ST. LOUIS — Benson Hill, a food tech company, today 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. The company said this investment represents a significant milestone in the execution of the its 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 aims to 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 should 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% 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, CEO 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."