We want to be selling to 90% of America. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Moser: That's exciting. We're ramping up and scaling quickly. Part of it is that building big stuff fast in the US is very hard. Were building important stuff with long-standing value, so the Great Resignation has actually helped us acquire talent.. 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. Our job at AppHarvest, we need to make sure that we're keeping prices at a fair, good place where we're at today. He represented his country in 33 Test matches and played for Bristol and Bath. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. You have labor concerns. Are you going to have drought? 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. You have to get permitting, communities [buy-in], state and federal support, infrastructure, inspections. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. Webb: The industry is at an inflection point. Webb: Well, we built the company from day one. When he says sustainable, he doesnt just mean that in an environmental sense. I mean, that is right in line. 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. Moser: Yeah. We're laser-focused on getting this right here. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. 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. 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. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. His military experience allows him to leverage private capital for his projects. 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. 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. The greenhouse, completed in 2020, yields up to 30 times the crops a traditional farm would, Webb said. Again, for us, it's about keeping our head down, growing good fruit and vegetables. We've had one of our wettest decades on state record. 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 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. There won't be one automotive company transporting the world. We dont have two planets though, so Webb got creative. When youre building tech for techs sake, you start to question what youre doing. I'm really excited to have you all as a recommendation in our service and hopefully, our members are too after talking with you today. 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. So the problem at a macro level just started with hearing the statistic [that humanity will need] 50% to 70% more food by 2050. Webb founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. I'm sure it was an exciting time. Jonathan has a Bachelors degree from the University of Kentucky in Business. To learn more about AppHarvest, you can visit appharvest.com. 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. Moser: Yeah. It's about getting the industry to turn the corner at scale globally," Webb said. Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, ValueAct Capitals Spring Fund, Revolutions Rise of the Rest Seed Fund, Equilibrium Capital, and Narya the new VC firm co-founded by JD Vance, author of best-selling Appalachian memoir Hillbilly Elegy. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. AppHarvest reaffirms guidance on full-year 2021 net revenue of $21 million and Adjusted EBITDA of ($41) million provided during its Analyst Day presentation on December 15, 2020. People, planet, wonderful, but I'm trying to make money. To make the world smarter, happier, and richer. How do you feel about coming public a lot earlier than you probably would've normally? We'll head down here and then I would start or I would end with what I started with. Webb is a highly-respected knee surgeon in the United States. I don't think anybody thinks of farming from this perspective. 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. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. I'm Jason Moser, thanks for listening, and we'll see you next week. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address He was born into a medical family. 2023 Fortune Media IP Limited. He also received his medical license from Minnesota. 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. It's nearly impossible to have full transparency. But with that said, what we have at AppHarvest is fairly unique. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Typically, you would do 40 to 60 meetings to get a couple of investors. We have a phenomenal team of sustainability experts. There's a lot of different ways to go public and at the time and we did it, and I think it was definitely the best decision for us at the time. 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 We thought in order to build an organization that's going to be selling to the top grocers. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We use bees to pollinate our plans. 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. I asked on a call earlier today, well, have you had issues hiring people? Yes, we're using nature for what it's good. For the fourth quarter By the end of next year, well quadruple that. People at large tech companies question what theyre actually building. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. The Motley Fool has a disclosure policy. 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. I want to talk with you about in regard to AppHarvest. He actively engages with his followers through his various social media accounts, including Instagram and Twitter. 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. WebGet Givens McNeill's email address (g*****@windstream.net) and phone number (972988.) at RocketReach. If you look at the largest grocers in the U.S., we're selling to Kroger, Walmart, Publix, and we're selling to Wendy's. Let's let the consumer of our product also be the buyer in our company. 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. It means transparency. A SPAC is formed with the sole purpose of raising capital through an IPO in order to acquire an existing privately-held company and take it public. It sounds like there's a lot of potential there. That's how quickly the energy industry shifted. ET More on the future of agriculture and vertical farming innovator These food companies today are like the cigarette companies 40 years ago. You have climate disruption. All rights reserved. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. His final international was against Ireland in March 1993. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. 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. 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.. AppHarvest knows its far from being the only player in the CEA game. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. Learn More. AppHarvest raised over $475 million in a public IPO, but it is not over. "The public market needs to have a robust category of companies that are building stuff that matters," he stressed. We're ramping up this first facility in the middle of a global pandemic, we had an ice storm. They can be competitive. Director recently sold US$216k worth of stock Nov 24 AppHarvest, Inc. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. WebJonathan Webb. How excited are you to bring that Root AI company in their leadership into your family? My competition in Mexico, you have people getting paid $5 a day. 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. 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. I'm sitting in the heart of coal country right now. For us, we're looking at metrics, how can we be more sustainable? Let's force that rigor early. Webb: Regulators are pounding on them, consumers are pounding on them. Prior to founding AppHarvest, Jonathan supported the Executive Director of the Army Office of Energy Initiatives to help meet the White House goal of supplying 20% of the Department of Defenses electricity usage from renewable sources by leveraging private sector capital for the projects. AppHarvest. Brooke DiPalma is a producer and reporter for Yahoo Finance. Appharvest has 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. Thank you for your continued support. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. All rights reserved. As I was listening, there was a quote, you said, "We are farmers and futurists." Its easier than ever to find a trustworthy doctor. Yahoo Finance's Julie Hyman at the 2022 SXSW Conference, 3 big things in investing you might have missed this week, UPDATE 1-North Korea says US causing international arms control collapse, EU releases funds, prepares aid flight for eastern Congo, Rheinmetall in talks on building tank factory in Ukraine - report, Ukraine Latest: Metsola Urges More Sanctions Pressure on Russia. "For us, at AppHarvest, this isn't just about a company. We need to all collectively have a much more longer-term viewpoint on how we're building companies that are going to be good for communities, good for employees, and return a good return to our investors and shareholders. Moser: Well, you said it on the call. But then there's the other side, and introducing robotics that's operating on AI, that's collecting data in our facility and making data-driven decisions. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. Linked companies : AppHarvest, Inc. Summary. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. Like every Kentuckian, Jonathan grew up knowing of the devastating job losses in the region. Just wondering if you could share some of the highlights, some of the things you're proud of in regard to this earnings release, and your excitement here for the year to come. Most people every day are just concerned about can they put food on the table? Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. CEOs can get lazy and only worry about the last 90 days; thats easy. We dont see it as losing money for losing moneys sake; developing that tech is investing in our future.. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. *Average returns of all recommendations since inception. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. 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 grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Theyre looking for purpose in their life; theyre looking for companies like us.. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. Of course, the future is what really matters. Is there any one thing or is it a collection of many things? We have a lot of work to do ahead of us over the years to come. But then what have we done with Root AI? We dont talk about this at all in the US. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. Eventually, he found the right problem to solve. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. 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.. In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. He played against Australia on 23 May. Again, the private markets get a very bad rap socially. sold to the top 25 U.S. grocers. It's a nice evolution in the investing world that we care more and more about it. But to our investors the question and I got this on the roadshow, I'm in this to make money, great. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. Since then, AppHarvest shares have plunged 70%. We pay every employee at AppHarvest a living wage. 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. We love DC, but we don't want to just be selling to the high-end restaurants in DC. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. ESG should be at the core of profitability and it should be at the core of building a resilient company. 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 Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. WebGet Chad Hill's email address (c*****@appharvest.com) and phone number at RocketReach. No one else in America is doing something at that scale. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. 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? You are speaking our language here at The Fool. Powered and implemented by Interactive Data Managed Solutions. 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. 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. 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. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. The same way there won't be one energy company powering the world. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. www.vbprofiles.com is now www.topionetworks.com. Jonathan Webb was born on 24 August 1963, in London, England. 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. This will result in a $1.7 billion return of investment for the company.