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. Webb made a second appearance for England, and reached the final. We're a public benefit corporation, and we're B Corp certified. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. I was very fortunate. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. We dont talk about this at all in the US. ESG should be at the core of profitability and it should be at the core of building a resilient company. 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. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. AppHarvest knows its far from being the only player in the CEA game. Now, we want to turn this region into an area of the country that's known for sustainable food production, but beyond just loving the place, I'm from Kentucky, beyond just loving this area, we can get to three quarters of the U.S. on a day drive. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. Did we help them reach their goals? 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. What's the technology that you are looking toward to help you change this space? The Motley Fool recommends AppHarvest, Inc. Visualize our facility in Murray, Kentucky, it's 2.8 million square feet, nearly 50 football fields under-glass. But then it's pulling technology in to drive nature from behind. Appharvest Stock Ownership Moser: It's impressive to think about the scope of what you are taking on because agriculture, farming, that's been something for so long, people just think, well, it's just what it's always been and we do it this way because that's the way we've always done it. We have a phenomenal team of sustainability experts. He has a particular interest in knee surgery and sports medicine. I know that you're not the only one focused on controlled environment agriculture. Dr. Webb graduated at the University of California San Diego School of Medicine. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. 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 All of our water is captured on our roof. I graduated from the University of Kentucky. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. We have high demand for U.S.-grown and pesticide-free produce already, and when you combine that with the taste, color, and freshness of the AppHarvest model, on top of their social mission, it's driving our customers to ask for more." We're in that classic scenario of demand exceeding supply. Moser: Yeah. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? Webb started his professional career in 1989 as a Durban maritime lawyer firm. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. Let's force that rigor early. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. All rights reserved. What is AppHarvest to you? But one thing we'd like to talk about is competitive advantage, what makes a company special? Thats why AI scares people, we know tech can be used just as coldly as anything else. 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. We talk about how, Typically, you would do 40 to 60 meetings to get a couple of investors. $157M Today's Change (-7.84%) -$0.08 Current Price $0.94 Price as of March 1, 2023, 1:16 p.m. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. Jonathan Webb This helped the Army reach its goal of 20% renewable energy by 2025. 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. 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. That's because of our inefficient systems in the supply chain. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. How do they plan on achieving that goal? Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. I asked on a call earlier today, well, have you had issues hiring people? There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. 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. In the latter, Webb was the only English player to score in the game. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. You may opt-out by. Investors Dig Into AppHarvest | The Motley Fool - Nasdaq I go directly into the facility and talk to entry-level employees and people sweeping the floors. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. 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. Founder & CEO at AppHarvest. We've had one of our wettest decades on state record. That's not the conversation at all. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. monitored for quality control 24/7 and harvested robotically. One, our geographic location. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. What's that Harvest's secret sauce? Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. I mean, I think that kind of speaks for itself. I think you really keyed in on something important there, a 30-year journey. Were investing heavily Webb is a consistent presence at the companys flagship greenhouse in Morehead. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Is there a benefit? 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. Jonathan Webb - Founder & CEO @ AppHarvest I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. Why? Again, the private markets get a very bad rap socially. It's nearly impossible to have full transparency. Jonathan Webb Age : 37. 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. An Interview With AppHarvest Founder and CEO Jonathan Webb 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. Because our services are focused on technology, 5G connectivity, and all of the different benefits we're going to get from that. But then what have we done with Root AI? Moser: I guess you're saying, and a lot of us would agree, you can't have your cake and eat it too. We can get to 70% of the U.S. in a one-day drive. For young people, we've invested heavily in high school education here in this region and part of it is, we're not just building facilities, we're building an ecosystem and part of that is change the narrative that farming is simply outdoors and on a tractor, we very much respect American farmers, we have great respect for the four-season farmer that's putting food on our table but we have to get young people to think, the average age of the American farmer is about 60 years old, and so for us by investing in high schools, it's teaching young people you're operating a farm with an iPhone and iPad using industrial sensors, with robotics operating on AI. This is a BETA experience. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. People don't leave purpose-driven companies, AppHarvest CEO says Who were the most active food and agriculture technology venture capital firms in 2022. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. Her estimated net worth is more than $15 million. On Twitter, the actor shares his personal experiences with his followers. I know you're busy. CEOs can get lazy and only worry about the last 90 days; thats easy. Yes, we're using nature for what it's good. We can better understand what product we are going to have available? 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. 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. 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 AppHarvest Founder & CEO on company's public debut via SPAC He has many impressive accomplishments. AppHarvest raised over $475 million in a public IPO, but it is not over. 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. Webb, a Kentucky native and University of Kentucky graduate, says he remains committed to his goal of employing large numbers of people at high-tech farms around the eastern half of the state. Everybody has full healthcare. 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. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. The companys first greenhouse will span 60 acres and open in 2020 in Morehead, Ky.The greenhouse will operate entirely on rainwater using a 10-acre retention pond, reducing water usage by 80% compared to a typical farm. Webb: We've been very fortunate that some of our investors and board members, Fidelity was the largest investor in our pipe during the public process, Jeff Ubben of Inclusive Capital, our Chief Sustainability Officer, Jackie Roberts came to us from the Carlyle Group, we're all very serious about this. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. It doesn't need to be one or the other, it needs to be both, and we're happy to be a bit of a public benefit corporation and B Corp certified. Fame | AppHarvest net worth and salary income estimation Jan, People at large tech companies question what theyre actually building. Then we have to remember this isn't just a U.S. problem we're trying to solve. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. 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. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. This company has plans to open two additional indoor farms in Kentucky and has already announced partnerships with the Dutch government and multiple universities to make Appalachia a hub for the agtech industry. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Non-planned trade are trades that That's our headquarters.