I have a 16 and then going on 15-year-old daughters. We pay every employee at AppHarvest a living wage. He has published numerous papers on the topic of knee ligament injuries, arthroscopic surgery, and other techniques. 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. Notify me of follow-up comments by email. In February 2018, encouraged by investors, advisors including Hillbilly Elegy author J.D. 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, . He represented his country in 33 Test matches and played for Bristol and Bath. I mean, all of the stuff that you just talked about really does matter. 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. No. AppHarvest CEO envisions 'couple-decade journey' after going public PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. We've moved most of our fruit and vegetable production down to Mexico and we're importing and shipping in 2,000 miles. I think they certainly will be. Jonathan Webb is the largest individual Appharvest shareholder, owning 20.54M shares representing 19.04% of the company. If I'm a grocer and I'm saying U.S.-grown in a controlled environment we solve for all that. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. The Kentucky-based agriculture tech company, which was founded in 2017, began trading on the Nasdaq in late February 2021 after completing a SPAC merger with Novus Capital Corporation. For the fourth quarter Webb is from Kentucky, where 16% of residents are Location: Pikeville, KY. Add to My Lists. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. I graduated from the University of Kentucky. WebJonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planets Future. Even though you entered at such a young stage of your business, You essentially were pre-revenue coming into the public markets, and now, you're just getting that started. Again, if you look at the U.S. right now, this is a USDA statistic, nearly 40% of fresh fruit and vegetables end up in a landfill. Yes, today, we met our quarterly earnings projection, we hit our guidance, but we're making the hard investments and spending the hard time to set an organization up that's going to thrive 10 and 20 years from now. He has a particular interest in knee surgery and sports medicine. We've had record amounts of rainfall. 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. 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. Follow him on Twitter to get more updates. 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. I know that you're not the only one focused on controlled environment agriculture. For example, we use integrated pest management, good pest to kill bad pest. You start to do the math, and realize you might need two planet earths to have enough land and water to grow that food.. How do you feel about coming public a lot earlier than you probably would've normally? Is there a benefit? Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. 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. What's the technology that you are looking toward to help you change this space? The applied technology company is developing and operating some of the worlds largest high-tech indoor farms. We're building these facilities here where we can access markets and get to about three-quarters of the U.S. on a day drive. Webb is an expert in reconstructive and arthroscopic surgery. The private markets can be a part of every solution we have that we're seeing today. We use completely recycled rainwater. 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. 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. There's not going to be one food company feeding the world. You said that we're a technology company working to disrupt agriculture. You have to judge yourself internally. Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, youll We love DC, but we don't want to just be selling to the high-end restaurants in DC. Your email address will not be published. Webb is one of very few knee surgeons to have played for both the England-France national teams. 20years ago it was renewable energy. Moving forward, AppHarvest is focused on bringing its beefsteak and on-the-vine tomatoes to market. Cost basis and return based on previous market day close. You mentioned your children. The estimated value when the deal closes will be about a billion dollars for the company. Jonathan Webb grew up in Kentucky and has been committed to developing 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. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. 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. AppHarvest is a unique and compelling investment opportunity that is redefining American agriculture by improving access for all to fresh non-GMO produce, growing more with fewer resources, and creating an agtech hub from within Appalachia, Novus chairman Bob Laikin said in a statement. 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. I mean I'm glad you keyed on the fact this is a global situation, it's a global issue. We want to be selling to 90% of America. Buy These 2 Stocks in 2023 and Hold for the Next Decade, Warren Buffett's Latest $2.9 Billion Buy Brings His Total Investment in This Stock to $66 Billion in 4 Years, Prediction: These 3 S&P 500 Stocks Will at Least Double in 7 Years, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. The same way there won't be one energy company powering the world. The regulators are pushing that direction. It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. In our first month or two, we're already at all those outlets. On this week's episode of Industry Focus: Wildcard, host Jason Moser chats with AppHarvest (APPH) founder and CEO Jonathan Webb about the growing opportunity in the agtech space, what makes AppHarvest unique, his vision of the future of farming, and much more. 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. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. 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? I'm sure it was an exciting time. What are you trying to accomplish? But I think there are a lot of benefits that come with that. It's so cool to think about what you guys are doing there. To get started investing, check out our quick-start guide to investing in stocks. I write about the future of food, business, and culture. MOREHEAD, Ky., Feb. 27, 2023 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the worlds largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Jonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. This is the direction in which the world is going, so companies better get on board [laughs] or get out of the way. We were just talking earlier and you mentioned how you're in the DC area, it was fortunate that we had Steve Case, the founder of AOL, and he fundraised the rest. In 1985, he joined Bristol Rugby and won the John Player Cup. 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. 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. 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. The show also discusses the benefits of Martha Stewart being on their board and how they plan get their products onto shelves. To make the world smarter, happier, and richer. We're in that classic scenario of demand exceeding supply. 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 a highly-respected knee surgeon in the United States. 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. But I dont think thats adding value to the company, or looking out for our shareholders, he said. That greenhouse is just the proof of conceptAppHarvest has broken ground on two more that will be just as impressive. 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. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. 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.. That's not the conversation at all. Typically, you would do 40 to 60 meetings to get a couple of investors. We don't want to be selling just to the high-end. Learn More. Similarly, she owns yachts and private planes and serves on the board of the Women Golf Club Foundation. 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.