Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. We can get to 70% of the U.S. in a one-day drive. Moser: Yeah, I'd tell you, I think you're right. Her estimated net worth is more than $15 million. AppHarvest is an indoor farming company, so has massive greenhouses Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. How do you feel about coming public a lot earlier than you probably would've normally? AppHarvest to go public, seeks $475m at $1bn valuation - AFN You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. Moser: That's going to do it for us this week, folks. Notify me of follow-up comments by email. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. I've tried to say, we have a team that looks at this as this is our 30-year journey here at AppHarvest. I know you're in the DC area. Let's let the consumer of our product also be the buyer in our company. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. By the end of next year, well quadruple that. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. Why locate in Appalachia? But I wonder, is there something to your mind? Jonathan Webb, Founder & CEO, AppHarvest 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. I was very fortunate. 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 You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. I mean, I think that kind of speaks for itself. We just have to keep our head down and execute and do our job every day here at AppHarvest. Your email address will not be published. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. The greenhouse will cost $97 million and span 60 acres. Webb Net Worth Did we help them reach their goals? 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. But the journey hasnt been without pitfalls. He played against Australia on 23 May. We're investing in our workforce. Founder & CEO at AppHarvest. In our first month or two, we're already at all those outlets. If you look at the largest grocers in the U.S., we're selling to Kroger, Walmart, Publix, and we're selling to Wendy's. People, planet, wonderful, but I'm trying to make money. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. You may opt-out by. Below, we look at some of his most popular tweets. Then by the end of the year in 2022, we'll have five facilities operating. Thank you for accessing our content on the Topio Networks Market Intelligence Center. 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. I'm Jason Moser, thanks for listening, and we'll see you next week. 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. Moser: Yeah. But one thing we'd like to talk about is competitive advantage, what makes a company special? 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. Theyre looking for purpose in their life; theyre looking for companies like us.. This will result in a $1.7 billion return of investment for the company. 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. "Tech for good the consumer wants it. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. All rights reserved. All Rights Reserved. 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. Webb: Well, I'll start by saying, anyone that is growing good, clean produce, without harsh chemical pesticides, I try to call them my colleagues, not competitors. 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 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. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. Then we have to remember this isn't just a U.S. problem we're trying to solve. As I was listening, there was a quote, you said, "We are farmers and futurists." This article will briefly review the most important information. 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. For the fourth quarter Appharvest has "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. We could've raised capital privately on the balance sheet and kept building. To access all the content for free, please sign up by entering your email. Again, tomatoes are our first crop, but by next year, strawberries and leafy greens. The other thing is scale. Moser: Well, you said it on the call. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. "And we don't think we could do that if we weren't in the public markets.". Its easier than ever to find a trustworthy doctor. Even with the help of AI, farm work at AppHarvest is still hard, manual labor. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. People at large tech companies question what theyre actually building. Our team is built to scale and you look at where we're at today, we've launched our first facility. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. Jonathan Webb is a dual-qualified lawyer. Yes, we're using nature for what it's good. You mentioned your children. Were investing heavily Get 5 free searches. 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. Jonathan Webb - Founder & CEO @ AppHarvest People don't leave purpose-driven companies, AppHarvest CEO says Location: Pikeville, KY. Add to My Lists. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. 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. That's because of our inefficient systems in the supply chain. 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. We love DC, but we don't want to just be selling to the high-end restaurants in DC. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Europe, Menlo Park, China), Where the person is located (e.g. AppHarvest raised over $475 million in a public IPO, but it is not over. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. AppHarvest CEO envisions 'couple-decade journey' after going public He has many impressive accomplishments. I asked on a call earlier today, well, have you had issues hiring people? 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. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. That's right -- they think these 10 stocks are even better buys. For example, we use integrated pest management, good pest to kill bad pest. We talk about how, 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. 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 We take that long term approach, we don't view things by quarter. That's how quickly the energy industry shifted. If I can sell you a grocer, a product at around the same price, what are we solving for? 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. Project Access offers ESL/ESL classes, after school programs, and computer literacy. Now, we want to turn this region into an area of the country that's known for sustainable food production, but beyond just loving the place, I'm from Kentucky, beyond just loving this area, we can get to three quarters of the U.S. on a day drive. 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. Photo credit: US controlled environment agriculture (CEA) startup, has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC), The deal is slated to bring in $475 million in gross proceeds for Kentucky-based AppHarvest, including a private investment in public equity (PIPE) transaction worth $375 million from existing and new investors including, I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told, . But really its water and food first. The Motley Fool owns shares of and recommends Tesla. I want to know what the problems are from them, not just our executive team. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. Invest better with The Motley Fool. 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. All of our water is captured on our roof. 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. To learn more about AppHarvest, you can visit appharvest.com. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. In the same year, he scored his second try after just 23 seconds. I know that you're not the only one focused on controlled environment agriculture. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. 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. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. I know you're busy. 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. WebJonathan Webb. We've had record amounts of rainfall. 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're ramping up and scaling quickly. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. We use bees to pollinate our plans. He practices at Mayo Clinic Hospital Eau Claire. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. 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. 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. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. Brooke DiPalma is a producer and reporter for Yahoo Finance. 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. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. Purpose At Work: How AppHarvests On A Mission To Help 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. Dr. Webb graduated at the University of California San Diego School of Medicine. But the futuristic pieces, we've combined a technology team with a great plant science group. Instead of just being able to tell a grocer 24-hours in advance here's the quality of product and here's when it will be shipped, with robotics going down the rows scanning the plants, we'll be able to get to days out and weeks out of being able to predict the yield, predict the quality, give more information to the grocer on when that product is going to be coming. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. *Average returns of all recommendations since inception. Your email address will not be published. The human spirit is willing to do a lot. It's the workforce that we're going to use to grow the organization. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. Three thoughts on leadership from the founder and CEO Karrie, on the other hand, has not disclosed her salary or income. "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). Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. Opinions expressed by Forbes Contributors are their own. No one else in America is doing something at that scale. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. Jonathan has a Bachelors degree from the University of Kentucky in Business. Moser: Yeah, absolutely. Then we'll be able to give that data over to the grocer in more real-time. Jonathan Webb's Appharvest shares are currently valued at $20.96M. FORTUNE may receive compensation for some links to products and services on this website. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. Most countries in the Middle East import nearly all of their fruit and vegetables. These food companies today are like the cigarette companies 40 years ago. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. 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. We pay every employee at AppHarvest a living wage. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. 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. This helped the Army reach its goal of 20% renewable energy by 2025. 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