Plant-growing tech firm Benson Hill has agreed to merge with special-purpose acquisition company Star Peak Corp. II to go public, according to the WSJ.
- The merger is valued at $2 billion, joining a growing number of companies involved in sustainability that plan to go public through SPACs.
- As part of the deal, Benson Hill will generate $625 million in cash, which the company said will drive growth moving forward.
- The company expects sales to surge from $100 million in 2020 as it expands its product portfolio. It plans to begin commercial production of ultrahigh protein soybean by 2022.
- “It’s positioning us to really gear shift into another level of growth,” said Chief Executive Matt Crisp.
- Benson Hill is capable of developing crop breeds that mature faster and have higher protein content, which helps farmers save time and resources.
- Existing investors in Benson Hill include venture capital firm GV and agricultural trading companies Bunge Ltd. and Louis Dreyfus Co.
- Private investment in public equity (PIPE) investors include funds managed by BlackRock Inc., Van Eck Associates Corp., Hedosophia, and Lazard Asset Management.
- Star Peak SPAC Chairman Mike morgan said that agriculture must first be decarbonized to decarbonize the economy.
STPC: NYSE is down 2.35%.