Benson Hill

Benson Hill is an American agricultural technology company that leverages data science and plant biology to develop innovative food and ingredient products. The company focuses on optimizing crops like soybeans for improved nutritional profiles, sustainability, and supply chain efficiency. Headquartered in St. Louis, Missouri, a major hub for agribusiness, it utilizes a proprietary technology platform to accelerate crop improvement.

History

The company was founded in 2012 by Matthew B. Crisp and Jason Bull, emerging from research collaborations with institutions like the Donald Danforth Plant Science Center. Initially focused on computational biology, it aimed to decode plant genomics to enhance crop breeding. A significant early development was its Cloud Biology platform, designed to analyze genetic data and predict plant traits. The company grew through strategic acquisitions, including the soybean and canola trait developer Cibus's North American assets in 2019, which expanded its germplasm library. Benson Hill became a publicly traded entity in 2021 via a merger with a special-purpose acquisition company (SPAC) called Star Peak Corp II, listed on the New York Stock Exchange under the ticker BHIL.

Business model and technology

Benson Hill operates an integrated model combining technology development with seed commercialization and ingredient processing. Its core engine is the CropOS platform, a suite of artificial intelligence and machine learning tools that integrates genomics, phenomics, and environmental data to model plant performance. This approach, part of a broader field known as predictive breeding, aims to shorten the traditional crop development timeline. The company leverages its Ultra-High Protein soybean varieties, developed through this platform, to create proprietary food ingredients. Its business spans the entire value chain, from licensing elite genetics to seed companies like Corteva Agriscience to operating its own crushing and ingredient fractionation facilities, such as its facility in Creston, Iowa.

Products and services

The company's primary products are derived from its proprietary soybean varieties, which are designed for specific end-use qualities rather than just agricultural yield. Its flagship ingredient line is Benson Hill Ultra-High Protein soybean meal, a concentrated protein source for aquaculture feed, poultry feed, and pet food markets. It also produces soybean oil with a favorable fatty acid profile, requiring less hydrogenation, for the foodservice industry. Beyond ingredients, Benson Hill sells seeds through its Benson Hill Seeds brand, offering farmers varieties with traits for improved protein content and drought tolerance. The company provides data-driven insights and genetic markers to partners through its CropOS platform as a service.

Partnerships and collaborations

Benson Hill has established numerous alliances across the agricultural supply chain. Key partnerships include a long-term collaboration with Corteva Agriscience to license and commercialize soybean genetics. It has worked with Archer Daniels Midland Company (ADM) on market development for its specialty soy ingredients. In the food technology space, it partnered with Phibro Animal Health Corporation to advance sustainable aquaculture feeds. The company is also a member of the United Soybean Board's Better Bean Initiative and collaborates with academic researchers at the University of Missouri and the University of Illinois Urbana-Champaign on plant breeding research.

Financial performance and corporate structure

As a public company, Benson Hill's financial results are reported to the U.S. Securities and Exchange Commission. The company has invested heavily in scaling its ingredient processing capacity, which has impacted its profitability metrics. Its revenue streams include seed sales, ingredient sales, and technology licensing fees. In 2023, the company underwent a significant strategic shift, announcing the divestiture of its fresh food division, which included the Benson Hill Fresh brand, to focus solely on its ingredients platform. Corporate leadership has included CEOs Matt B. Crisp and, subsequently, Deanie Elsner. The company's major shareholders have included investment firms like Star Peak Energy Transition Corp. and Continental Grain Company.

Category:Agricultural companies of the United States Category:Companies based in St. Louis Category:Food technology companies Category:Special-purpose acquisition company mergers