AppHarvest Terms & Conditions. 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. No. Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. Jonathan Webb To get started investing, check out our quick-start guide to investing in stocks. That's how quickly the energy industry shifted. We want to be at Kroger. The estimated value when the deal closes will be about a billion dollars for the company. No. 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. "For us, at AppHarvest, this isn't just about a company. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings., Webb describes the SPAC transaction and PIPE financing experience as absolutely phenomenal.. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. 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. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. 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. Jonathan Webb's Appharvest shares are currently valued at $20.96M. If you look at AppHarvest, what are we doing? According to Webb, going public has helped the company focus on the big picture. Use our online form to book an appointment with Dr. Webb. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? ", "It's easy to be a CEO that's looking for the next three months," Webb stated. Webb: We could not be more excited. AppHarvest raised over $475 million in a public IPO, but it is not over. 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. Let's let the consumer of our product also be the buyer in our company. Moser: Yeah. But I think there are a lot of benefits that come with that. 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. Why locate in Appalachia? In the same year, he scored his second try after just 23 seconds. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. We have one farm right now thats 2.8 million square feet. What makes AppHarvest so unique? 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. You said that we're a technology company working to disrupt agriculture. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. WebFounder & CEO, AppHarvest 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. Executive Vice President and Head of Enterprise Development, Support Activities for Agriculture and Forestry, Contract Support (U.S. Army Office of Energy Initiatives), Intelligent Assistance and Bots Ecosystem. "And we don't think we could do that if we weren't in the public markets.". That to me, was in a nutshell what it's all about. In the back of his mind, he wondered what he could do to help. I fundamentally do not think its a tradeoff. 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. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. By the end of next year, well quadruple that. When is it going to be able to ship? 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. Project Access offers ESL/ESL classes, after school programs, and computer literacy. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. FORTUNE may receive compensation for some links to products and services on this website. If you look at the grocery and then you go, wait a second. It's so cool to think about what you guys are doing there. I don't think anybody thinks of farming from this perspective. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Webb was named a World Rugby Council RFU representative in 2016. Jonathan Webb is an actor with a large following on Twitter. I have a 16 and then going on 15-year-old daughters. Learn More. You talk about sustainable. monitored for quality control 24/7 and harvested robotically. ET More on the future of agriculture and vertical farming innovator Appharvest has I pay attention to my kids. "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. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. 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. AppHarvest. I'm Jason Moser, thanks for listening, and we'll see you next week. You are speaking our language here at The Fool. Our team is built to scale and you look at where we're at today, we've launched our first facility. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. 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. WebAppHarvest salary income and net worth data provided by People Ai provides an estimation for any internet celebrity's real salary income and net worth like AppHarvest based on real He holds a legal degree from the University of Natal as well as the University of Cape Town. The Motley Fool has a disclosure policy. Moser: That's exciting. We pay every employee at AppHarvest a living wage. Jason Moser has no position in any of the stocks mentioned. How do you feel about coming public a lot earlier than you probably would've normally? That's not the conversation at all. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Let's force that rigor early. Jeff Ubben on investing in AppHarvest - CNBC But if you look at the world, China and India account for 40% of the world's population. I write about the future of food, business, and culture. Did we help them reach their goals? 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. No, weve made some mistakes. 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. Webb is an expert in reconstructive and arthroscopic surgery. They can be competitive. Why? Jonathan received his bachelors degree from the University of Kentucky. Three thoughts on leadership from the founder and CEO He practices at Mayo Clinic Hospital Eau Claire. 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? Most people every day are just concerned about can they put food on the table? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. I'm sitting in the heart of coal country right now. AppHarvest Went From Seed to $1 Billion in Just 3 Years It means transparency. Very excited about the Root AI transaction. I have no doubt that we will. I know you're busy. Project Access, Inc. was founded by Mr. Webb in 1999. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. 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. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. How excited are you to bring that Root AI company in their leadership into your family? He also received his medical license from Minnesota. But one thing we'd like to talk about is competitive advantage, what makes a company special? Its first crop will be non-GMO tomatoes, which will be provided to a number of US grocers. This is becoming really a hot-button topic for a lot of investors, rightly so. 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, . 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. "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, Who were the most active food and agriculture technology venture capital firms in 2022.