- Company takes major steps in its objective to recommoditize
soybeans for animal feed & food.
- Results from 2023 harvest of pre-commercial proprietary
soybeans set to launch in 2024 demonstrate a year-over-year 45%
reduction in yield drag while maintaining industry-leading protein
levels.
- Company now expects to increase yields of Ultra High Protein
Low Oligosaccharides, non-GMO varieties to be within 3 to 5 bushels
per acre of commodity GMO soy varieties, as well as boost protein
by another 2% in varieties slated for commercial launch in
2025.
- Five new soy varieties for the 2024 U.S. growing season are now
available, with higher protein levels, lower anti-nutritional
factors, and solid field performance.
- Company is on track to launch herbicide tolerance in varieties
used for food ingredients in 2025.
Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson
Hill”), an ag tech company unlocking the natural genetic diversity
of plants, announced today that recent advances in its soybean
breeding program will drive the doubling of its seed portfolio by
2025. The latest field evaluations on Benson Hill’s third
generation of Ultra High Protein Low Oligosaccharides, non-GMO
soybean varieties showed protein gains of 2% over the previous
generation and achieved a yield gap of only 3 to 5 bushels per
acre, compared with commodity GMO soybeans.
This press release features multimedia. View
the full release here:
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Benson Hill Announces Gains in Soybean
Breeding Program; Introduces 5 Soybean Varieties Delivering Higher
Protein and Improved Yield Potential (Graphic: Business Wire)
“We’ve successfully demonstrated that CropOS®, our AI-based
prediction and data insights platform, can drive our predictive
breeding efforts and give us a step-change forward on multiple
traits like protein and yield,” said Jason Bull, Chief Technology
Officer of Benson Hill. “We are now seeing massive gains in the
field that minimize the tradeoff between yield and protein,
surpassing expectations from when we began building on the
high-protein soybean genetics we acquired in 2019.”
“What this means for the industry is that we’re accelerating our
speed to market with de-risked, outcome-based products in record
time,” Bull added. “We expect to expand our portfolio of seed
innovations again in 2025 to offer two dozen varieties that
encompass protein, lower indigestible sugars, and quality oil.”
Benson Hill Chief Executive Officer Deanie Elsner also announced
today at FARMCON 2024 an expansion of its commercially available
soybean portfolio for 2024, adding five value-added varieties to
its lineup. Benson Hill previously offered about a dozen soybean
seed varieties that deliver ultra-high protein, high-oleic and
low-linoleic oils, and low-oligosaccharide quality traits. For the
2024 planting season, U.S. soybean farmers can choose from more
than 20 varieties across several relative maturity groups.
Benson Hill’s herbicide-tolerant Ultra High Protein soybean
varieties are on track for commercial release in 2025, with acreage
and further portfolio expansion expected in 2026. This is a major
step in providing farmers options for weed control and enabling
lower-cost, broadacre production of already advantaged Ultra High
Protein soybeans for the feed industry.
By leveraging deep insights on its proprietary soybean
germplasm, Benson Hill is strategically positioned to drive seed
innovation in broadacre opportunities for the aquaculture, pet
food, swine and poultry markets – some 90 percent of the soy
market.1 According to Elsner, the recent field evaluations support
Benson Hill’s acceleration to an asset-light model focused on
partnerships and licensing, including seed.
“Over the last several years, we’ve discovered ways to boost soy
protein by 8 to 10 percentage points over commodity, and there are
more seed improvements coming in geographies relevant for poultry
production,” Elsner told FARMCON attendees today. “Today, Benson
Hill is well positioned to validate our products with customers and
end users to create market demand and begin to scale our seed
innovations across approximately 7 million acres by 2030.”
As previously announced, the Company’s analysis of non-GMO,
Ultra High Protein low oligosaccharide (UHP-LO) soybean varieties
demonstrate novel attributes for poultry diets, swine rations, and
pet food, opening up the broadacre animal feed opportunity for the
Company in the next two to three years, including large U.S. feed
markets representing a total addressable market of approximately 28
million acres. Research this fall confirmed a trifecta of product
attributes with UHP-LO desired by animal nutritionists, processors,
feed formulators, and farmers, including higher yields, higher
protein levels and lower anti-nutritional factors.
Benson Hill continues to expand its world-class soy protein
expression data set. Field data from the Company’s R&D program,
field trials, and its commercially planted acres are digitized to
further refine the predictive capabilities of CropOS. The Company
plans to share results on studies and feeding trials as they become
available.
For more information on farmer partner programs, available
varieties, and direct seed sales, visit
www.bensonhillfarmers.com.
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
X, formerly known as 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, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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 the Company’s
plans to strengthen its financial position and accelerate its shift
to an asset-light business model; statements regarding the
Company’s ability to enter new markets and the potential timing of
such entry; statements regarding the Company’s analysis of its
UHP-LO soybean varieties, including potential applications,
benefits and risk profiles; statements regarding the Company’s
plans to expand its UHP-LO portfolio, product portfolio and
acreage; statements regarding the Company’s plans for additional
studies; statements regarding the Company’s strategy and business
and growth plans; any projections of market opportunity; any
financial or other information based upon or otherwise
incorporating judgments or estimates relating to future
performance, events or expectations; and the Company’s strategies,
positioning, resources, capabilities, and expectations for future
performance. Factors that may cause actual results to differ
materially from current expectations and guidance include, but are
not limited to: risks associated with the Company’s transition of
its business model and go-to-market strategy, its liquidity
improvement plans and other cost saving measures; the risk that the
Company may be unable to successfully implement its plans, or that,
even if such plans are successfully implemented, such plans may be
insufficient to achieve the objectives of such plans, or that there
may be adverse impacts on the Company’s business and prospects from
such plans; risks relating to the accuracy of analyses, including
with respect to the potential characteristics, benefits and risks
of the Company’s UHP-LO soybean varieties and other new products;
risks relating to failed negotiations with regard to strategic
partners, licensing deals, and other potential transactions,
including strategic alternatives; risks relating to entering new
markets and growing market share, risks relating to the animal
nutrition market; risks relating to developing and expanding the
Company’s product portfolio; risks relating to achieving acreage
expansion; liquidity and other risks relating to the Company’s
ability to continue as a going concern; risks associated with the
Company’s ability to grow and achieve growth profitably, including
continued access to the capital resources necessary for growth;
risks associated with managing capital resources; risks relating to
maintaining key employee, customer, partner and supplier
relationships; risks relating to changes in leadership; risks
associated with maintaining relationships with customers and
suppliers and developing and maintaining partnering and licensing
relationships; risks associated with changing industry conditions
and consumer preferences; risks associated with the Company’s
ability to generally execute on its business strategy; 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 SEC, which are available on the SEC’s
website at www.sec.gov. Nothing in this press release 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, including without limitation, any expectations about our
operational and financial performance or achievements, and any
expectations regarding our UHP-LO soybean varieties. There may be
additional risks about which the Company is presently unaware or
that the Company currently believes are immaterial that could also
cause actual results to differ materially from those contained in
the forward-looking statements. The reader should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. The Company expressly disclaims any duty to
update these forward-looking statements, except as otherwise
required by law.
1
https://www.soymeal.org/2021-soybean-meal-demand-assessment/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240104431443/en/
Media Contact Christi Dixon 636-359-0797 cdixon@bensonhill.com
Investor Contact Ruben Mella 314-714-6313
rmella@bensonhill.com
Benson Hill (NYSE:BHIL)
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