Multi-year collaboration to use fully
controlled environments to unlock plant biology, understand climate
impacts and explore novel production practices
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.
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the full release here:
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Cargill partners with vertical farming
leader AeroFarms in first-of-its-kind research focused on cocoa
production (Photo: Business Wire)
“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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210813005208/en/
Media Contacts: Kelly Sheehan, kelly_sheehan@cargill.com,
952-742-4204 Marc Oshima, marcoshima@aerofarms.com,
1-917-673-4602
AeroFarms Investor Relations Contact: Jeff Sonnek,
Jeff.Sonnek@icrinc.com, 1-646-277-1263
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