There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. Then I got to mention the area we're in, Eastern Kentucky has been known for coal mining for decades, it was known as the whole country, so to speak, and empowering the U.S. through the industrial revolution with low-cost coal. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. 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. You said that we're a technology company working to disrupt agriculture. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. We have a phenomenal team of sustainability experts. We love DC, but we don't want to just be selling to the high-end restaurants in DC. You have climate disruption. It means being a little bit more upfront with your investors. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Get 5 free searches. I know you're in the DC area. We'll head down here and then I would start or I would end with what I started with. 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. Sustainable investor Equilibrium Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. For the fourth quarter Webb is a consistent presence at the companys flagship greenhouse in Morehead. 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. We're laser-focused on getting this right here. 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 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. They can be competitive. To get started investing, check out our quick-start guide to investing in stocks. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Our team is built to scale and you look at where we're at today, we've launched our first 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. Public asset : 44,698,475 USD. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. 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. 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. 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. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. 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? I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. You may opt-out by. 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. It's therefore worth looking at AppHarvest's earnings history below. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. If I can sell you a grocer, a product at around the same price, what are we solving for? Making the world smarter, happier, and richer. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. more. Moser: Yeah. 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. 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. 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. One, our geographic location. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. I want to talk with you about in regard to AppHarvest. Now, our job is to make sure it's at around the same price. He often sleeps in an RV outside the construction site of its second facility. The Motley Fool owns shares of and recommends Tesla. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. Theyre designed to be safe around people. He holds a legal degree from the University of Natal as well as the University of Cape Town. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. We're investing in our workforce. No one else in America is doing something at that scale. 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. AppHarvest. "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.". His final international was against Ireland in March 1993. Why? As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. You mentioned your children. To learn more about AppHarvest, you can visit appharvest.com. Non-planned trade are trades that If you look at the grocery and then you go, wait a second. How do they plan on achieving that goal? 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. 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. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. We'll talk a little bit about that in just a second. They have 10% of the world's freshwater. 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. Webb is from Kentucky, where 16% of residents are Let's force that rigor early. Most countries in the Middle East import nearly all of their fruit and vegetables. 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. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. Why locate in Appalachia? Webb was raised in a white-bread, wealthy family. "In less than AppHarvest raised $500 million on its balance sheet this year, went public on the Nasdaq, hired 400 people to work in its first facility, and brought its first product, beefsteak tomatoes, to grocery stores including Kroger, Walmart, and Publix. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. We believe controlled environment agriculture is the third wave of sustainable infrastructure. With a 19% stake, CEO Jonathan Webb is the largest shareholder. Then we'll be able to give that data over to the grocer in more real-time. AppHarvest is an indoor farming company, so has massive greenhouses The world's food and agriculture problems are not going to be solved overnight. How do you feel about coming public a lot earlier than you probably would've normally? Almost every company in the coal industry has gone bankrupt over the last 10 years. Were investing heavily in our future, so were spending heavily today, he said. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. We've just been selling product for a matter of months. Once operational, it will ship 45 million pounds of fresh produce annually to grocery stores in the Midwest and Southeast. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. In 1985, he joined Bristol Rugby and won the John Player Cup. This is a BETA experience. 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." 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. Most people every day are just concerned about can they put food on the table? Jonathan Webb is a dual-qualified lawyer. Are you going to have drought? Consumers are pushing back. We can also do it by returning investors to our shareholders. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. Part of it is that building big stuff fast in the US is very hard. 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 8,000 people apply to work at the company and we've hired 500 people in the middle of a global pandemic. 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. Again, the private markets get a very bad rap socially. You can also follow him on Instagram. Same platform but with new and improved features. In the latter, Webb was the only English player to score in the game. 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. It's about getting the industry to turn the corner at scale globally," Webb said. www.vbprofiles.com is now www.topionetworks.com. I'm sitting in the heart of coal country right now. Your email address will not be published. Announces Separation of Julie Nelson as Chief Operating Officer Nov 16 Price target decreased to US$5.33 Nov 16 See more updates Shareholder Returns See full shareholder returns Return vs Industry: APPH underperformed the US Food industry which returned Get 5 free searches. WebInside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional 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. Powered and implemented by Interactive Data Managed Solutions. 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. 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. All of our water is captured on our roof. Cost basis and return based on previous market day close. He represented his country in 33 Test matches and played for Bristol and Bath. 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. Offers may be subject to change without notice. Get the latest news and research from AFN & AgFunder in your inbox. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. But if we do the work to center the people who benefit from that technology in the middle of the conversation, then progress doesnt have to be a bad thing. He also received his medical license from Minnesota. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. Despite the off quarter, Webb has much to celebrate. Theyre looking for purpose in their life; theyre looking for companies like us.. 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. We're going to be based in Central Appalachia. We pay every employee at AppHarvest a living wage. He has a particular interest in knee surgery and sports medicine. 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.). 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. We need to all collectively have a much more longer-term viewpoint on how we're building companies that are going to be good for communities, good for employees, and return a good return to our investors and shareholders. monitored for quality control 24/7 and harvested robotically. "For us, at AppHarvest, this isn't just about a company. On Twitter, the actor shares his personal experiences with his followers. Dr. Webb graduated at the University of California San Diego School of Medicine. 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. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. The actor regularly posts photos and videos of himself, as well as engaging with his fans. This is becoming really a hot-button topic for a lot of investors, rightly so. They ask themselves, Did we help five people today? 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. 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. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. But I dont think thats adding value to the company, or looking out for our shareholders, he said. WebJonathan Webb. But its confident in its approach. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. WebJonathan Webb. Linked companies : AppHarvest, Inc. Summary. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. Webb: We could not be more excited. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. We've had record amounts of rainfall. Because it is cutting-edge technology. Webb is one of very few knee surgeons to have played for both the England-France national teams. His Twitter account is one of the most popular on the social network. I mean, that is right in line. I know that you're not the only one focused on controlled environment agriculture. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. I like thinking about a future where AppHarvest and companies like you all are helping make our food supply not only here domestically, but really around the world better, more reliable, more transparent. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. 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. At one point, we were thinking of putting up a billboard in front of several large tech company offices saying, Come build tech that matters, Webb said. We're ramping up and scaling quickly. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Invest better with The Motley Fool. You have labor concerns. I think it's clear that investors should really be excited for the future of AgTech. But really its water and food first. How excited are you to bring that Root AI company in their leadership into your family? But then it's pulling technology in to drive nature from behind. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. It means transparency. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. 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. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. I think you really keyed in on something important there, a 30-year journey. The same way there won't be one energy company powering the world. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. I asked on a call earlier today, well, have you had issues hiring people? Copyright 2023 Surperformance. 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. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. 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're building these facilities here where we can access markets and get to about three-quarters of the U.S. on a day drive. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. I don't think anybody thinks of farming from this perspective. This commitment, at $10 per share, values the company at $1 billion. I made the point at one point in regard to AppHarvest. You have to judge yourself internally. 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. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. All rights reserved. Since then, AppHarvest shares have plunged 70%. 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.. 20years ago it was renewable energy. But I wanted to ask you before we do, the Root AI acquisition. The Art of Self Meditation: What Are the Benefits? It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. 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. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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. What's the technology that you are looking toward to help you change this space? 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. We want to be selling to 90% of America. We're a public benefit corporation, and we're B Corp certified.