Benson Hill Announces Gains in Soybean Breeding Program; Introduces Five 2024 Soybean Varieties Delivering Higher Protein and Improved Yield Potential

• 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.

ST. LOUIS--(BUSINESS WIRE)-- 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.

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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/

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