AeroFarms Commences Construction on Its AgX Research Center in Abu Dhabi, UAE

AeroFarms’ newest indoor vertical farm will be the largest of its kind dedicated to the latest in Research & Development

AeroFarms, a certified B Corporation and leader in indoor vertical farming, today announced that AeroFarms AgX LTD, its wholly owned subsidiary in the United Arab Emirates (“AeroFarms AgX”), has started construction in Abu Dhabi on the company’s state-of-the art Research Center focused on the latest developments for indoor vertical farming, innovation, and AgTech.

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In partnership with the Abu Dhabi Investment Office (ADIO), which is focused on enabling investment opportunities in Abu Dhabi, AeroFarms AgX will bring innovative research and development to the UAE and the Middle East to advance sustainable controlled environment agriculture (CEA) and vertical farming and help address broader global agriculture supply chain issues.

Last year, ADIO announced that it is providing $150 million in incentives to bring global AgTech pioneers to Abu Dhabi, including its partnership with AeroFarms to build a vertical farming facility dedicated to developing next generation agriculture in arid and desert climates. The transformational R&D conducted at AeroFarms AgX is expected to enable new business lines, technologies, and growth of the AeroFarms platform, while serving as a hub for regional expansion. AeroFarms AgX is expected to be completed and operational in the first quarter of 2022.

H.E. Dr. Tariq Bin Hendi, Director General of ADIO, said: “This important milestone for AeroFarms AgX is another step in the realization of Abu Dhabi’s mission to ‘turn the desert green’. In line with this goal, ADIO is supporting innovative technology that has the potential to impact farming practices across the globe and improve the food production value chain worldwide. AeroFarms AgX will add to the growing capabilities of Abu Dhabi’s agriculture ecosystem while benefiting from the emirate’s plentiful land, natural heat, competitive energy prices, access to research universities, and skilled talent.”

At 54,000 square feet, AeroFarms AgX will be the largest indoor vertical farm of its kind for research and development in the world, leading the way in breakthrough innovation to solve some of the world’s most pressing agriculture challenges. AeroFarms AgX will employ a projected 60 highly skilled engineers, horticulturists and scientists and will have high-tech laboratories conducting organoleptic research and precision phenotyping, phytochemical analysis, advanced speed breeding, as well as next-generation machine vision, machine learning, robotics, and automation. AeroFarms AgX will also play a key role in Abu Dhabi’s AgTech ecosystem by working with local universities on research projects to tackle problems of agriculture within desert and arid climates.

David Rosenberg, Co-Founder and CEO of AeroFarms, commented: “This is an important development for AeroFarms as we expand globally and leverage our R&D and growing expertise. AeroFarms has been the global leader for controlled environment agriculture since 2004, and we will utilize this cutting-edge R&D Center to conduct the latest research in plant science, vertical farming and automation, accelerating innovation cycles and commercializing products. Our vision has always been to leverage our expertise in plant biology and build on our successful history of collaborating with government, universities, industry and major international companies. We are pleased to take this step forward and proud to be a catalyst for helping to establish the Emirate of Abu Dhabi as a global hub for AgTech innovation.”

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 in Food, 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 ever 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 grown over 550 varieties and 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,” “might,” “will,” “estimate,” “continue,” “contemplate,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project,” “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, including those 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 Annual Report on Form 10-K, Quarterly Report on Form 10-Q, final prospectus dated November 25, 2020 and preliminary proxy statement/prospectus dated June 22, 2021 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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