AeroFarms Provides Business Update

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 Spinach^TM, 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