We need to change the profits versus purpose narrative; purpose drives profit and, ultimately, is what makes an organization durable and resilient for decades to come, Webb told Fortune. 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. Typically, you would do 40 to 60 meetings to get a couple of investors. That to me, was in a nutshell what it's all about. Eventually, he found the right problem to solve. WebThe combined company will be led by Jonathan Webb, AppHarvests Founder & Chief Executive Officer. WebJonathan Webb. We have a phenomenal growing team. Moser: Well, you said it on the call. By us running on completely recycled rainwater, we have no water cost. 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.). WebJonathan Webb. 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. In the latter, Webb was the only English player to score in the game. 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. AppHarvest has invested in a 2.76million-square-foot greenhouse in Morehead (Ky.) to help meet this goal. In the 1987 Rugby World Cup, Webb made his debut for England. 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.. His fund's based in DC, we had them as early investors. When youre building tech for techs sake, you start to question what youre doing. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. 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. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. "And we don't think we could do that if we weren't in the public markets.". The Motley Fool recommends AppHarvest, Inc. The estimated value when the deal closes will be about a billion dollars for the company. But its confident in its approach. Webb started his professional career in 1989 as a Durban maritime lawyer firm. Look at how many times in the last few years you've had leafy greens yanked off store shelves. 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. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll The human spirit is willing to do a lot. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. We don't want to be selling just to the high-end. We want to be at Kroger. 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. They can be competitive. 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." Instead of just being able to tell a grocer 24-hours in advance here's the quality of product and here's when it will be shipped, with robotics going down the rows scanning the plants, we'll be able to get to days out and weeks out of being able to predict the yield, predict the quality, give more information to the grocer on when that product is going to be coming. He has many impressive accomplishments. Were investing heavily in our future, so were spending heavily today, he said. I know you're in the DC area. Dr. Webb graduated at the University of California San Diego School of Medicine. Moser: Yeah. We've had record amounts of rainfall. By being able to have robotics and AI they can have more real-time information. 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. 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. Jonathan strives to work alongside the hard-working men and women of Eastern Kentucky and build an inclusive economy for the future. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. 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. You mentioned your children. 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. All of our water is captured on our roof. Now, his company AppHarvest (the name is a play on both Appalachia and the high-tech nature of what they do), operates a sixty acre greenhouse in Morehead, Kentucky that grows hydroponic tomatoes up to the ceiling. Are you going to have drought? Webb is one of very few knee surgeons to have played for both the England-France national teams. AppHarvest. Accomplish what they wanted to pursue? If were all doing that, we have a pretty phenomenal organization.. If people remember that ice storm back in February, our facility operated, ramping up into full capacity with no issues in the middle of a global pandemic and the middle of an ice storm. Jonathan Webb is a dual-qualified lawyer. I think we have seen some other players in the space that are starting. 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. Although his net worth is impressive, its important that you remember that he doesnt have to act alone to be wealthy. By locating within Appalachia, the company is also less than a days drive to more than two-thirds of the U.S. population. I want to know what the problems are from them, not just our executive team. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. The same way there won't be one energy company powering the world. AppHarvest CEO envisions 'couple-decade journey' after going public 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. Despite the off quarter, Webb has much to celebrate. We take that long term approach, we don't view things by quarter. 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. Webb was raised in a white-bread, wealthy family. 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. I go directly into the facility and talk to entry-level employees and people sweeping the floors. 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. We've just been selling product for a matter of months. We're one of four companies that are publicly traded that have both of those as a company. Let's prove to the world what we're doing through results and even that, our first quarterly earnings call today, there's a level of rigor that you're acquired through the public markets. Now, our job is to make sure it's at around the same price. Non-planned trade are trades that According to Webb, going public has helped the company focus on the big picture. Since joining HFW in 2004, Mr. Webb has specialized in P&I and FD&D for ship owners. 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. We're a public benefit corporation, and we're B Corp certified. I made the point at one point in regard to AppHarvest. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. 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. But I wanted to ask you before we do, the Root AI acquisition. Its service leadership; our team does not work for me, I work for our team., To that effect, hes imparted a lesson to each of his team members: Every day, help five people. To learn more about AppHarvest, you can visit appharvest.com. According to AppHarvest's earnings report released Feb. 24, the company had net sales of $9.1 million and net loss of of $166.2 million in 2021. 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. I think they certainly will be. 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. Even with the help of AI, farm work at AppHarvest is still hard, manual labor.