ST. LOUIS, Aug. 10, 2021 /PRNewswire/ -- 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, today launched its advanced
yellow pea breeding and commercialization program. The program is
an important next step in the Company's growth strategy and will
enable Benson Hill in the coming years to bring to the fast-growing
plant-based protein market and the pet food and animal feed markets
a portfolio of enhanced, non-GMO yellow pea ingredients.
Yellow pea is one of the fastest-growing sources of protein for
plant-based meat alternatives with a market that is forecasted to
reach approximately $140 billion by
2029, according to industry sources. Despite this, yellow pea has
traditionally received very little genomic innovation. With
initiatives like the yellow pea program, Benson Hill will be well
positioned to capitalize on this market opportunity as it continues
to grow.
Through its yellow pea program, Benson Hill is working to
shorten the typical development cycle for yellow pea varieties and
the time it takes to bring yellow pea ingredients to market.
It's creating non-GMO yellow pea varieties that taste better, which
could limit the need for additives in plant-based food product
formulations. Another focus is increasing yellow pea protein
content, which could reduce the need for expensive, environmentally
intensive processing steps typically required to produce current
commodity yellow pea protein ingredients.
The yellow pea program builds on Benson Hill's three-plus years
of investments in innovation and critical infrastructure. The
Company has developed the first-ever comprehensive map of the
yellow pea genome. It has also established a yellow pea breeding
station in Minot, North Dakota, in
close proximity to the Company's wholly owned yellow pea operating
subsidiary, Dakota Ingredients. The program also leverages
the analytical power and food science insights of Benson Hill's
CropOS® platform and the controlled testing environment
of its Crop Accelerator, which is on track to be operational
by the end of 2021.
"There's a misalignment between what consumers want from
plant-based food products and what commodity ingredients can
deliver today. At Benson Hill, we are using cutting-edge technology
and a unique go-to-market business model to address this growing
disparity," said Matt Crisp,
Chief Executive Officer of Benson Hill. "Our yellow pea
program, combined with the analytical power and food science
insights of CropOS®, will empower us to harness the
natural genetic diversity within the plant and deliver more whole
ingredients that offer great taste with fewer additives and
significantly improved environmental benefits."
The Company is working to establish sustainability best
practices across its yellow pea supply chain. Its new varieties,
which will be developed in the heart of North Dakota's yellow pea growing region, may
provide an additional field performance advantage for U.S. farmers,
as existing yellow pea varieties have traditionally been optimized
for growing conditions in Europe
and Canada, rather than the U.S.
The Company has also established a coalition of elite growers to
scale its commercialization efforts.
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/.
Additional Information
This communication is being
made in respect of a proposed merger (the "Merger") and related
transactions (the "proposed transactions") involving Star Peak and Benson Hill. The proposed
transactions will be submitted to stockholders of Star Peak for their consideration and approval
at a special meeting of stockholders. In addition, Benson Hill will
solicit written consents from its stockholders for approval of the
proposed transactions. In connection with the proposed
transactions, Star Peak has filed a
Registration Statement on Form S-4 (the "Registration Statement")
with the Securities and Exchange Commission (the "SEC"), which
includes a proxy statement to be distributed to Star Peak stockholders in connection with
Star Peak's solicitation for proxies
for the vote by Star Peak's
stockholders in connection with the proposed transactions and other
matters as described in such Registration Statements and a
prospectus relating to the offer of the securities to be issued to
Benson Hill's stockholders in connection with the completion of the
Merger. After the Registration Statement has been declared
effective, Star Peak will mail a
definitive proxy statement / prospectus and other relevant
documents to its stockholders as of the record date established for
voting on the proposed transactions. Investors, Star Peak's stockholders and other interested
parties are advised to read, when available, the preliminary proxy
statement, and any amendments thereto, and the definitive proxy
statement in connection with Star
Peak's solicitation of proxies for its special meeting of
stockholders to be held to approve the proposed transaction because
the proxy statement / prospectus will contain important information
about the proposed transaction and the parties to the proposed
transaction. Stockholders will also be able to obtain copies of the
proxy statement / prospectus, without charge, once available, at
the SEC's website at www.sec.gov or by directing a request
to: Star Peak Corp II, 1603 Orrington Avenue, 13th Floor,
Evanston, Illinois 60201.
No Offer or Solicitation
This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Participants in the Solicitation
Star Peak and Benson Hill and their respective
directors, executive officers, other members of management, and
employees, under SEC rules, may be deemed to be participants in the
solicitation of proxies of Star
Peak's stockholders in connection with the proposed
transaction. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies in
connection with the proposed transaction, including a description
of their direct or indirect interests, by security holdings or
otherwise, is set forth in the Registration Statement that has been
filed with the SEC by Star Peak,
which includes the proxy statement / prospectus for the proposed
transaction. Information regarding the directors and executive
officers of Star Peak is contained
in Star Peak's filings with the SEC,
and such information is also in the Registration Statement that has
been filed with the SEC by Star
Peak, which includes the proxy statement / prospectus for
the proposed transaction.
Forward-Looking Statements
Certain statements in this
communication may be considered "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or Star Peak's or Benson Hill's future financial or
operating performance. These forward-looking statements include,
but are not limited to, statements regarding estimates and
forecasts of other financial and performance metrics and
projections of market opportunity. In some cases, you can identify
forward-looking statements by terminology such as "may," "should,"
"expect," "intend," "will," "estimate," "anticipate," "believe,"
"predict," or the negatives of these terms or variations of them or
similar terminology. Such forward-looking statements are subject to
risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon estimates and assumptions that, while considered
reasonable by Star Peak and its
management, and Benson Hill and its management, as the case may be,
are inherently uncertain factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: 1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
definitive merger agreement with respect to the business
combination; 2) the outcome of any legal proceedings that may be
instituted against Star Peak, the
combined company or others following the announcement of the
business combination and any definitive agreements with respect
thereto; 3) the inability to complete the business combination due
to the failure to obtain approval of the stockholders of
Star Peak, to obtain financing to
complete the business combination or to satisfy other conditions to
closing; 4) changes to the proposed structure of the business
combination that may be required or appropriate as a result of
applicable laws or regulations or as a condition to obtaining
regulatory approval of the business combination; 5) the ability to
meet the New York Stock Exchange's listing standards following the
consummation of the business combination; 6) the risk that the
business combination disrupts current plans and operations of
Benson Hill as a result of the announcement and consummation of the
business combination; 7) the ability to recognize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; 8) costs related to the business
combination; 9) changes in applicable laws or regulations; 10) the
possibility that Benson Hill or the combined company may be
adversely affected by other economic, business and/or competitive
factors; 11) Benson Hill's estimates of its financial performance;
12) the impact of the COVID-19 pandemic and its effect on business
and financial conditions; and 13) other risks and uncertainties set
forth in the sections entitled "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements" in Star Peak's Annual Report on Form 10-K for the
year ended December 31, 2020, filed
with the SEC on March 31, 2021, in
the Registration Statement containing the proxy statement /
prospectus relating to the proposed business combination, and other
documents filed or to be filed with the SEC by Star Peak. Nothing in this communication should
be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward looking
statements will be achieved. There may be additional risks that
Star Peak and Benson Hill presently
do not know or that Star Peak and
Benson Hill currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither Star Peak nor
Benson Hill undertakes any duty to update these forward-looking
statements, except as otherwise required by law.
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SOURCE Benson Hill