Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. I know you're busy. What makes AppHarvest so unique? What's that Harvest's secret sauce? 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. His military experience allows him to leverage private capital for his projects. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. But its confident in its approach. A full transcript follows the video. He holds a legal degree from the University of Natal as well as the University of Cape Town. Is there a benefit? In the 1987 Rugby World Cup, Webb made his debut for England. We'll head down here and then I would start or I would end with what I started with. I encourage anyone to go out there Google Root AI and go check out the videos of what some of this stuff does. 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. Dr. Webb graduated at the University of California San Diego School of Medicine. The High Stakes of the Roundup Cancer Lawsuit: Why Billions of Dollars are on the Line, 5 Ways to Get Money for Investment Property. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Jason Moser has no position in any of the stocks mentioned. It's the workforce that we're going to use to grow the organization. could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Offers may be subject to change without notice. He noted that in traditional agriculture, most everything happens incrementally, But now is not a time for incrementalism the thing that needs to be added to that recipe is folks [like Webb] that want to be aggressive in getting us ready for a world where its hard to grow crops.. Required fields are marked *. We've just been selling product for a matter of months. He is a senior partner in the shipping litigation practice group, focusing on hull insurance claims, charter party disputes, and dry shipping issues. But really its water and food first. You have climate disruption. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. But if you look at all the problems in the agriculture system, this industry really solves most of those problems. 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. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. 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. We've been able, very fortunate, a very talented team, MIT team out of Boston that has a proven track record and great products that we've integrated them fully into the AppHarvest team. 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. But if you look at the world, China and India account for 40% of the world's population. His fund's based in DC, we had them as early investors. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. Maintaining that inclusive work culture, especially since he works in agriculture, is incredibly important to Webb, who aims to do everything from a place of empathy and considers his employees to be his first customers. Thank you for your continued support. 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. 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. 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. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. This year alone, more than 50 SPACs have been formed in the US, collectively raising. 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. Your email address will not be published. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. "For us, at AppHarvest, this isn't just about a company. Webb is a consultant orthopaedic physician and a board member of World Rugby. Putting a retention pond, we filter it with no chemicals and we're able to run our facility. 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, . WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. What's the technology that you are looking toward to help you change this space? Again, the private markets get a very bad rap socially. You are speaking our language here at The Fool. By the end of next year, well quadruple that. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. Cell ag experts weigh in, Keep calm and carry on: Navigating the trough of disillusionment for plant-based meat, Its been a very dark week Miyoko Schinner hits back as company accuses her of hatching plot to steal IP, With $3bn in deals, top 10 climate x agrifoodtech startups prove themselves a vital part of climate tech ecosystem, BII eyes full-stack startups, ag marketplaces & embedded financing as it earmarks funds for Africa, Smoke & mirrors, not worth the extra cost: 50 US farmers speak out on carbon markets. Founder & CEO at AppHarvest. Why locate in Appalachia? You may opt-out by. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. Running AppHarvest this way definitely creates extra workthe company even has facilitators who help employees navigate unexpected life events that might prevent them from coming to workbut its work Webb considers essential. Going down, scanning the plant, pest, is there a disease, brightness? WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. 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. Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. Since then, AppHarvest shares have plunged 70%. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. 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 In the 1992 Five Nations, England won the title back-to-back for the first time since 1924, thanks to Webbs brace. Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told AFN. 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 Here are five relaxing scents you can use in your bedroom. 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. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll We're one of four companies that are publicly traded that have both of those as a company. If you look at the grocery and then you go, wait a second. How excited are you to bring that Root AI company in their leadership into your family? We're selling to Kroger, we're selling in fast food chains like Wendy's. Not only picking, pruning, harvesting, being able to actually get the tomato off the vine, and ultimately, shipped out, but also the predictive analytics that we can use. The regulators are pushing that direction. Karrie, on the other hand, has not disclosed her salary or income. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. 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. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. AppHarvest (APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). No, weve made some mistakes. 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. What are you trying to accomplish? AppHarvest knows its far from being the only player in the CEA game. But I wanted to ask you before we do, the Root AI acquisition. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. Because it is cutting-edge technology. Of course, the future is what really matters. 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. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. We could've raised capital privately on the balance sheet and kept building. Look at how many times in the last few years you've had leafy greens yanked off store shelves. The nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. Webb is a consistent presence at the companys flagship greenhouse in Morehead. 2023 Fortune Media IP Limited. That's not the conversation at all. How do you feel about coming public a lot earlier than you probably would've normally? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. Get 5 free searches. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. ESG should be at the core of profitability and it should be at the core of building a resilient company. 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. Follow him on Twitter to get more updates. Were investing heavily in our future, so were spending heavily today, he said. He was made a Fellow of the British Association of Surgery on the Knee (BASK), and has since taught many international and national athletes in sports medicine. Then we'll be able to give that data over to the grocer in more real-time. 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. No one else in America is doing something at that scale. Why is that important? We use completely recycled rainwater. 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. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. That's right -- they think these 10 stocks are even better buys. The world's food and agriculture problems are not going to be solved overnight. "In less than But then it's pulling technology in to drive nature from behind. My competition in Mexico, you have people getting paid $5 a day. To me, this feels like just that, a growing market opportunity that is global in nature, and really the opportunity, just getting started. Vance, and politicians of both parties, Jonathan left Washington and came home to Kentucky, where he now works tirelessly to make the eastern part of the state the AgTech capital of America. They ask themselves, Did we help five people today? Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. Who were the most active food and agriculture technology venture capital firms in 2022. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. I think we have seen some other players in the space that are starting. One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. Webb was raised in a white-bread, wealthy family. Eventually, he found the right problem to solve. I'm Jason Moser, thanks for listening, and we'll see you next week. 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. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. The system it uses reportedly reduces water usage by 90% compared to traditional open-field agriculture, while also eliminating runoff. I love that passion. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. I think that's going to be something that just continues to get into the public's mind. But the journey hasnt been without pitfalls. 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. I fundamentally do not think its a tradeoff. If you look at AppHarvest, what are we doing? His final international was against Ireland in March 1993. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. Learn More. Public asset : 44,698,475 USD. I like thinking about a future where AppHarvest and companies like you all are helping make our food supply not only here domestically, but really around the world better, more reliable, more transparent. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. 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 one of very few knee surgeons to have played for both the England-France national teams. *Average returns of all recommendations since inception. You have labor concerns. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. For the fourth quarter Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices I mean, that is right in line. I think you really keyed in on something important there, a 30-year journey. Were investing heavily Let's force that rigor early. All rights reserved. Webb, a former rugby player, has a wealth experience and is now helping players return to the sport they love. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person, How AppHarvest Is Investing in the First Generation of High-Tech Farmers, AppHarvest May Not Be a Tasty Investment Yet, Agtech company AppHarvest debuts produce in select grocery stores, AppHarvest hires Impossible Foods David Lee as president, AppHarvest hires chief communications officer, Watch NASAs James Webb Space Telescope do high-tech origami, Varsity Spirits Webb on Bolstering the Middle Class, Jimmy Webb, Purveyor of Punk Fashion, Is Dead at 62, James Webb Space Telescope Successfully Deploys Its Mirror for the First Time. 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. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Moser: Yeah, absolutely. Most people every day are just concerned about can they put food on the table? To access all the content for free, please sign up by entering your email. To learn more about AppHarvest, you can visit appharvest.com. Sometimes, it can even get us a few steps closer to saving he world. Again to some of your viewers that aren't aware of Root AI just look them up and take a look at some of those videos. There are many sources of information on Jonathan Webbs networth. 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. 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. Is that drought going to impact yield and you don't end up being able to get product to the grocery store? If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 We've had record amounts of rainfall.
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