ST. LOUIS, Mo. — Benson Hill, Inc. (the “Company” or “Benson Hill”) a food tech company unlocking the natural genetic diversity of plants with its cutting-edge food innovation engine, has announced the expansion of its ingredients infrastructure by entering into a definitive agreement to purchase a soybean crushing facility from Seymour, Indiana-based Rose Acre Farms. This investment represents a significant milestone in the execution of the Company’s growth plan, and will be funded through the expansion of Benson Hill’s debt facility with Western Technology Investment.
Benson Hill’s integrated supply chain strategy combines improved crop innovation through its CropOS® technology platform with traceable field to fork production. This acquisition will further solidify the Company’s position in the value chain to support production of a robust portfolio of proprietary, non-GMO, identity preserved and sustainable soy protein and oil ingredients for the human food and animal feed markets.
“The acquisition of the Rose Acre Farms soybean crushing facility represents an important next step in the execution of our playbook for growth,” said Bruce Bennett, President, Ingredients at Benson Hill. “This targeted investment can ultimately provide the production capacity to deliver on our integrated business model for commercialization and scaling of our innovative soybean products, including Ultra-High Protein soybean ingredients.”
Recent data projects that the value of the global plant protein market could surpass $162 billion by 2030. The facility will ultimately have the capacity to process Benson Hill’s proprietary soybean varieties to serve that market, including the first commercial plantings of its Ultra-High Protein soybeans, which will be harvested this fall. The Company recently announced it exceeded its target to double contracted soybean acres, delivering a 133 percent year-over-year increase for the 2021 growing season. The facility will also continue to serve existing customers.
“This milestone reflects continued momentum to advance our vision for a more modern, resilient and sustainable food system, starting with seed that is better from the beginning,” said Matt Crisp, Chief Executive Officer of Benson Hill. “Coupling production capacity like this with genomic innovation unlocks enormous value for both farmers and consumers beyond what has been possible through the traditional commodity system.”
“Rose Acre Farms remains committed to the local farming community, a value Benson Hill shares. We are excited to have found the right buyer for our soy processing assets in Benson Hill, a company with which we have a great history of partnership,” said Tony Wesner, Chief Operating Officer of Rose Acre Farms. “We look forward to continuing our partnership with Benson Hill and believe they will continue to be a valuable member of our community. We expect this transaction will result in value to our local farmers, particularly as opportunities for Benson Hill’s network of farmer partners continues to expand.”
The transaction is subject to customary closing conditions, and is expected to close by the end of September.
About Benson Hill
Benson Hill moves food forward with the CropOS® platform, a cutting-edge food innovation engine that combines data science and machine learning with biology and genetics. Benson Hill empowers innovators to unlock nature’s genetic diversity from plant to plate, with the purpose of creating healthier, great-tasting food and ingredient options that are both widely accessible and sustainable. More information can be found at bensonhill.com or on Twitter at @bensonhillinc.
On May 10, 2021, Benson Hill announced a definitive business combination agreement with Star Peak Corp II (NYSE: STPC). Upon the closing of the business combination, Benson Hill will become publicly traded on the New York Stock Exchange under the new ticker symbol “BHIL”. Additional information about the transaction can be viewed at: https://bensonhill.com/investors/ or https://stpc.starpeakcorp.com/.
A Special Meeting to approve the pending business combination between Star Peak and Benson Hill, among other items, has been scheduled for September 28, 2021 at 11 a.m. ET. All stockholders as of August 9, 2021 are encouraged to vote their shares by September 27, 2021 at 11:59 p.m. ET. More information on how to vote can be found at: https://stpc.starpeakcorp.com/How-to-Vote/.
— Benson Hill
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