Multi-year collaboration to use fully controlled
environments to unlock plant biology, understand climate impacts
and explore novel production practices
MINNEAPOLIS and NEWARK, N.J., Aug. 13,
2021 /PRNewswire/ -- As part of ongoing efforts to
build a more resilient and sustainable cocoa sector, Cargill has
entered a multi-year research agreement with vertical farming
pioneer and leader AeroFarms aimed at improving cocoa bean yields
and developing more climate-resilient farming practices.
"Environmental challenges and growing demand for cocoa products
are placing increased pressure on the global cocoa supply chain,"
said Niels Boetje, managing director
Cargill Cocoa Europe. "Through partnerships with research
institutes, universities and innovative companies like AeroFarms,
we are collaborating across sectors in bold experiments to bring
greater productivity and resiliency to traditional cocoa farming
operations. We look forward to sharing our findings with the farmer
cooperatives in our cocoa supply chain to help ensure a thriving
cocoa sector for generations to come."
This latest research collaboration brings together AeroFarms'
expertise in controlled environment agriculture, with Cargill's
extensive knowledge of cocoa agronomy and production practices.
Together, the two organizations will experiment with different
indoor growing technologies including aeroponics and hydroponics,
light, carbon dioxide, irrigation, nutrition, plant space and
pruning to identify the optimal conditions for cocoa tree
growth.
These findings will yield new insights, targeting factors such
as faster tree growth and greater yields, accelerated development
of varieties with enhanced pest and disease resistance, and
unlocking the cocoa bean's full flavor and color potential. These
outcomes will help secure the future supply of cocoa beans in the
face of climate change.
"AeroFarms shares a similar vision as Cargill to nourish the
world in a safe, responsible and sustainable way," said
David Rosenberg, Co-Founder &
CEO of AeroFarms. "We have grown over 550 different crops,
and we are excited to be working on another project with them, this
time focused on cocoa. At AeroFarms we think of our proprietary
technology as a platform to optimize plant biology, genetics,
mechanical systems, operational systems, environmental systems and
digital controls, data capture and analytics. Genetics and speed
breeding is one of the verticals where we focus. Applying our
platform to optimize cocoa growing is one way that AeroFarms can
have a broader positive impact on the world."
Initial exploratory work has already begun at AeroFarms global
headquarters in Newark, New
Jersey, and will soon expand to the company's
state-of-the-art AeroFarms AgX Research & Development indoor
vertical farm in Abu Dhabi, UAE,
which is slated to open in early 2022.
About Cargill
Cargill's 155,000 employees across 70
countries work relentlessly to achieve our purpose of nourishing
the world in a safe, responsible and sustainable way. Every day, we
connect farmers with markets, customers with ingredients, and
people and animals with the food they need to thrive.
We combine 155 years of experience with new technologies and
insights to serve as a trusted partner for food, agriculture,
financial and industrial customers in more than 125 countries.
Side-by-side, we are building a stronger, sustainable future for
agriculture. For more information, visit Cargill.com and
our News Center.
About Cargill's global cocoa and chocolate business
Cargill Cocoa & Chocolate provides high quality cocoa and
chocolate more sustainably throughout the world and brings our
customers peace of mind, integrity and excitement. With balanced
efforts on security of supply, sustainability projects and sensory
expertise, we create a wide range of outstanding standardized and
custom-made products and services. In addition, we provide our
customers with extensive market knowledge. We grow a robust, fair
and transparent supply chain, from bean to bar, eager to
continuously shape industry standards. To ensure a more sustainable
supply of quality cocoa beans, Cargill established our own sourcing
and trading operations at origin in Brazil, Cameroon, Côte d'Ivoire, Ghana and Indonesia. Our Cargill Cocoa Promise
underlines our commitment to enable farmers and their communities
achieve better incomes and living standards. Our team of 4,100
passionate cocoa and chocolate experts work across 57 locations and
are part of Cargill's 155,000 colleagues around the world. For more
information, visit cargillcocoachocolate.com.
About AeroFarms
Since 2004, AeroFarms has been
leading the way for indoor vertical farming and championing
transformational innovation for agriculture. On a mission to grow
the best plants possible for the betterment of humanity, AeroFarms
is a Certified B Corporation with global headquarters in
Newark, New Jersey. Named one of
the World's Most Innovative Companies by Fast Company two years in
a row and one of TIME's Best Inventions in Food, AeroFarms
patented, award-winning indoor vertical farming technology provides
the perfect conditions for healthy plants to thrive, taking
agriculture to a new level of precision, food safety, and
productivity while using up to 95% less water and no pesticides
ever versus traditional field farming. AeroFarms enables local
production to safely grow all year round, using vertical farming
for elevated flavor. In addition, through its proprietary growing
technology platform, AeroFarms has grown over 550 varieties and has
developed multi-year strategic partnerships ranging from government
to major Fortune 500 companies to help uniquely solve agriculture
supply chain needs. For additional information,
visit: https://aerofarms.com/.
On March 26, 2021, AeroFarms
announced a definitive business combination agreement with Spring
Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the
business combination, AeroFarms will become publicly traded on
Nasdaq under the new ticker symbol "ARFM". Additional information
about the transaction can be viewed
here: https://aerofarms.com/investors/
No Offer or Solicitation
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with a proposed
potential business combination among Spring Valley and AeroFarms or any related
transactions, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction where, or to any person to whom,
such offer, solicitation or sale may be unlawful. Any offering of
securities or solicitation of votes regarding the proposed
transaction will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the "Securities Act"), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as "believe," "may," "might," "will,"
"estimate," "continue," "contemplate," "anticipate," "intend,"
"expect," "should," "would," "could," "plan," "predict," "project,"
"potential," "seem," "seek," "future," "outlook," and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. All statements,
other than statements of present or historical fact included in
this press release, including those regarding Spring Valley's proposed acquisition of
AeroFarms and the Special Meeting are forward-looking statements.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the respective management of AeroFarms and Spring Valley and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on as, a guarantee, an assurance, a
prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking
statements are subject to a number of risks and uncertainties,
including changes in domestic and foreign business, market,
financial, political, and legal conditions; the inability of the
parties to successfully or timely consummate the proposed
transaction, including the risk that any regulatory approvals are
not obtained, are delayed or are subject to unanticipated
conditions that could adversely affect the combined company or the
expected benefits of the proposed transaction or that the approval
of the stockholders of Spring
Valley or AeroFarms is not obtained; failure to realize the
anticipated benefits of the proposed transaction; risks related to
the expansion of AeroFarms' business and the timing of expected
business milestones; the effects of competition on AeroFarms'
business; the ability of Spring
Valley or AeroFarms to issue equity or equity-linked
securities or obtain debt financing in connection with the proposed
transaction or in the future, and those factors discussed in
Spring Valley's Annual Report on
Form 10-K, Quarterly Report on Form 10-Q, final prospectus dated
November 25, 2020 and definitive
proxy statement/prospectus dated July 26,
2021 under the heading "Risk Factors," and other documents
Spring Valley has filed, or will
file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that neither Spring Valley nor AeroFarms presently know, or
that Spring Valley nor AeroFarms
currently believe are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect
Spring Valley's and AeroFarms'
expectations, plans, or forecasts of future events and views as of
the date of this press release. Spring
Valley and AeroFarms anticipate that subsequent events and
developments will cause Spring
Valley's and AeroFarms' assessments to change. However,
while Spring Valley and AeroFarms
may elect to update these forward-looking statements at some point
in the future, Spring Valley and
AeroFarms specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing Spring Valley's and
AeroFarms' assessments of any date subsequent to the date of this
press release. Accordingly, undue reliance should not be placed
upon the forward-looking statements.
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