World leader in indoor vertical farming
continues to innovate and execute its expansion plans
AeroFarms, a Certified B Corporation and leader in indoor
vertical farming, today provided the following business update from
Co-Founder and Chief Executive Officer, David Rosenberg.
Dear AeroFarms Stakeholders:
As we approach the close of our business combination with Spring
Valley Acquisition Corp. and public listing on the Nasdaq exchange,
I am pleased and proud to share that our business is progressing as
planned on all fronts and we are well positioned to scale our
business globally as the world leader in indoor vertical
farming.
Since announcing our go public transaction with Spring Valley in
March, we have executed the business with precision and announced
exciting developments in new farm development, retail expansion,
production expansion and R&D. Our expansion plans kicked off in
April with the groundbreaking of our Danville, VA facility and our
recently announced partnerships further validate and demonstrate
our technological innovation and industry leadership.
Outlined below is an overview of our recent progress with links
provided to relevant press releases that can be referenced for
additional information:
- Multi-year research agreement with Cargill aimed at improving
cocoa bean yields and developing more climate-resilient farming
practices.
- Farm expansion to the Midwest region as part of a project with
World Wildlife Fund (WWF) and the St. Louis Controlled Environment
Agriculture Coalition (STLCEA) to demonstrate innovative strategies
to minimize the environmental footprint of indoor agriculture.
- Groundbreaking multi-year partnership with Nokia Bell Labs to
combine our expertise and expand our joint capabilities in
cutting-edge networking, autonomous systems, and integrated machine
vision and machine learning technologies to identify and track
plant interactions at the most advanced levels.
- Expansion of our line of leafy greens to include 5 new items:
Baby Bok Choy-The New SpinachTM, Micro Arugula, Micro Broccoli,
Micro Kale, and Micro Rainbow Mix.
- Commenced construction on our AgX Research Center in Abu Dhabi,
UAE focused on the latest developments for indoor vertical farming,
innovation, and AgTech.
- Expanded our retail presence in the Northeast with current
long-time customers – Whole Foods, FreshDirect, and Amazon Fresh, –
and in the Mid-Atlantic region with Walmart. AeroFarms is also
working with Baldor Specialty Foods for further foodservice
distribution.
- Launched a new brand identity for AeroFarms and the rebranding
of our Dream Greens® retail brand to AeroFarms®, uniting its
mission and activities under one fresh, powerful identify that
celebrates its leadership for indoor vertical farming and a
brighter future for all.
- Broke ground on the world’s largest and most technologically
advanced aeroponic indoor vertical farm in Danville-Pittsylvania
County, Virginia.
- Entered into a multi-year partnership with Hortifrut to jointly
research and develop blueberry and caneberry production in
fully-controlled indoor environments and vertical farms.
- Year-to-date 2021 (January through July) yields at our Newark,
New Jersey commercial farm are up 8% vs. full year 2020 yields, and
are 99% of the long-term yield target of our Danville, Virginia
farm.
These accomplishments reflect the passion and entrepreneurial
spirit of our team, as well as our global leadership in indoor
vertical farming and Controlled Environment Agriculture (CEA).
Behind the scenes, we have continued to demonstrate our
technology-driven competitive advantages and operational expertise
with improved plant outputs and farm economics, driving increased
yields while optimizing taste, texture, shelf life, nutrition,
consistency and color. Our team prioritizes continuous improvement
in overall operating efficiency and driving farm unit-level
economics based on current farm performance and improvements
enabled by continuing development of technology.
Supporting these efforts is our world-class team. We’ve added
new individuals that bring a breadth and depth of experience from
successful multi-national blue-chip companies that further
strengthen our operational capabilities and readiness to scale our
business and technology globally. There continues to be high
interest in joining the AeroFarms team and in a world where it is
hard to hire, AeroFarms continues to attract, hire and retain great
talent.
It’s an exciting time at AeroFarms and I couldn’t be more
confident in our ability to execute our growth strategy and deliver
on our mission to grow the best plants possible for the betterment
of humanity.
Thank you for your continued support. We look forward to keeping
you apprised of our continued progress as we enter into the public
markets and scale our business globally.
Sincerely,
David Rosenberg Co-Founder & Chief Executive Officer
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 23, 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/20210816005304/en/
AeroFarms Contacts Investor Relations: Jeff Sonnek ICR
Jeff.Sonnek@icrinc.com 1-646-277-1263
Media Relations: Marc Oshima AeroFarms MarcOshima@AeroFarms.com
1-917-673-4602
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