Bunge, Chevron Make New Investments in
CoverCress Inc.
Bunge (NYSE: BG) and CoverCress Inc. (“CCI”) announced today a
unique commercial partnership to bring a new renewable oilseed and
animal feed crop to market. The agreement establishes a long-term
commercial relationship between the two companies and supports the
expansion of CCI’s CoverCress™ technology, a new winter oilseed
crop that is ideal as a lower carbon intensity feedstock to help
meet the growing demand for renewable fuels.
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Through sophisticated breeding and gene editing, CCI has
converted field pennycress, a winter annual weed, into the
CoverCress crop that fits into existing corn and soybean rotations.
Adding a new, marketable crop into rotation on existing land during
winter can provide farmers with additional revenue while also
offering the ecosystem benefits of a cover crop; the CoverCress
crop provides cover, decreases nitrogen losses, and improves
overall soil health.
“Bunge is pleased to expand our relationship with CCI to
continue to develop next generation lower carbon feedstocks, which
will also help meet the growing demand for renewable fuels. We
believe rotational cover crops will play a key role in our strategy
in connection with the recently announced partnership with Chevron.
Together, we share a commitment to sustainability and reducing
carbon in our value chains,” said Greg Heckman, Bunge CEO.
Bunge Ventures, the for-profit, global investment arm of Bunge,
led a Series B-1 financing round in CCI in April 2021 and recently
increased its stake in CCI through a Series C-1 round.
Complementing the commercial agreement between Bunge and CCI,
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:
CVX), also acquired an ownership stake in CCI through the Series
C-1 financing round. Bunge and Chevron have announced a joint
venture that will produce feedstock to supply the rapidly growing
renewable fuel industry.
“Chevron continues its efforts to build a leading renewable
fuels business by investing in all parts of the value chain,” said
Mark Nelson, executive vice president of Downstream and Chemicals
for Chevron. “This investment in CCI advances our efforts to secure
a diversified source of lower carbon intensity, reliable feedstocks
for our forthcoming joint venture with Bunge.”
Under the commercial partnership between CCI and Bunge, CCI will
supply CoverCress grain produced under contract with farmers to
Bunge for processing. The strategic partnerships among Chevron,
Bunge and CCI create a dedicated farm-to-fuel supply chain for the
low carbon intensity oil feedstock produced from CoverCress
grain.
“The advancements in the development and performance of our
climate-smart agricultural product we have branded as CoverCress™,
coupled with the expansion of our strategic partnerships with Bunge
and Chevron, will accelerate the pace of our commercialization
efforts with growers as well the value proposition of our company,”
said Mike DeCamp, CCI’s CEO. “Farmers are the key to enabling our
CoverCress technology to make a difference to lowering the carbon
intensity of diesel and jet fuel. That is why this agreement is so
critical—it enables us and our farmer partners to earn more from
the distinctive aspect of our ultra-low carbon grain than just a
commodity value.”
About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to
consumers to deliver essential food, feed and fuel to the world.
With more than two centuries of experience, unmatched global scale
and deeply rooted relationships, we work to put quality food on the
table, increase sustainability where we operate, strengthen global
food security, and help communities prosper. As the world’s leader
in oilseed processing and a leading producer and supplier of
specialty plant-based oils and fats, we value our partnerships with
farmers to improve the productivity and environmental efficiency of
agriculture across our value chains and to bring quality products
from where they’re grown to where they’re consumed. At the same
time, we collaborate with our customers to create and reimagine the
future of food, developing tailored and innovative solutions to
meet evolving dietary needs and trends in every part of the world.
Our Company is headquartered in St. Louis, Missouri, and we have
almost 23,000 dedicated employees working across approximately 300
facilities located in more than 40 countries.
About CoverCress Inc.
CoverCress Inc. is an innovative startup company developing a
new winter oilseed crop under the CoverCress™ brand. Founded in
2013, the company is converting the common winter annual, field
pennycress, using plant breeding to improve yield and maturity
combined with advanced gene editing tools to improve fiber and oil
composition. CoverCress™ seed allows corn and soybean farmers to
add a new crop into their rotation on existing land during winter,
while offering the ecosystem benefits of a cover crop, including
improved soil health and carbon sequestration. It generates farm
revenue as a whole grain feed ingredient, or when processed, as a
low carbon intensity oil for renewable fuel production, and as a
high-protein meal for animal feed. The St. Louis-based company
plans a commercial launch in 2022, with the goal of growing to
millions of acres across the lower Midwest. Learn more at
CoverCress.com.
Website Information
Bunge routinely posts important information for investors on our
website, www.bunge.com, in the "Investors" section. We may use this
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD. Accordingly, investors should monitor the Investors section of
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information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document.
Cautionary Statement Concerning Forward-Looking
Statements
This Bunge press release contains both historical and
forward-looking statements. All statements, other than statements
of historical fact are, or may be deemed to be, forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are not based
on historical facts, but rather reflect our current expectations
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and opportunities. We have tried to identify these forward-looking
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forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause our actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. The following important factors, among
others, could cause actual results to differ from these
forward-looking statements: the impacts of the COVID-19 pandemic
and other potential pandemic outbreaks; the effect of weather
conditions and the impact of crop and animal disease on our
business; the impact of global and regional economic, agricultural,
financial and commodities market, political, social and health
conditions; changes in governmental policies and laws affecting our
business, including agricultural and trade policies, financial
markets regulation and environmental, tax and biofuels regulation;
the impact of seasonality; the impact of government policies and
regulations; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from
acquisitions, divestitures, joint ventures and strategic alliances;
the impact of industry conditions, including fluctuations in
supply, demand and prices for agricultural commodities and other
raw materials and products that we sell and use in our business,
fluctuations in energy and freight costs and competitive
developments in our industries; the effectiveness of our capital
allocation plans, funding needs and financing sources; the
effectiveness of our risk management strategies; operational risks,
including industrial accidents, natural disasters and cybersecurity
incidents; changes in foreign exchange policy or rates; the impact
of our dependence on third parties; our ability to attract and
retain executive management and key personnel; other factors
affecting our business generally; and the risks and uncertainties
described in our Securities and Exchange Commission filings,
including those set forth in the Risk Factors section and under the
heading “Cautionary Statement Regarding Forward Looking Statements”
in our most recently filed Annual Report on Form 10-K. The
forward-looking statements included in this release are made only
as of the date of this release, and except as otherwise required by
federal securities law, we do not have any obligation to publicly
update or revise any forward-looking statements to reflect
subsequent events or circumstances.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
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future performance and are subject to certain risks, uncertainties
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and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions, including the military conflict between Russia and
Ukraine and the global response to such conflict; changing
refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
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causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
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assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
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audits, tariffs, sanctions, changes in fiscal terms or restrictions
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and access to debt markets; the receipt of required Board
authorizations to implement capital allocation strategies,
including future stock repurchase programs and dividend payments;
the effects of changed accounting rules under generally accepted
accounting principles promulgated by rule-setting bodies; the
company’s ability to identify and mitigate the risks and hazards
inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 20
through 25 of the company’s 2021 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220426005976/en/
Bunge Media Contact: Bunge News Bureau Bunge 636-292-3022
news@bunge.com Bunge Investor Contact: Ruth Ann Wisener Bunge
Limited 636-292-3014 Ruthann.wisener@bunge.com CoverCress Inc.
Media Contact: CoverCress Inc. (314) 222-1403
info@covercress.com
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