jonathan webb appharvest net worthjonathan webb appharvest net worth

Putting a retention pond, we filter it with no chemicals and we're able to run our facility. What weve proven through a global pandemic is that we can build one of the largest facilities in the world on time, on budget, at a record pace.. 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.). We arent burning through cash with pointless R&D when we can buy incredible technologies over in the Netherlands, Webb says. You look at California and the Southwest of the U.S., drying up, drought-stricken, flagged by wildfires. 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. Why locate in Appalachia? As I was listening, there was a quote, you said, "We are farmers and futurists." There's a level of rigor that comes with that, and so for us, the SPAC was just a vehicle. That lowers transportation costs by 75%, allowing AppHarvest's fresher produce to better compete against low-cost foreign imports. No. The agriculture-tech startup raised $250,000 in its first round of seed capital in February 2018, AppHarvest CEO and founder Jonathan Webb told Insider. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. 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. We're building large facilities to grow fruit and vegetables running completely on recycled rainwater using LED lights, software, and sensors. He practices at Mayo Clinic Hospital Eau Claire. But its confident in its approach. But being true to our ESG values, we think it is a competitive advantage and going to make us more competitive in the years to come. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. AppHarvest raised over $475 million in a public IPO, but it is not over. 95% of a fruit and vegetable is water. You have illegal chemical pesticides where the EPA cannot track the chemicals being used on these farms in Mexico. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Is there a benefit? Eventually, he found the right problem to solve. You may opt-out by. But I wonder, is there something to your mind? Thank you for your continued support. 10 stocks we like better thanWalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. He represented his country in 33 Test matches and played for Bristol and Bath. The private markets can be a part of every solution we have that we're seeing today. AppHarvest Founder & CEO on company's public debut via SPAC ESG should be at the core of profitability and it should be at the core of building a resilient company. A universal harvester robot at AppHarvest's Morehead, Kentucky greenhouse, AppHarvests crops are monitored for quality control 24/7 and harvested robotically, a labor-saving advancement that lets the staff treat farming almost like a manufacturing process. That world will look pretty different from the one we live in now, but Lessing assured me that even as AI gets firmly integrated into agriculture, AppHarvests robots are, fundamentally collaborative. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. WebJonathan Webb. In its Nov. 7 filing, AppHarvest reported net losses of $83 million for the first nine months of the year and net sales of $10 million, with an accumulated deficit of $270 million. 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 February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. No one else in America is doing something at that scale. When people and robots work together, its actually more productive than robots alone or people alone. On a traditional farm, there are a seemingly infinite number of tasks to do at any given moment, so adding some computers to make it more efficient doesnt mean that human farmers will be anywhere near obsolete any time soon. I'm one of those people growing up I went to public schools here in Kentucky. I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told AFN. I think we have seen some other players in the space that are starting. I'd tell you, we go through tomatoes, handover, [] in my house alone, I'm sure. We can have all the technological tools in the world, but at the end of the day we have to put people at the center of the equation.. I have no doubt that we will. We look at them over the course of time, years, and hopefully, decades we can be a part of that journey with you all. Webb is a consistent presence at the companys flagship greenhouse in Morehead. 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. Well, you need water you need food, and you need energy. We can also do it by returning investors to our shareholders. 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. We don't want to be selling just to the high-end. 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? We have a phenomenal team of sustainability experts. People are becoming more and more aware of where they get stuff and for people that question how quickly a sector can transition, I have a lot of friends that worked in the coal industry. Most people every day are just concerned about can they put food on the table? His final international was against Ireland in March 1993. 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 specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. It's a nice evolution in the investing world that we care more and more about it. "We see this as a couple-decade journey, and really, we're in our first decade," Webb told Yahoo Finance's Julie Hyman at the 2022 SXSW Conference (video above). AppHarvest I mean, that is right in line. In the 1987 Rugby World Cup, Webb made his debut for England. Founder of AppHarvest, Inc., AppHarvest Morehead Farm LLC and Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. Then Jeff Obin, who is on our board and has been an early investor. I want to know what the problems are from them, not just our executive team. The human spirit is willing to do a lot. Moser: Yeah. He has also held roles in movies and television series. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. 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. You can also compare Dr. Webb with other orthopedic surgeons in Eau Claire to find the one that best suits your needs. WebThe following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Jonathan Webb. 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. According to Webb, going public has helped the company focus on the big picture. You have climate disruption. What's the technology that you are looking toward to help you change this space? 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. 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. People, planet, wonderful, but I'm trying to make money. FORTUNE may receive compensation for some links to products and services on this website. Webb Net Worth We want to be selling to 90% of America. Webb is from Kentucky, where 16% of residents are 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. Jonathan was named one the Top 30 Most Influential Lawyers in Washingtonians 2018 list upon graduation. I asked on a call earlier today, well, have you had issues hiring people? WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. I want to figure out what I can do, as CEO, to ensure everyone has the resources to succeed. 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. Investors Dig Into AppHarvest | The Motley Fool - Nasdaq Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. 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. WebJonathan Webb. Its easier than ever to find a trustworthy doctor. ET More on the future of agriculture and vertical farming innovator Notify me of follow-up comments by email. I know you're in the DC area. We just want to be one of those and we're cognizant that there's going to be plenty of large players. How excited are you to bring that Root AI company in their leadership into your family? The method of farming uses technology like artificial intelligence and robotics to grow fruits and vegetables, producing 30 times the yield of traditional farming while using 90% less water, the company claims. We dont have two planets though, so Webb got creative. A Bull Market Is Coming: 3 Reasons to Buy Costco Stock, 3 Top Stocks to Buy Now to Prepare for a Bull Market, 2 Exceptional Growth Stocks to Own in 2023, 2 No-Brainer Stocks to Buy During a Stock Market Plunge, 3 Robinhood Stocks to Buy and Hold Forever, 2 Reasons to Avoid a Roth 401(k) for Your Retirement Savings, Want $1 Million in Retirement? In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. His vision of the future of farming and much, much more. Location: Pikeville, KY. Add to My Lists. 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. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. Learn More. 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. I was hoping maybe we could talk a little bit about that idea that you're farmers and futurists. I love your long-term focus. We're a public benefit corporation, and we're B Corp certified. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. Earlier this year we did get listed on the Nasdaq. To get started investing, check out our quick-start guide to investing in stocks. I'm Jason Moser, thanks for listening, and we'll see you next week. Offers may be subject to change without notice. This year alone, more than 50 SPACs have been formed in the US, collectively raising around $36.2 billion as of last month. 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. Jonathan Webb Net Worth - Bologny Moser: Yeah. The SPAC opportunity, let you, I think, become a publicly traded company maybe sooner than you really felt like you needed to. Of course, the future is what really matters. 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. Webb: You said you didn't want to talk the rest of the day about ESG, right? We'll head down here and then I would start or I would end with what I started with. How do they plan on achieving that goal? Project Access, Inc. was founded by Mr. Webb in 1999. Jonathan Webb poses with celebrity investor Martha Stewart and some of his signature tomatoes. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. 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. Why? Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. His grandmother grew up in Whitley County, where a coal mining accident killed his great-grandfather. Tomatoes will be the first fruit rolling out of AppHarvest's soon-to-launch facility in Morehead, Kentucky. Jonathan Webb's Appharvest shares are currently valued at $20.96M. Jonathan Webb - Biography - MarketScreener.com You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. Also referred to as blank check companies, the mechanism has existed for several years but has received increased attention of late. But then it's pulling technology in to drive nature from behind. Theyre designed to be safe around people. That's right -- they think these 10 stocks are even better buys. Is there any one thing or is it a collection of many things? You mentioned your children. My answer to that is always; sustainability is profitability. 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. Your email address will not be published. Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. 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. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our Jonathan Webb, Founder & CEO, AppHarvest We use completely recycled rainwater. If you look at the grocery and then you go, wait a second. Did we help them reach their goals? By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. But the journey hasnt been without pitfalls. AppHarvest is an indoor farming company, so has massive greenhouses 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. 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.. 2023 Fortune Media IP Limited. We've just been selling product for a matter of months. Then we have to remember this isn't just a U.S. problem we're trying to solve. He has many impressive accomplishments. Most countries in the Middle East import nearly all of their fruit and vegetables. With a 19% stake, CEO Jonathan Webb is the largest shareholder. 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 WebJonathan Webb, the CEO of AppHarvest, says water scarcity is a growing national security concern as a heatwave continues to wreak havoc on the West Coast. We want to be at Kroger. Fame | AppHarvest net worth and salary income estimation Jan, We want to make sure you get the most out of our platform. 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. Three thoughts on leadership from the founder and CEO Yes, we're using nature for what it's good. I think it's clear that investors should really be excited for the future of AgTech. We've had one of our wettest decades on state record. 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. I could be in a penthouse in New York City, managing AppHarvest from the 32nd floor of some high-rise. We could've raised capital privately on the balance sheet and kept building. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. I watch them, I watch their friends, the things that they care about. He scored 296 points for England and played in two Rugby World Cups including the 1991 final. Get the latest news and research from AFN & AgFunder in your inbox. 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 founded it in 2017 in his native Kentucky; it became a certified B Corp two years later. We hit our Q1 guidance, $2.3 million in revenue. Our team is built to scale and you look at where we're at today, we've launched our first facility. Clearly, the younger generation is coming up, sustainability matters, better food matters. Jonathan has a Bachelors degree from the University of Kentucky in Business. 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. "Tech for good the consumer wants it. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. I graduated from the University of Kentucky. You have food safety concerns. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. We'll talk a little bit about your quarterly results here in a minute because I want to get into that, but one of the things that stood out to me in the earnings call. My background was a part of building some of the largest solar projects in the U.S. David Lee, who joined us from Impossible Foods, joined impossible foods five years ago as their CFO and COO raised them nearly over $1 billion in the last five years and turned them into what was a boutique idea, into a mass-market product on store shelves. One of the things we like to discuss as investors and when we find companies, we find businesses that we like and we want to be owners of. We dont talk about this at all in the US. 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. Jonathan Webb: AppHarvest, we're based here in Central Appalachia and we're building some of the world's largest controlled environment agricultural facilities. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. I go directly into the facility and talk to entry-level employees and people sweeping the floors. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. 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 Jonathan Webb 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. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. Webb is one of very few knee surgeons to have played for both the England-France national teams. Public asset : 44,698,475 USD. 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. These food companies today are like the cigarette companies 40 years ago. That narrow focus on societal good is what has kept AppHarvest fully staffed throughout the pandemic. He has become a prominent social media star. The Motley Fool has a disclosure policy. 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. But I wanted to ask you before we do, the Root AI acquisition. The Motley Fool owns shares of and recommends Tesla. 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 nonprofit organization he founded is still in operation today, and he continues to serve as Board Chair. I know you're busy. Typically, you would do 40 to 60 meetings to get a couple of investors. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. All rights reserved. I think that's going to be something that just continues to get into the public's mind. Jeff Ubben, Inclusive Capital Partners founder and AppHarvest investor, and Jonathan Webb, AppHarvest CEO, join 'Closing Bell' to discuss what makes AppHarvest Let's force that rigor early. We're in that classic scenario of demand exceeding supply. 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. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. We take that long term approach, we don't view things by quarter. We've been very fortunate and humbled that the Root AI team is fully a part of the AppHarvest team building robotics that's operating on AI, collecting data. 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. 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. But I think there are a lot of benefits that come with that. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Those are always famous last words as we move into some disruptive phase. Purpose At Work: How AppHarvests On A Mission To Help Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. People at large tech companies question what theyre actually building. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. He is an ex-rugby player who represented England from 1987 to 1993, reaching the World Cup Final and winning two Five Nations grand slam titles. Webb: Regulators are pounding on them, consumers are pounding on them. He played against Australia on 23 May. Jonathan Webb was born on 24 August 1963, in London, England. But I dont think thats adding value to the company, or looking out for our shareholders, he said. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. He acknowledges that scaling up so quickly in the middle of a pandemic is, almost unheard of in the current world. KY-based AppHarvest admits serious concerns about its This will result in a $1.7 billion return of investment for the company.