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. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Follow him on Twitter to get more updates. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. It feels like this is something that really is just getting some traction here. We could've raised capital privately on the balance sheet and kept building. I mean, that is right in line. 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. The Motley Fool has a disclosure policy. 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. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. We can get to 70% of the U.S. in a one-day drive. We take that long term approach, we don't view things by quarter. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. 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. Its flagship facility is a 60-acre indoor farm in Morehead, a town of 8,000 in the foothills of the Appalachian Mountains, and it solely uses rainwater for its irrigation. 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. I was very fortunate. You can also follow him on Instagram. Cost basis and return based on previous market day close. Copyright 2023 Surperformance. 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. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Very excited about the Root AI transaction. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Webb is a consistent presence at the companys flagship greenhouse in Morehead. 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. People don't leave purpose-driven companies, AppHarvest CEO says Here are five relaxing scents you can use in your bedroom. What are you trying to accomplish? We have a lot of work to do ahead of us over the years to come. I think we have seen some other players in the space that are starting. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Because it is cutting-edge technology. 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. There won't be one automotive company transporting the world. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. By us running on completely recycled rainwater, we have no water cost. They can be competitive. 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. Why? Most countries in the Middle East import nearly all of their fruit and vegetables. Moser: That's exciting. I think you really keyed in on something important there, a 30-year journey. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. I think that's going to be something that just continues to get into the public's mind. Get the latest news and research from AFN & AgFunder in your inbox. The Art of Self Meditation: What Are the Benefits? Now, his company AppHarvest (the name is a play on both Appalachia and the high-tech nature of what they do), operates a sixty acre greenhouse in Morehead, Kentucky that grows hydroponic tomatoes up to the ceiling. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. He often sleeps in an RV outside the construction site of its second facility. There's going to be a lot of companies hopefully working to solve our food and agriculture problems. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. In our first month or two, we're already at all those outlets. We're really in the business of packaging up water and then shipping that out to major markets and then beyond that execution at scale. 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? 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. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. 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 represented his country in 33 Test matches and played for Bristol and Bath. My answer to that is always; sustainability is profitability. But I wonder, is there something to your mind? Everybody has full healthcare. Jeff Ubben on investing in AppHarvest - CNBC CSC Leasing: Non-dilutive Funding for AgTech Startups, Americas Cultivation Corridor: We Grow AgTech Innovation, As demand for protein grows Sustainable Planet bets on water lentils as a viable alternative to soya, How not to fail in vertical farming: Be on guard for hubris, say Indoor Ag-Con speakers, International Fresh Produce Association launches 2023 Fresh Field Catalyst Accelerator program, BREAKING: Perfect Day animal-free dairy patent in US challenged, What is the role of biotech in an ethical food system? Originally from Kentucky, Webb is dedicated to sustainable projects in Central Appalachia. Project Access offers ESL/ESL classes, after school programs, and computer literacy. I know you're in the DC area. Then we have to remember this isn't just a U.S. problem we're trying to solve. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and AppHarvest Operations, Inc., Jonathan Webb is an entrepreneur who is Chairman & Chief Executive Officer of AppHarvest, Inc. and Chairman & Chief Executive Officer of AppHarvest Operations, Inc. (a subsidiary of AppHarvest, Inc.). 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 mean, I think that kind of speaks for itself. No. 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. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. Webb Net Worth Terms & Conditions. Use our online form to book an appointment with Dr. Webb. I love your long-term focus. WebJonathan Webb. 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. Look at the open fields in Mexico. 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. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. AppHarvest to go public, seeks $475m at $1bn valuation - AFN Moser: Yeah. 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Those robots have collected the worlds largest data set of tomato images, and each one is equipped with cameras and a laser that creates a 3D scan of the crops in front of it to determine what needs to be done at any given moment. Webb is an expert in reconstructive and arthroscopic surgery. 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. Since then, AppHarvest shares have plunged 70%. 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. In order to do that, you have to have rigor. You have climate disruption. 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. Webb made a second appearance for England, and reached the final. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. I don't think anybody thinks of farming from this perspective. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. Webb supported a large-scale solar project in Virginia while he was employed by the U.S. Department of Defense. Then by the end of the year in 2022, we'll have five facilities operating. "You look at renewable energy 20 years ago, electric vehicles 10 years ago, if we want to get CEA to be institutional at scale, not only in households with consumers, you really need that rigor of the public markets and that attention of the public markets to help institutionalize an industry," he said. It's so cool to think about what you guys are doing there. They ask themselves, Did we help five people today? The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. 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. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. People at large tech companies question what theyre actually building. All rights reserved. Now, our job is to make sure it's at around the same price. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. 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. It's the workforce that we're going to use to grow the organization. Again, the private markets get a very bad rap socially. We don't want to be selling just to the high-end. Jonathan Webb, Founder & CEO, AppHarvest The other thing is scale. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. 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. Of course, the future is what really matters. I think it's clear that investors should really be excited for the future of AgTech. 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, . The world's food and agriculture problems are not going to be solved overnight. But if you look at the current food system today, it's high fructose corn syrup, it's sugary food that has low nutrient density. Look at how many times in the last few years you've had leafy greens yanked off store shelves. Were investing heavily But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Again, for us, it's about keeping our head down, growing good fruit and vegetables. Public asset : 44,698,475 USD. Non-planned trade are trades that 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. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. AppHarvest: Transforming The Future Of Agtech, And Maybe The Age : 37. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. But really its water and food first. The fired Google engineer who thought its A.I. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our We just want to be one of those and we're cognizant that there's going to be plenty of large players. We love DC, but we don't want to just be selling to the high-end restaurants in DC. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Fame | AppHarvest net worth and salary income estimation Jan, 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. We're going to be based in Central Appalachia. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. Jonathan Webb, AppHarvest Inc: Profile and Biography With that difficult work that in mind, Webb has designed his company to grow as much produce as possible as sustainably as possible. Webb is a consultant orthopaedic physician and a board member of World Rugby. 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. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. You mentioned your children. Same platform but with new and improved features. It's about getting the industry to turn the corner at scale globally," Webb said. more. I graduated from the University of Kentucky. In the back of his mind, he wondered what he could do to help. 2023 Fortune Media IP Limited. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. KY-based AppHarvest admits serious concerns about its Well, you need water you need food, and you need energy. We thought in order to build an organization that's going to be selling to the top grocers. 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. Moser: Well, you said it on the call. Sometimes, it can even get us a few steps closer to saving he world. 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 started his professional career in 1989 as a Durban maritime lawyer firm. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. The business combination values AppHarvest at a $1.0 billion pro forma equity value, at the $10.00 per share PIPE price and assuming minimal redemptions by Novus Capital shareholders. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Australian National University Alumni Founded Companies, Rashtrasant Tukadoji Maharaj Nagpur University Alumni Founded Companies, Seattle Pacific University Alumni Founded Companies, Regis University Alumni Founded Companies, Emory University Alumni Founded Companies, New Mexico State University Alumni Founded Companies, Oakland University Alumni Founded Companies, Oklahoma State University Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. Earlier this year we did get listed on the Nasdaq. AppHarvest raised over $475 million in a public IPO, but it is not over. We're selling to Kroger, we're selling in fast food chains like Wendy's. Those are always famous last words as we move into some disruptive phase. In the same year, he scored his second try after just 23 seconds. You talk about sustainable. Offers may be subject to change without notice. Sustainable investor Equilibrium But if you look at the world, China and India account for 40% of the world's population. 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.".

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