Benson Hill Finalizes First Commercial Harvest of Ultra-High Protein Soybean Varieties to Scale Production of its Innovative Soybean Ingredient Portfolio

Rhea-AI Summary

Benson Hill (NYSE: BHIL) has finalized its 2021 harvest of proprietary Ultra-High Protein (UHP) soybeans, achieving significant data acquisition results that align with its 2022 commercial strategy. The harvest will support the company's ingredient portfolio targeting plant-based meat, specialty cooking oil, and other markets. Notably, over 70,000 acres were planted in 2021, with strong interest from returning and new farmers. The company anticipates substantial growth in its Ingredient segment, further bolstered by its recently acquired Indiana-based soy crushing facility.

Positive

• Finalized 2021 harvest of Ultra-High Protein soybeans with favorable protein and oil content.
• Future revenue potential appears strong due to improved insights and data acquisition.
• Over 70,000 acres planted, exceeding expectations for farmer commitments.
• Acquisition of Indiana-based soy crushing facility to scale production.

Negative

• None.

ST. LOUIS, Dec. 15, 2021 /PRNewswire/ -- Benson Hill, Inc. (NYSE: BHIL, the "Company" or "Benson Hill"), a food tech company unlocking the natural genetic diversity of plants with its cutting-edge food innovation engine, is finalizing the 2021 harvest of its proprietary soybean varieties, including the first commercial plantings of its Ultra-High Protein (UHP) soybeans. Results from the field to date demonstrate the data acquisition advantage of Benson Hill's closed-loop supply chain and crop performance needed to meet the Company's 2022 commercial plan.

Benson Hill leverages seed innovation and an integrated supply chain model to help solve downstream food formulation challenges upstream in the farmer's field. The 2021 harvest of identity-preserved, proprietary soybeans with favorable protein, anti-nutrient, and oleic oil profiles will source the Company's portfolio of nutritious and sustainable ingredients designed to serve the alternative plant-based meat, specialty cooking oil and other human food, animal feed, and aquaculture markets. The strong 2021 harvest results are an important landmark as the Company continues to execute its strategic plan to be the 'picks and shovels' of the plant-based food revolution.

Benson Hill measured the soy protein level, oil content, and non-GMO status across the UHP fields it contracted even before harvest was complete. The Company believes this visibility enables improved product operational efficiencies and confidence in the 2022 revenue potential for its Ingredient segment, an area where the Company expects substantial growth. Scale in this segment is further supported by Benson Hill's recently acquired Indiana-based soy crushing facility providing commercialization of the Company's proprietary soybean portfolio.

"The insights we have gained through this harvest demonstrate the combined power of CropOS^® with our integrated supply chain. Thanks to the diligent efforts of our team members and farmer partners, we are particularly pleased with the data acquisition results, which have exceeded our expectations. This work is serving to further strengthen our prediction and simulation capabilities, which inform our product pipeline, field production efforts, and future revenues," said Matt Crisp, Chief Executive Officer of Benson Hill. "It's also clear from our progress on contracting 2022 acreage that we are well positioned to help meet growing farmer and market interest in our offerings. We continue to make strategic investments in our people, innovation and infrastructure to leverage the tremendous near-term opportunities in the plant-based protein market, and generate value for our shareholders, customers and farmer partners."

Benson Hill is building a world-class on-farm soy protein expression data set to accelerate the improvement of its portfolio and pipeline. Field trial data from the Company's R&D program, Benson Hill Food System Innovators Program (FSI) farmer trials, and its commercially planted acres have been digitized to refine the predictive capabilities of CropOS^® for seed improvement, taking farm to fork to a whole new level and informing planted acreage plans for 2022.

The Company partners with farmers to optimize expression of protein and other quality traits and to improve sustainability practices on the farm. Contracting acres for 2022 is well underway and commitments have already exceeded the 70,000 acres planted and harvested in 2021. Many returning farmers have increased their acreage commitments, and the Company is fielding in-bound interest from new farmers seeking to plant Benson Hill's innovative soybean varieties that can provide value-added consumer market opportunities. 

"Growing with Benson Hill has changed the way I measure success. Working to optimize my crop for quality traits gives me access to growing consumer markets with new opportunities for profitability on my farm," said Ben Thompson, B&A Thompson Grain Farm, Seymour, Indiana. "Benson Hill wants to make an impact on the health and sustainability of our food system. I like that, and I like that they treat me like a real partner to help achieve it."

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 nutritious, 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.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company's future financial or operating performance, and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. These forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements include, among other things, statements regarding our strategy and our plans for growth, statements regarding the expected future performance of our technology and business model, and statements regarding the anticipated benefits, capabilities, and expectations of our new Crop Accelerator facility, our 2021 harvest of proprietary soybean varieties, and our newly acquired Indiana-based soy crushing facility. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, risks associated with the  performance of the Company's proprietary soybean varieties and our ability to validate the same, risks associated with farmer commitments for acreage, our ability to grow and manage growth profitably, our ability to execute our business plans, our transition to becoming a public company, and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. We expressly disclaim any duty to update these forward-looking statements, except as otherwise required by law.

Contacts
Investors: Ruben Mella: (314) 714-6313 / rmella@bensonhill.com 
Media: Melanie Bernds: (314) 605-6363 / mbernds@bensonhill.com 
Media Kit

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SOURCE Benson Hill

FAQ

What are the results of Benson Hill's 2021 soybean harvest?

Benson Hill's 2021 harvest of Ultra-High Protein soybeans showed favorable protein and oil content, supporting its commercial strategy for 2022.

How many acres of soybeans did Benson Hill plant in 2021?

Benson Hill planted over 70,000 acres of soybeans in 2021, with strong interest from both returning and new farmers.

What is the significance of Benson Hill's Indiana-based facility acquisition?

The acquisition of the Indiana-based soy crushing facility is expected to enhance Benson Hill's ability to scale production of its proprietary soybean ingredients.

What markets is Benson Hill targeting with its soybean products?

Benson Hill is targeting the alternative plant-based meat, specialty cooking oil, and aquaculture markets with its soybean products.