St. Louis agtech startup Benson Hill said Tuesday it has started a breeding and commercialization program for the yellow pea, a crop critical to its plans to capitalize on the fast-growing plant-based foods market.
Benson Hill said it has set up a yellow pea breading station in Minot, North Dakota, near its subsidiary Dakota Ingredients, a yellow pea processing firm acquired recently by Benson Hill. The yellow pea is a crop used as an ingredient in many plant-based foods. Despite its widespread use, Benson Hill says the yellow pea has gotten "very little genomic innovation."
Founded in 2012, Benson Hill, which describes itself as a "food tech company," has developed its CropOS technology that uses data science, artificial intelligence and machine learning to help improve crop varieties with better accuracy, nutritional value and sustainability than traditional breeding methods. The company in May announced it has inked a deal to go public through a merger with Evanston, Illinois-based publicly traded special purpose acquisition company Star Peak Corp II (NYSE: STPC) in a $2 billion deal it says will close sometime in the third quarter.
Using its technology, Benson Hill plans to target its efforts to speed up the development cycle for yellow pea varieties, improve its taste and make the crop more energy efficient to produce. In addition to its new breeding station, Benson Hill said it has compiled the “first-ever comprehensive map” of the yellow pea genome and also plans to incorporate the Crop Accelerator, its soon-to-open research and development facility in Creve Coeur, to advance its innovation efforts.
"There's a misalignment between what consumers want from plant-based food products and what commodity ingredients can deliver today. At Benson Hill, we are using cutting-edge technology and a unique go-to-market business model to address this growing disparity," said Matt Crisp, co-founder and CEO of Benson Hill. "Our yellow pea program, combined with the analytical power and food science insights of CropOS, will empower us to harness the natural genetic diversity within the plant and deliver more whole ingredients that offer great taste with fewer additives and significantly improved environmental benefits.”
Benson Hill’s focus on the yellow pea is a key component of its development of plant-based protein ingredients. In March, it announced the launch of an ingredients business segment, which is targeting development of new varieties of the yellow pea as well as production and commercialization of its proprietary soybean varieties. Benson Hill is also ramping up its soybean commercialization initiatives, saying last month it has contracted 70,000 acres in the 2021 crop year to grow its soybean varieties, up from 30,000 acres in the 2020 season. The 2021 crop year will include the initial commercial plantings of the Benson Hill's ultra-high protein soybeans, which it contends will provide “scalable, less processed ingredient alternatives'' for the plant-based foods industry.
The company on Tuesday also reported its most recent financial results, saying it had $39.7 million in revenue for the quarter ended June 30. The company said its revenue was up 28% year over year and included $22.7 million in revenue for its ingredients division and $16.9 million for its fresh segment, which focuses on commercializing healthier fresh produce. Benson Hill reported its net loss for the quarter was $27.4 million, up from $12.7 million a year ago.
