetable is water. But then it's pulling technology in to drive nature from behind. This year alone, more than 50 SPACs have been formed in the US, collectively raising. Is there a benefit? Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. 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. How do they plan on achieving that goal? 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.). 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.. 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. 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. Very excited about the Root AI transaction. He also received his medical license from Minnesota. The other thing is scale. We've had one of our wettest decades on state record. We thought in order to build an organization that's going to be selling to the top grocers. All of our water is captured on our roof. We always talk about investing for the future because that's really what investing is 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. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. 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. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. "Tech for good the consumer wants it. Get 5 free searches. 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. We're laser-focused on getting this right here. 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. Same platform but with new and improved features. Typically, you would do 40 to 60 meetings to get a couple of investors. Of course, the future is what really matters. 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. You have to judge yourself internally. We just want to be one of those and we're cognizant that there's going to be plenty of large players. When youre building tech for techs sake, you start to question what youre doing. 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." 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 Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. As I was listening, there was a quote, you said, "We are farmers and futurists." We want to be at Kroger. He holds a legal degree from the University of Natal as well as the University of Cape Town. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. When he says sustainable, he doesnt just mean that in an environmental sense. We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. We've had record amounts of rainfall. Running AppHarvest this way definitely creates extra workthe company even has facilitators who help employees navigate unexpected life events that might prevent them from coming to workbut its work Webb considers essential. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. 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. 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. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. 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. I made the point at one point in regard to AppHarvest. Jonathan Webb currently follows over 1 million people. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. 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. With a 19% stake, CEO Jonathan Webb is the largest shareholder. You have food safety concerns. His vision of the future of farming and much, much more. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. 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. Jonathan Webb is an actor with a large following on Twitter. The Motley Fool recommends AppHarvest, Inc. That might sound straight from science fiction, but AppHarvests CTO Josh Lessing, who designed many of these universal harvesting systems says we only think that because farming has been so slow to innovate. But I think there are a lot of benefits that come with that. 20years ago it was renewable energy. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. Most countries in the Middle East import nearly all of their fruit and vegetables. We want to be selling to 90% of America. Moser: Well, you said it on the call. 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. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. You talk about sustainable. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Then by the end of the year in 2022, we'll have five facilities operating. The private markets can be a part of every solution we have that we're seeing today. He studied history and economics at the University of Cape Town, and obtained a Bachelor of Laws and post-graduate diploma in maritime law from the University of Natal. For example, we use integrated pest management, good pest to kill bad pest.
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