Nuscale Power Corporation · NYSE:SMR
Nuscale Power — Spring Valley Acquisition — SPAC Merger (May 2021)
39 slides from Nuscale Power's SPAC merger presentation, May 17, 2021
Slide 1: Investor Presentation May 2021
Bringing agriculture to new heights through technology and innovation INVESTOR PRESENTATIONMay 2021
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dream Holdings, Inc. (“Dream”) and Spring Valley Acquisition Corp.
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) Important Information and Where to Find It In connection with the Proposed Business Combination, Spring Valley has filed a registration statement on Form S-4, including a proxy statement/prospectus (the “Registration Statement”), with the SEC, which includes a preliminary proxy s
Slide 4: Transaction Overview
Transaction Overview David Rosenberg CEO and Co-Founder Guy Blanchard CFO Chris Sorrells CEO KEY HIGHLIGHTS Transaction Size Valuation Capital Structure Ownership $232mm cash in trust from Spring Valley Acquisition Corp. (Nasdaq: SV)1 $125mm PIPE – Sponsor, management, and board investing $20mm+ ~$8
Slide 5: Spring Valley Acquisition Corp. Leadership
Spring Valley Acquisition Corp. Leadership WHO WE ARE AND WHAT WE OFFER $289 STRONG HISTORY OF VALUE CREATION $3,011 $3,092 $27,332 Team with Extensive Transaction Experience in Sustainability Strong C-level Operational Expertise in Sustainability In 2006, Sorrells lead an investment in Renewable En
Slide 6: AeroFarms is bringing agriculture to new heights through technology and innovation
AeroFarms is bringing agriculture to new heights through technology and innovation 6
Slide 7: Champion for Plants, People and the Planet
Champion for Plants, People and the Planet Stewarding Sustainability AeroFarms was the first and only agriculture company honored by the Ellen MacArthur Foundation as one of the Circular Economy 100. MISSION Grow the best plants possible for the betterment of humanity VISION Understand plant biology
Slide 8: AeroFarms Leads the Industry in Vertical Farming and More
AeroFarms Leads the Industry in Vertical Farming and More FARM OPERATIONS TECHNOLOGY INNOVATION DATA SCIENCE STRATEGIC PARTNERSHIPS AeroFarms built and operates the largest vertical farm in the world and sells great tasting leafy greens. To date, the company has grown over 550 different varieties of
Slide 9: World Class Leadership Team with Decades of Experience
World Class Leadership Team with Decades of Experience David Rosenberg Chief Executive Officer and Co-Founder Successful serial entrepreneur, 14+ years leading Silicon Valley VC backed companies Member of World Economic Forum (WEF) and WEF Global Internet of Things Council Co-founded and co-chaired
Slide 10: Innovating Vertical Farming at Scale for Years
Innovating Vertical Farming at Scale for 15 Years Understanding how innovation in vertical farming scales is important. Since its founding in 2004, AeroFarms has differentiated from the industry, proving its technology, testing innovation and evolving its design through five generations of farm mode
Slide 11: AeroFarms Vision and the Future of Farming
AeroFarms Vision and the Future of Farming Addressing social and environmental macro trends through science and innovation 01 AeroFarms data science driven and fully-controlled proprietary technology 02platform enables the company to better understand plant growth, optimize farms, improve quality, a
Slide 12: The AeroFarms Opportunity
12 01 The AeroFarms Opportunity
Slide 13: Helping Solve the Global Sustainability and Food Crisis
Helping Solve the Global Sustainability and Food Crisis Macrotrend AeroFarms Solution 1 BBC: Is the world running out of fresh water?; 2 Environmental Outlook to 2050: The consequences of Inaction; 3 The Guardian: Earth has lost a third of arable land in past 40 years; 4 US FDA: Metals and Your Food
Slide 14: Unrivaled Sustainability and Productivity
Unrivaled Sustainability and Productivity High-tech GreenhouseConventional Farming CROP TURNS YIELD¹ FASTER HIGHER OUTPUT Up to 26 Up to 390x Crop turns lbs/sqft1 12Crop turns 12xlbs/sqft 1 - 3Crop turns 1xlbs/sqft WATER USE MORE EFFICIENT Up to 95% Water savings 90%Water savings0%Water savings QUAL
Slide 15: Fresh Produce is a $1.4 Trillion Industry
Fresh Produce is a $1.4 Trillion Industry Global fresh produce breakdown (2019) Global fresh produce Global leafy greens Other vegetables¹ 30% Leafy greens² 5% Fresh produce industry: $1.4 trillion1 Leafy greens, baby greens, microgreens, herbs, and niche varieties: $78 BILLION2 Berries³ 12% Other f
Slide 16: Technology Platform
Technology Platform AcROFARMS
Slide 17: Market Leader with Vertical Integration Across Controlled Environment Agriculture
Market Leader with Vertical Integration Across All Disciplines of Controlled Environment Agriculture Deep understanding of plant biology Data science enabling fully-connected agriculture Mechanical design of grow towers and ancillary equipment Optimizing plant performance enables: New varieties High
Slide 18: Key Components of AeroFarms' Technology Platform
Key Components of AeroFarms’ Technology Platform Advanced grow towers Aeroponic technology to allow plant roots to receive the optimal amount of nutrients at the optimal time um is typically reusable and/or recyclable Expertise in HVAC and building design Unique horticulture luminaire and LED techno
Slide 19: The agSTACK System Enables a Fully-Connected Farm
The agSTACK System Enables a Fully-Connected Farm HARDWARE GROW THE BEST PLANTS POSSIBLE agSTACK SUPERVISORY CONTROL AND DATA ACQUISITION (SCADA) APPLY LEARNINGS TO BE GREAT FARMERS DATA COLLECTION DATA LOOP DATA ANALYSIS MANUFACTURING EXECUTION SYSTEM (MES) agSTACK powers integration, traceability,
Slide 20: Precision Control Enables Unparalleled Performance for Plants
Precision Control Enables Unparalleled Performance for Plants Influencing Genetics and Their Expression through Environmental Inputs… …Improves Plant Outputs and Farm Economics AIR SPEED LIGHT SPECTRUM TEMPERATURE RELATIVE HUMIDITY Taste Texture Nutrition Consistency LIGHT INTENSITY CO2 LEVELS WATER
Slide 21: AeroFarms Innovation Drives Improvements Across the Farm
AeroFarms Innovation Drives Improvements Across the Farm LIGHTING EFFICIENCY AeroFarms’ LED efficiency has increased 59% over the last five years YIELD IMPROVEMENT Over the last 12 months, AeroFarms has seen a 23% increase in yield IMPROVED GENETICS Improving plant genetics by isolating variables an
Slide 22: Extensive Investments in Technology and IP
Extensive Investments in Technology and IP A WORLD CLASS INNOVATION TEAM……FUELS A ROBUST AND GROWING IP PORTFOLIO1 282 invention disclosures Technological innovation is driven by AeroFarms’ world-class team of 45 INNOVATORS, who make up 50% of all corporate employees, including: Engineers Plant scie
Slide 23: Scaling the Leafy Greens Opportunity
23 03 Scaling the Leafy Greens Opportunity
Slide 24: Leafy Greens are the Ideal Initial Category for Disruption
Leafy Greens are the Ideal Initial Category for Disruption INDUSTRY opportunity for leafy greens with: □Less spoilage □No food contamination □Less variability in quality □No supply seasonality □Fewer risks due to centralized production □Less pesticide use □Lower supply chain / transportation costs A
Slide 25: AeroFarms Wins at Retail with Great Tasting Leafy Green Products
AeroFarms Wins at Retail with Great Tasting Leafy Green Products In 2020 AeroFarms products performed on average 50% better than the average velocity per SKU of the indoor farming industry¹ AeroFarms received a best-in-class Net Promoter Score of 55; 57% higher than the indoor vertical farming segme
Slide 26: Top Tastemakers Applaud AeroFarms Products
Top Tastemakers Applaud AeroFarms Products “An exquisite culinary experience“ Edmund LaMacchia VP of Procurement – Perishables, Whole Foods (former) “This is what I love about AeroFarms – that it's technology that's allowing people to farm better and smarter – and it makes really delicious food.” Da
Slide 27: Future Farms: Farm Pipeline and Site Selection
FUTU Partial list of locatio RE F ns to ARMS serve target markets 1 48-tower farm 1 48-tower farm FARM PIPELINE Q2 20211 R&D and pilot grow rooms DANVILLE, VIRGINIA Q2 20211 Model 5, 48-tower farm Greater St. Louis NEXT FARM Target locations Q1 20221 48-tower farm Newark, NJ Q2 2022 Q3 2022 SITE SEL
Slide 28: AeroFarms has Broken Ground on its Next Farm in Danville, VA
AeroFarms has Broken Ground on its Next Farm in Danville, VA Top retailer distribution centers within 300 miles of Danville, VA Newark, NJ BENEFITS OF DANVILLE, VIRGINIA: Unmet market potential and proximity to key sales channels with at least 6 top retailer distribution centers within 250 miles Low
Slide 29: Growing Beyond Leafy Greens
29 04 Growing Beyond Leafy Greens
Slide 30: Accessing $1.8 Trillion Market Opportunity
Accessing $1.8 Trillion Market Opportunity Strategic Partnerships Expansion into Berries and Other Markets Plant-made Pharmaceuticals, Nutraceuticals and Cosmeceuticals Advanced Genetics Products and Services Technology Components Fresh produce market opportunity: $1.3tn1 Producing higher-quality be
Slide 31: Preparing for Future Commercial Expansion into New Markets like Berries
Preparing for Future Commercial Expansion into New Markets like Berries Berries today are subject to a seasonal supply chain with high pesticide use AeroFarms’ grows better berries, measured by sweetness, all year round, using zero pesticides AeroFarms has grown over 50 varieties of strawberries to
Slide 32: Financial Projections
Financial Projections AcROFARMS
Slide 33: Core KPIs that Drive Unit Economics at Scale
Future Farm Development Is Enabled by Current Performance of Core KPIs that Drive Unit Economics at Scale Core KPIs are shown below where 100% represents Model 5 farm design business plan1 HARVEST YIELD Harvest Yield measures how much useable plant mass we grow and harvest per unit of area per unit
Slide 34: Farm Unit Economics Summary
Farm Unit Economics Summary The Model 5 Farm Design represents AeroFarms’ technology that will be deployed in early 2021. Over time, modest performance improvements are modeled for future farm generations, namely the Model 6/7 Farm Designs. Each farm design is modeled to include the modest performan
Slide 35: AeroFarms Financial Overview
AeroFarms Financial Overview FARM COUNT¹ REVENUE ($mm) # of towers 48 grow tower farms144 grow tower farms 1,008 768 13 16 1,248 16 192 484 5 5 4 $825 91111 $4$13 $330 $553 $54$163 2025 2026 Run Rate 20212022 20232024 2025 2026 Run Rate 31% 24% NM % growth226% 305%201% 102% 67% NM 73 1 1467 20212022
Slide 36: Transaction Summary – Pro Forma Equity Ownership
Transaction Summary – Pro Forma Equity Ownership SOURCES AeroFarms Equity Rollover $800 Cash to Merged Company Balance Sheet 347 Estimated Transaction Expenses 40 Total uses $1,187 USES All values in $mm PRO FORMA CAPITALIZATION (at $10.00) All values in $mm PRO FORMA OWNERSHIP (%) AT CLOSING2 AeroF
Slide 37: Valuation Benchmarking
Valuation Benchmarking FV / Revenue FV / Revenue (Sustainable High-growth Food) FV / CY2022E (CY+1) Revenue (High-growth food & beverages) 4.2x 6.0x 2.1x 8.0x 9.8x 3.9x 2.4x 1 20252026 Monster BeverageFevertree DrinksTattooed ChefVital Farms Corporation FV / EBITDA FV / EBITDA (Sustainable High-grow
Slide 38: AeroFarms Company Highlights
AeroFarms Company Highlights AeroFarms has a 15+ year track record of vertical farming at scale and an expert management team that is revolutionizing the farming industry Technology and data are a competitive differentiator and moat for AeroFarms AeroFarms sells leafy greens commercially with a bran
Slide 39: Thank You
THANK YOU 39