Webb started his professional career in 1989 as a Durban maritime lawyer firm. The method of farming uses technology like artificial intelligence and robotics to grow fruits and vegetables, producing 30 times the yield of traditional farming while using 90% less water, the company claims. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. The Great Resignation has not affected AppHarvest, because people who were leaving companies were leaving worthless companies that added no value to society, or were destroying society, Webb said. The estimated value when the deal closes will be about a billion dollars for the company. 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 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. It's so cool to think about what you guys are doing there. What's your competitive advantages or something you feel differentiates you from your competition? We'll head down here and then I would start or I would end with what I started with. No. Moser: Well, you said it on the call. He also has experience in civil litigation and Title IX proceedings. Consumers are pushing back. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. The private markets can be a part of every solution we have that we're seeing today. There's not going to be one food company feeding the world. You have labor concerns. [laughs] This is something I'm very passionate about. 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. The Motley Fool owns shares of and recommends Tesla. I'm sure it was an exciting time. Because it is cutting-edge technology. Your email address will not be published. No, weve made some mistakes. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. Europe, Menlo Park, China), Where the person is located (e.g. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. Her estimated net worth is more than $15 million. AppHarvest. 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. 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. Let's let the consumer of our product also be the buyer in our company. We have a phenomenal growing team. A full transcript follows the video. I know you're in the DC area. When youre building tech for techs sake, you start to question what youre doing. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. 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. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. When he says sustainable, he doesnt just mean that in an environmental sense. 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. Follow him on Twitter to get more updates. 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. WebJonathan Mark Webb net worth is $800,000 Jonathan Mark Webb Wiki: Salary, Married, Wedding, Spouse, Family Jonathan Webb is an actor, known for Graffiti Bridge (1990), In Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. Get 5 free searches. But with that said, what we have at AppHarvest is fairly unique. Jonathan has a Bachelors degree from the University of Kentucky in Business. 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. Webb is from Kentucky, where 16% of residents are We just have to keep our head down and execute and do our job every day here at AppHarvest. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. We're ramping up and scaling quickly. 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. 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. Again, if you look at the U.S. right now, this is a USDA statistic, nearly 40% of fresh fruit and vegetables end up in a landfill. But really its water and food first. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. I write about the future of food, business, and culture. Jason Moser has no position in any of the stocks mentioned. Theyre designed to be safe around people. How do they plan on achieving that goal? But then what have we done with Root AI? By the end of next year, well quadruple that. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. 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. There has been nothing more impactful on farming since that time, and now, it's AI robotics and using data to make decisions. The same way there won't be one energy company powering the world. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. 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. That's how quickly the energy industry shifted. www.vbprofiles.com is now www.topionetworks.com. The greenhouse will cost $97 million and span 60 acres. My answer to that is always; sustainability is profitability. Webb: You said you didn't want to talk the rest of the day about ESG, right? 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. Yes, we're using nature for what it's good. I think they certainly will be. Here are five relaxing scents you can use in your bedroom. Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. Did we help them reach their goals? You've had fast-food chains, that is one of the biggest risk to a grocer is the paranoia and being terrified of where that product is being grown. 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. Jonathan Webb grew up in Kentucky and has been committed to developing We just want to be one of those and we're cognizant that there's going to be plenty of large players. 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. 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. 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. It hopes to expand into leafy greens, berries, cucumbers, and bell peppers in the future. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. We talk about how, 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! He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. We're selling to Kroger, we're selling in fast food chains like Wendy's. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. 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. 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. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. Founder & CEO at AppHarvest. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. This is becoming really a hot-button topic for a lot of investors, rightly so. People, planet, wonderful, but I'm trying to make money. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. 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. Required fields are marked *. Jonathan Webb's Appharvest shares are currently valued at $20.96M. Webb is an expert in reconstructive and arthroscopic surgery. We hit our Q1 guidance, $2.3 million in revenue. 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 the latest news and research from AFN & AgFunder in your inbox. Webb: Well, we built the company from day one. With a 19% stake, CEO Jonathan Webb is the largest shareholder. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. On today's show, AppHarvest Founder & CEO Jonathan Webb talks about AgTech (agriculture tech), the third wave of sustainable infrastructure. Well, you need water you need food, and you need energy. They can be competitive. This article will briefly review the most important information. Very excited about the Root AI transaction. That's our headquarters. 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. The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. You have climate disruption. I think that's going to be something that just continues to get into the public's mind. Typically, you would do 40 to 60 meetings to get a couple of investors. 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. Then we have to remember this isn't just a U.S. problem we're trying to solve. We want to be at Wendy's, we want to be at Walmart. We have to figure out how to grow a lot more food with a lot less resources and we can use that by utilizing technology and infrastructure to grow fruit and vegetables with 90% less water and get about 30 times yield per acre. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. ", 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. If you look at the grocery and then you go, wait a second. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Webb was also the first LPGA player to win $1 million in a single season, finishing first on the year-end money list. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. In the back of his mind, he wondered what he could do to help.