This is still a very new space though. Same platform but with new and improved features. Jonathan Webb currently follows over 1 million people. No one else in America is doing something at that scale. Vance, and politicians of both parties, Jonathan left Washington and came home to Kentucky, where he now works tirelessly to make the eastern part of the state the AgTech capital of America. Theyre looking for purpose in their life; theyre looking for companies like us.. Jonathan Webb was born on 24 August 1963, in London, England. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. That's right -- they think these 10 stocks are even better buys. In the same year, he scored his second try after just 23 seconds. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. AppHarvest to go public, seeks $475m at $1bn valuation - AFN The Kentucky-based agriculture tech company, which was founded in 2017, began trading on the Nasdaq in late February 2021 after completing a SPAC merger with Novus Capital Corporation. 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. Webb is a highly-respected knee surgeon in the United States. To make the world smarter, happier, and richer. We look forward to providing you with even more cutting-edge market research, as Topio Networks. 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. 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. I know that you're not the only one focused on controlled environment agriculture. AppHarvest raised over $475 million in a public IPO, but it is not over. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, How do you feel about coming public a lot earlier than you probably would've normally? How excited are you to bring that Root AI company in their leadership into your family? Almost every company in the coal industry has gone bankrupt over the last 10 years. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. 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. We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. 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. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. Webb is one of very few knee surgeons to have played for both the England-France national teams. Jonathan Webb, AppHarvest Inc: Profile and Biography In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. Well, you need water you need food, and you need energy. Eventually, he found the right problem to solve. I know you're busy. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. I think they certainly will be. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. We've just been selling product for a matter of months. Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. Let's let the consumer of our product also be the buyer in our company. more. Get 5 free searches. I go directly into the facility and talk to entry-level employees and people sweeping the floors. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. But I wanted to ask you before we do, the Root AI acquisition. Follow him on Twitter to get more updates. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Did we help them reach their goals? We've had one of our wettest decades on state record. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. For the fourth quarter 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. Who were the most active food and agriculture technology venture capital firms in 2022. Notify me of follow-up comments by email. We pay every employee at AppHarvest a living wage. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. Public asset : 44,698,475 USD. That's our headquarters. Of course, the future is what really matters. Webb: Regulators are pounding on them, consumers are pounding on them. But the journey hasnt been without pitfalls. Terms & Conditions. Since then, AppHarvest shares have plunged 70%. Invest better with The Motley Fool. AppHarvest 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. Save my name, email, and website in this browser for the next time I comment. You can also follow him on Instagram. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. Theyre designed to be safe around people. Our team is built to scale and you look at where we're at today, we've launched our first facility. I think it's clear that investors should really be excited for the future of AgTech. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 Webb is an expert in reconstructive and arthroscopic surgery. 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.. Get the latest news and research from AFN & AgFunder in your inbox. 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. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. He also has experience in civil litigation and Title IX proceedings. Jeff Ubben on investing in AppHarvest - CNBC Dr. Webb graduated at the University of California San Diego School of Medicine. sold to the top 25 U.S. grocers. To access all the content for free, please sign up by entering your email. We want to make sure you get the most out of our platform. We don't want to be selling just to the high-end. On Twitter, the actor shares his personal experiences with his followers. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address key issues including improving access for all to nutritious food, farming more sustainably, building a homegrown foods supply, and more. Sustainable investor Equilibrium According to Webb, going public has helped the company focus on the big picture. 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. It's the workforce that we're going to use to grow the organization. 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. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. 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. 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. KY-based AppHarvest admits serious concerns about its These food companies today are like the cigarette companies 40 years ago. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. 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. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. WebJonathan Webb. Webb was named a World Rugby Council RFU representative in 2016. US controlled environment agriculture (CEA) startup AppHarvest has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC) Novus Capital, enabling it to go public. He often sleeps in an RV outside the construction site of its second facility. We always talk about investing for the future because that's really what investing is all about. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Webb is a consultant orthopaedic physician and a board member of World Rugby. I mean, all of the stuff that you just talked about really does matter. *Average returns of all recommendations since inception. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. We just want to be one of those and we're cognizant that there's going to be plenty of large players. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. There won't be one automotive company transporting the world. Appharvest has 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. He also received his medical license from Minnesota. 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. People don't leave purpose-driven companies, AppHarvest CEO says 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. The greenhouse will cost $97 million and span 60 acres. Most countries in the Middle East import nearly all of their fruit and vegetables. Jonathan Webb In its Nov. 7 filing, AppHarvest reported net losses of $83 million for the first nine months of the year and net sales of $10 million, with an accumulated deficit of $270 million. With a 19% stake, CEO Jonathan Webb is the largest shareholder. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. 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.". I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. I pay attention to my kids. Powered and implemented by Interactive Data Managed Solutions. We dont have two planets though, so Webb got creative. He has many impressive accomplishments. Project Access, Inc. was founded by Mr. Webb in 1999. What's that Harvest's secret sauce? I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. 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.. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. 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. "Tech for good the consumer wants it. 20years ago it was renewable energy. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Jonathan Webb Net Worth - Bologny A full transcript follows the video. It's a nice evolution in the investing world that we care more and more about it. 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. In the latter, Webb was the only English player to score in the game. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. 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. 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. 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. This is a BETA experience. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". I love that passion. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Jonathan Webb - Biography - MarketScreener.com We're laser-focused on getting this right here. We hit our Q1 guidance, $2.3 million in revenue. 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. 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. Then Jeff Obin, who is on our board and has been an early investor. I have a 16 and then going on 15-year-old daughters. What makes AppHarvest so unique? His final international was against Ireland in March 1993. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. The fired Google engineer who thought its A.I. The company is building some of the largest indoor farms in the world, combining conventional agricultural techniques with todays technology to grow non-GMO, chemical-free produce to be. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. He has a particular interest in knee surgery and sports medicine. I'm sure it was an exciting time. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. "In less than 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. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. AppHarvest Webb: Well, we built the company from day one. Jason Moser has no position in any of the stocks mentioned. 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. Moser: Well, you said it on the call. 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. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. We dont talk about this at all in the US. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue.
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