Agriculture / Agribusiness

What Benson Hill’s $2B Public Valuation Means for Alt Protein

Benson Hill plans to go public in a merger with a special-purpose acquisition company (SPAC) in a deal valuing the St. Louis-based plant-tech firm at $2 billion. Benson Hill is developing gene-edited and selectively bred versions of crops used in alt protein products, with the deal’s expected $625 million capital raise accelerating Benson Hill’s ability to drive down plant-based food costs

With the commercial production of its ultrahigh-protein soybean and yellow-pea protein concentrate set to begin next year, Benson Hill says it can develop soy and pea crop breeds that mature faster, have higher protein content, or taste better, thus saving time and resources in the production of alt protein products.

SPACs are shell companies that raise funds through an IPO to take a private company public through a merger at a later date. Benson Hill’s new crop versions will also be used in the animal feed industry. 

“It’s positioning us to really gear shift into another level of growth,” Chief Executive Matt Crisp told Wall Street Journal


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