The Art of Self Meditation: What Are the Benefits? 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. In the back of his mind, he wondered what he could do to help. We love DC, but we don't want to just be selling to the high-end restaurants in DC. AppHarvest To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. 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. I write about the future of food, business, and culture. Jonathan Webb Making the world smarter, happier, and richer. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Sustainable investor Equilibrium You have to judge yourself internally. could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. I'm Jason Moser, thanks for listening, and we'll see you next week. Typically, you would do 40 to 60 meetings to get a couple of investors. It means transparency. You have labor concerns. AppHarvest Went From Seed to $1 Billion in Just 3 Years Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. 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.". But then what have we done with Root AI? If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. 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. AppHarvest Save my name, email, and website in this browser for the next time I comment. But one thing we'd like to talk about is competitive advantage, what makes a company special? Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Eventually, he found the right problem to solve. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. We take that long term approach, we don't view things by quarter. 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. We want to be at Wendy's, we want to be at Walmart. 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. Powered and implemented by Interactive Data Managed Solutions. 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. Jonathan Webb Net Worth Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. Required fields are marked *. Not only picking, pruning, harvesting, being able to actually get the tomato off the vine, and ultimately, shipped out, but also the predictive analytics that we can use. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person, How AppHarvest Is Investing in the First Generation of High-Tech Farmers, AppHarvest May Not Be a Tasty Investment Yet, Agtech company AppHarvest debuts produce in select grocery stores, AppHarvest hires Impossible Foods David Lee as president, AppHarvest hires chief communications officer, Watch NASAs James Webb Space Telescope do high-tech origami, Varsity Spirits Webb on Bolstering the Middle Class, Jimmy Webb, Purveyor of Punk Fashion, Is Dead at 62, James Webb Space Telescope Successfully Deploys Its Mirror for the First Time. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. AppHarvest raised over $475 million in a public IPO, but it is not over. Dr. Jonathan Webb, a specialist knee surgeon at Nuffield Health Bristol Hospital, is the doctor. It means being a little bit more upfront with your investors. 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.. 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. 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. How do they plan on achieving that goal? 95% of a fruit and vegetable is water. We have a phenomenal growing team. 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. Look at the open fields in Mexico. By the end of next year, we'll have five operating facilities. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. Brooke DiPalma is a producer and reporter for Yahoo Finance. Most people every day are just concerned about can they put food on the table? We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. But if you look at the world, China and India account for 40% of the world's population. That's right -- they think these 10 stocks are even better buys. In the 1987 Rugby World Cup, Webb made his debut for England. They have 10% of the world's freshwater. 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. 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. By us running on completely recycled rainwater, we have no water cost. AppHarvest is a unique and compelling investment opportunity that is redefining American agriculture by improving access for all to fresh non-GMO produce, growing more with fewer resources, and creating an agtech hub from within Appalachia, Novus chairman Bob Laikin said in a statement. Jonathan Webb is a dual-qualified lawyer. It's about getting the industry to turn the corner at scale globally," Webb said. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. AppHarvest Notify me of follow-up comments by email. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. We dont have two planets though, so Webb got creative. Moser: That's exciting. 2023 Fortune Media IP Limited. But its confident in its approach. ET More on the future of agriculture and vertical farming innovator WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. 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. Yes, we're using nature for what it's good. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. Get 5 free searches. We use bees to pollinate our plans. Webb started his professional career in 1989 as a Durban maritime lawyer firm. No one else in America is doing something at that scale. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. It's nearly impossible to have full transparency. An Interview With AppHarvest Founder and CEO Jonathan Webb "For us, at AppHarvest, this isn't just about a company. Of course, the future is what really matters. AppHarvest WebJonathan Webb. AppHarvest, which went public in February in an IPO that brought it $475 million in gross proceeds, is an ambitious venture. "And we don't think we could do that if we weren't in the public markets.". 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. We can get to 70% of the U.S. in a one-day drive. CEOs can get lazy and only worry about the last 90 days; thats easy. Webb: You said you didn't want to talk the rest of the day about ESG, right? It's therefore worth looking at AppHarvest's earnings history below. Almost every company in the coal industry has gone bankrupt over the last 10 years. All Rights Reserved. Cost basis and return based on previous market day close. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. We're feeding our country with people in Mexico who are making $5 a day. But I wanted to ask you before we do, the Root AI acquisition. Is there any one thing or is it a collection of many things? Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. I asked on a call earlier today, well, have you had issues hiring people? He pointed out that, At NASA in the 60s, if you would go visit a facility and you walked up to a janitor and asked, What do you do here? they would say, Im working to put a man on the moon. Thats been the same mentality here Its the collective thats making this thing possible.. 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. If I can sell you a grocer, a product at around the same price, what are we solving for? Jeff Ubben on investing in AppHarvest - CNBC Those are always famous last words as we move into some disruptive phase. Why is that important? This is becoming really a hot-button topic for a lot of investors, rightly so. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. Moser: Yeah, absolutely. They can be competitive. WebJonathan Webb. 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. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. I think that's going to be something that just continues to get into the public's mind. KY-based AppHarvest admits serious concerns about its 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. 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. *Average returns of all recommendations since inception. We're laser-focused on getting this right here. Webb was raised in a white-bread, wealthy family. 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. This will result in a $1.7 billion return of investment for the company. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. They ask themselves, Did we help five people today? Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. Here are five relaxing scents you can use in your bedroom. 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. Thank you for your continued support. Webb Net Worth Theyre looking for purpose in their life; theyre looking for companies like us.. My answer to that is always; sustainability is profitability. With significant tailwinds from heightened investor focus on ESG initiatives and the secular shift to plant-based foods, we believe AppHarvest is well-positioned to execute on its strategy for rapid growth and value creation, he continued. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. The Motley Fool recommends AppHarvest, Inc. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. Many of our early investors have been very helpful with the company, and we knew that we are not just building one facility, we're building an organization that's going to go toe-to-toe with agriculture and food, globally. In the same year, he scored his second try after just 23 seconds. AppHarvest CEO envisions 'couple-decade journey' after going public You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. We talk about how, A full transcript follows the video. The first harvest at its Morehead facility is slated for early 2021. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. That's because of our inefficient systems in the supply chain. Webb is one of very few knee surgeons to have played for both the England-France national teams. Then Jeff Obin, who is on our board and has been an early investor. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll I'm sure it was an exciting time. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. Learn More. AppHarvest Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Webb: We could not be more excited. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. This year alone, more than 50 SPACs have been formed in the US, collectively raising. 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. Non-planned trade are trades that Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. I made the point at one point in regard to 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. It feels like this is something that really is just getting some traction here. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. 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. We want to be selling to 90% of America. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. 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. It's a nice evolution in the investing world that we care more and more about it. We've had one of our wettest decades on state record. We're investing in our workforce. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. Webb is an expert in reconstructive and arthroscopic surgery. He holds a legal degree from the University of Natal as well as the University of Cape Town. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. We always talk about investing for the future because that's really what investing is all about. By being able to have robotics and AI they can have more real-time information. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. 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. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told, Step aside, alt-protein: Bioplastics are the real agrifoodtech opportunity, The rise of the reused machines: Germanys E-Farm raises $5.3m Series A. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. Moser: Yeah. "It's hard to be the one that's looking two decades down the road while thinking of the here and now.". Her estimated net worth is more than $15 million. I think we have seen some other players in the space that are starting. He practices at Mayo Clinic Hospital Eau Claire. 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. 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. This commitment, at $10 per share, values the company at $1 billion. This article will briefly review the most important information. He often sleeps in an RV outside the construction site of its second facility. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico.