Press release
Green Plains Announces Aquafeed Partnership with Riverence
Riverence Farms LLC and Riverence Provisions LLC—collectively the largest trout producer in the Americas OMAHA, Neb., May 18, 2022 (GLOBE NEWSWIRE) -- Green
About this update from Green Plains, Inc.
[{"type":"text","content":"Riverence Farms LLC and Riverence Provisions LLC—collectively the largest trout producer in the Americas\nOMAHA, Neb., May 18, 2022 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ: GPRE) today announced a partnership with the Riverence Group to form a joint venture to expand aquafeed production in Idaho. The venture will produce trout and salmon feeds for the Riverence Group, utilizing wholesome, sustainable ingredients including the 60%+ fermented protein product recently announced after the success of the development trial at Green Plains Wood River. “This partnership is yet another validation of our transformational path, creating a portfolio of innovative ingredients tailored to meet specific customer needs,” said Todd Becker, President and Chief Executive Officer of Green Plains. “The Riverence Group is a highly respected aquaculture producer and we are eager to realize the value this collaboration brings to both partners. Using our low-carbon ingredients in Riverence’s feeds can help them achieve their goal of using sustainable, domestically produced plant-based ingredients.” As part of the joint venture, Green Plains contributed capital and supplied key ingredient services, while the Riverence Group contributed existing assets and a feed offtake agreement to support its own production, helping to meet the rapidly growing consumer demand from aquaculture in North America. The joint venture is anticipated to become operational in 2023. “The Riverence Group has a simple, actionable definition of sustainability—to do more with less,” said Rob Young, President and Chief Executive Officer of the Riverence Group. “To provide healthy seafood for a hungry world, we need feeds and feed ingredients that nourish our fish as much as our commitment to sustainability. In Green Plains, we have found a partner that is committed to growing domestic aquaculture and stocking the industry’s ‘pantry’ with quality ingredients.” “This unique partnership will allow for end-to-end innovation, bringing ingredient production and fish farming together to create better feeds and better fish,” said Leslie van der Meulen, Executive Vice President, Product Marketing and Innovation of Green Plains. “Historically, aquaculture ingredients have been developed without direct input from customers. Our collaboration allows us to disrupt that trend, and hone in on...