Yes, maybe we're paying marginally more in the short-term, but that workforce is the one that's beating production targets daily. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. For example, we use integrated pest management, good pest to kill bad pest. Non-planned trade are trades that A full transcript follows the video. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. In the latter, Webb was the only English player to score in the game. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. With a 19% stake, CEO Jonathan Webb is the largest shareholder. To learn more about AppHarvest, you can visit appharvest.com. They have 10% of the world's freshwater. AppHarvest Founder & CEO on company's public debut via SPAC What's the technology that you are looking toward to help you change this space? 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. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. I love that passion. Are we perfect? 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. Despite the off quarter, Webb has much to celebrate. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. 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.. 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. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. www.vbprofiles.com is now www.topionetworks.com. 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. 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? This is still a very new space though. Fame | AppHarvest net worth and salary income estimation Jan, This helped the Army reach its goal of 20% renewable energy by 2025. No one else in America is doing something at that scale. What's your competitive advantages or something you feel differentiates you from your competition? I don't think anybody thinks of farming from this perspective. The regulators are pushing that direction. 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. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings.. Moser: Yeah. 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. But I wonder, is there something to your mind? I think it's clear that investors should really be excited for the future of AgTech. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. 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. Jonathan received his bachelors degree from the University of Kentucky. Our team is built to scale and you look at where we're at today, we've launched our first facility. 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. We take that long term approach, we don't view things by quarter. 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. 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. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." Most countries in the Middle East import nearly all of their fruit and vegetables. Moser: Yeah. AppHarvest. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. Age : 37. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. AppHarvest But in order to prove to our investors and prove to our shareholders and broader stakeholders, for us, it's about meeting our targets, and I've tried to say AppHarvest, we're in the business of delivering on our promises. But I think there are a lot of benefits that come with that. This commitment, at $10 per share, values the company at $1 billion. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. 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 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. Cost basis and return based on previous market day close. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. AppHarvest We're one of four companies that are publicly traded that have both of those as a company. I mean, I think that kind of speaks for itself. Karrie, on the other hand, has not disclosed her salary or income. Webb is a consultant orthopaedic physician and a board member of World Rugby. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. Since then, AppHarvest shares have plunged 70%. I mean, that is right in line. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. 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. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll 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. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. "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). Her estimated net worth is more than $15 million. Maintaining that inclusive work culture, especially since he works in agriculture, is incredibly important to Webb, who aims to do everything from a place of empathy and considers his employees to be his first customers. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. By the end of next year, well quadruple that. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Look at the open fields in Mexico. Webb is from Kentucky, where 16% of residents are The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. 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! Making the world smarter, happier, and richer. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. Going down, scanning the plant, pest, is there a disease, brightness? 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. How excited are you to bring that Root AI company in their leadership into your family? more. 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. 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. 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Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. 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. I know that you're not the only one focused on controlled environment agriculture. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. It made good logistical sense since Kentucky is within a days drive of 70% of the United States, plus there was an untapped labor force there ready and waiting to be hired. Powered and implemented by Interactive Data Managed Solutions. 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. 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. Use our online form to book an appointment with Dr. Webb. But one thing we'd like to talk about is competitive advantage, what makes a company special? Webb started his professional career in 1989 as a Durban maritime lawyer firm. But the futuristic pieces, we've combined a technology team with a great plant science group. Webb is a highly-respected knee surgeon in the United States. Webb: Well, we built the company from day one. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. [laughs] This is something I'm very passionate about. 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, a specialist in knee surgery, was once a prominent player on the English rugby team. I think that's going to be something that just continues to get into the public's mind. 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. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. It feels like this is something that really is just getting some traction here. It's so cool to think about what you guys are doing there. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. 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. But its confident in its approach. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. Webb was named a World Rugby Council RFU representative in 2016. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. Again, for their CEO, for their team to say to them not just about money, we can have more impact at scale with AppHarvest and achieve our mission and achieve our goals by working together. This article will briefly review the most important information. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. Thats why AI scares people, we know tech can be used just as coldly as anything else. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. 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. The first harvest at its Morehead facility is slated for early 2021. Your email address will not be published. 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 in our first decade and we're going to try to look at judging the company on decade one, decade two, and decade three. We've had one of our wettest decades on state record. 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. There's not going to be one food company feeding the world. I love your long-term focus. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. I'm sitting in the heart of coal country right now. The same way there won't be one energy company powering the world. Jonathan Webb is an actor with a large following on Twitter. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. There won't be one automotive company transporting the world. If you look at the grocery and then you go, wait a second. I think we have seen some other players in the space that are starting. Moser: Yeah, absolutely. ESG should be at the core of profitability and it should be at the core of building a resilient company. Jonathan Webb was born on 24 August 1963, in London, England. 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. ET More on the future of agriculture and vertical farming innovator AppHarvest is recovering from a challenging third quarter, in which it reported a net loss of over $17 million; Webb attributes it to hyper-growth. We pay every employee at AppHarvest a living wage. 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 Jason Moser has no position in any of the stocks mentioned. Again, if we look at agriculture, there's a lot of trouble in our current agriculture system and we can use ESG metrics to clean up our food supply and create better food systems. Jonathan Webb - Founder & CEO @ AppHarvest AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). He often sleeps in an RV outside the construction site of its second facility. Well, you need water you need food, and you need energy. The actor regularly posts photos and videos of himself, as well as engaging with his fans. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. 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. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. We're selling to Kroger, we're selling in fast food chains like Wendy's. He has many impressive accomplishments. I fundamentally do not think its a tradeoff. His final international was against Ireland in March 1993. They ask themselves, Did we help five people today? Webb is a consistent presence at the companys flagship greenhouse in Morehead. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. ", As a CEO, Webb admitted that this focus on the long-term outlook has not been easy to prove to Wall Street, especially when compared to those who are "selling a worthless product that's not good for people and not good for planet and arguably questionable for shareholders. Same platform but with new and improved features. 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. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. That's how quickly the energy industry shifted. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Invest better with The Motley Fool. He has become a prominent social media star. 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.". He has also held roles in movies and television series. Jeff Ubben on investing in AppHarvest - CNBC Eventually, he found the right problem to solve. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. Save my name, email, and website in this browser for the next time I comment. I mean, all of the stuff that you just talked about really does matter. The world's food and agriculture problems are not going to be solved overnight. But the production we've left in the US is being grown in areas that are running out of water. Project Access offers ESL/ESL classes, after school programs, and computer literacy. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Then we'll be able to give that data over to the grocer in more real-time. 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. It's a nice evolution in the investing world that we care more and more about it. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. We can also do it by returning investors to our shareholders. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed.