AeroFarms Breaks Ground on World’s Largest and Most Technologically Advanced Aeroponic Indoor Vertical Farm

Next-generation Model 5 farm to advance leadership in plant science and technology, drive continuous innovation and expand leafy greens business in Mid-Atlantic region

Virginia Governor Ralph Northam and Virginia Secretary of Agriculture Bettina Ring and other state and community leaders, join AeroFarms representatives for groundbreaking ceremony

AeroFarms, a certified B Corporation and leader in indoor vertical farming, today announced the ground breaking of its second commercial indoor vertical farm in Danville-Pittsylvania County, Virginia.

Elected officials from Pittsylvania County and the City of Danville, along with Virginia Governor Ralph Northam, Virginia Secretary of Agriculture Bettina Ring and other state and community leaders, will join AeroFarms representatives for a groundbreaking ceremony this morning to celebrate the beginning of construction of the 136,000 square foot farm.

“We congratulate AeroFarms on launching construction of its state-of-the-art facility in Cane Creek Centre,” said Governor Ralph Northam. “The Commonwealth’s history is rooted in agribusiness, and the completion of the world’s largest and most advanced indoor vertical farm will enhance this booming industry. We thank AeroFarms for choosing Southern Virginia, and look forward to supporting its success.”

“Innovation and new technologies have always been the driving forces behind the success of Virginia’s largest private sector industry, agriculture,” said Secretary of Agriculture and Forestry Bettina Ring. “By choosing to establish their largest production facility to date here in the Commonwealth, AeroFarms is ensuring that Virginia is a leader in indoor vertical farming."

Coming online in the second quarter of 2022, AeroFarms’ next-generation Model 5 farm will be the largest and most technologically advanced aeroponic indoor vertical farm in the world. Strategically located in close proximity to more than 1,000 food retailers in the region, the Danville farm will provide access to approximately 50 million people located within a day’s drive. The new farm will advance AeroFarms’ leadership in plant science and technology and expand its leafy greens business to the Mid-Atlantic region with brick-and-mortar retail and e-commerce partners, building upon existing relationships that include Whole Foods Market, ShopRite, Baldor, Amazon Fresh and FreshDirect.

“The science, technology and innovation that underpin our platform allows us to drive superior unit economics and scale up our business to deliver on our mission of growing the best plants possible for the betterment of humanity,” said David Rosenberg, Co-Founder and Chief Executive Officer of AeroFarms. “Our customers love our leafy greens, which consistently win on quality, flavor, taste and texture. We are excited to break ground on our new farm, expand our retail presence in the region and bring our exceptional, great tasting products to more customers.”

The Danville farm will feature AeroFarms’ proprietary and cutting-edge agSTACK technology, creating a fully connected and digitally controlled farm that integrates hardware, automation, intelligent controls and sensors, machine learning, machine vision, supervisory control and data acquisition (SCADA), and manufacturing execution systems to create a powerful data loop. By collecting and analyzing data through its 26 crop turns per year, AeroFarms’ team of engineers, plant scientists, and programmers gather insights about plants, and apply these learnings for the continuous improvement of its farms, which yield annual productivity up to 390 times greater than traditional field farming, while using up to 95% less water and zero pesticides.

Rosenberg continued, “Danville-Pittsylvania County is the perfect location to introduce our next-generation Model 5 farm that will be able to serve the more than 1,000 food retailers in the region. Our new farm will deepen our established retailer partnerships even further and make our sustainably grown, pesticide-free and always fresh leafy greens available throughout the Mid-Atlantic region, while also creating high-quality jobs in the area. This new facility represents an inflection point in our growth trajectory as we scale our technology and expand our retail distribution footprint and customer reach.”

About AeroFarms

Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation Company with global headquarters in Newark, New Jersey, United States. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.

On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol "ARFM". Additional information about the transaction can be viewed here: https://aerofarms.com/investors/

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this presentation, regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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