Sustainability-Based Start-Up Benson Hill to Hit $2 Billion Valuation after SPAC Deal

Sustainability-Based Start-Up Benson Hill to Hit $2 Billion Valuation after SPAC Deal

Benson Hill Inc. will list via a blank-check firm Star Peak Corp. 11, according to The Wall Street Journal. The deal will generate as much as $625 million cash proceeds that will value the plant-tech entity at $2 billion.

BlackRock Inc. funds, Hedosophia, Van Eck Associates Corp, and Lazard Asset Management will invest into the deal through a $225 million PIPE.

Benson Hill CEO Matt Crisp expects the deal to enhance the company’s goal of cutting down costs of plant-based foods.

The plant-tech firm expects to grow sales from $100 million in 2020 as it diversifies its product offerings. 

The deal allows Benson Hill to join other sustainability-linked startups raising money through SPAC deals.

SPAC executives are lauding blank-check deals as they accelerate the expansion of technology-linked entities.

Critics say entities with low earnings choosing blank-check listings could expose investors to losses if the technology does not succeed. 

SPACs have generated more than $100 billion this year, past 2020’s record of as much as $80 billion.

Star Peak stock is currently declining. STPC: NYSE is down 0.20%.

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