Q: Are you an 'AgTech' company?

A: No, we are are an 'Alt Protein' company. The Automated Selective Harvesters ('Harvesta') robotic technology is how we secure a low-cost proprietary feedstock that we monetize to the benefit of the planter (farmer) and ourselves. The data offer ('Intellia') is being developed to further improve farmer productivity and further enhance positive environmental benefits. You could also argue we are a 'biotech' company due to our 'Reacta' process, though the ingredients we produce have 'minimal' processing (Nova Group 1, although subsequent products may be Nova Group 2) so they retain their goodness. So, while we create a long-term competitive advantage using a sophisticated bundle of integrated technologies that represents a defensible 'moat', we are essentially a food ingredient company focused on the global alternative protein market estimated at US$15.29 billion in 2023 and expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2030.

Q: What is your unique selling point?

A: Our Automated Selective Harvester ('Harvesta') transforms broccoli production economics and allows realisation of the side stream, which would be uneconomic/impractical without it. Harvesta 'unlocks' the problem of utilisation and monetization of side stream, which allows a transformational business model. We have a granted patent for our Automated Selective Harvester (GB2608367A, US20240206393A1, EP4362656A1). Other patent filings are in progress.

We expect the insight produced from the data we gather to create further value for farmers by helping them improve productivity and reduce costs. We see this (branded 'Intellia') as reinforcing the value we offer and the advantage of working with us.

In addition a patent has been filed for protein production (GB2408157.2) and our 'Reacta' process and key ingredient ("Bia") are trade secrets. Other patents are in development.

Q: How do you work with farmers?

A: We deliver robotic 'Harvestas' to allow farmers to automate the harvest of heads they sell to supermarkets, while delivering to us the stem and stalk that we then process.

Broccoli is a high value crop, but it is a low margin crop. This is predominantly driven by the cost of harvest which is driven by current manual harvesting practice and the requirement for multiple 'passes' over the same field. The increase in casual labour rates are a major driver of farmgate inflation. Addressing this through automation will improve crop profitability for the farmer.

We also help farmers by overcoming a critical constraint i.e., constrained harvest capacity due to availability of casual labour. Broccoli may be left unharvested due to lack of casual labour, and Harvesta can overcome that.

In addition, broccoli may be left unharvested due to a glut, in which case we can take that crop (including head, stem and stalk) and turn it in to product, so let the farmer make something from crop that would otherwise be a total loss.

Our estimate is that, in total, there is up to 5x more broccoli biomass available to us than currently makes it to the supermarket shelf, and by working with us the farmer will share in this opportunity. This high waste ratio is because more than 75% of the aboveground parts of broccoli are left in the field, and the majority of these are edible, and farmers may plant 17 plants for every 10 that are actually harvested. In addition, there may be losses due to cutting heads down to florets and also for aesthetic reasons.

We expect our harvest capacity to increase as our 'Harvesta' technology evolves, part of which is the development of the data platform ('Intellia'). This will evolve to support reporting of historic field performance with HPI (Historic Potential Index), field performance with yield map processing, harvest date prediction models and yield prediction models. We intend to improve the sensing on Harvesta to allow better selection based on characterisation of colour, and identification and reporting of disease and pests, and potentially sensing of soil characteristics. We hope that this data will allow more efficient use of fertilisers, more targeted use of insecticide, and better use of water to support regenerative agriculture, specifically with respect to soil health.

Q: How do you expect to impact crop productivity, quality and total cost?

The analysis of our data indicates that yield rates from manual harvest are not 100% (i.e., harvest of heads within target size range), and there is room to improve on yield rates to a level that could impact crop profitability.

Harvesta can be operated in the dark so crop can be harvested at night/early morning when it is less metabolically active. In addition, farmers can harvest crops with long-stems and trim them just before shipment at the packhouse. Both of thes could extend product life.

Obviously the primary benefit of automation is in reducing harvest labour cost, a major driver of costs and cost inflation. In addition, a night/early-morning harvest means that the crop is cut at a lower ambient temperature reducing cooling costs at the packhouse, a major driver of power costs.

Q: What is the commercial model behind 'Harvesta'?

A: Our commercial model is 'Harvesta-as-a-Service' ('HaaS'), requiring the planter (farmer) to grant us exclusive rights to side-stream. In our HaaS model the farmer will crew the Harvesta. Pricing is set to share the economic benefit of the harvest automation between us and the planter.

Q: Will you sell 'Harvesta'?

A: Possibly in time, but it will still require side-stream rights to be assigned to us.

Q: What is your position on autonomy?

A: Autonomy for Harvesta is on our product roadmap. We do not see autonomy for broccoli harvest as 'controlled from the farm office' but as being supervised by an on-field worker once the worker has driven the Harvesta there. Product off-load to an accompanying vehicle will likely still require workers, so autonomy adds value by further reducing the total size of a harvest crew. It will also allow use of the use of AB lines created during automated planting in order to improve precision.

We will not build the autonomy modules ourselves but will use 'commercial-off-the-shelf' ('CotS') systems as 'bolt-on' integrations to the CotS chassis on which we deploy our automated harvest modules. Our indicative time-line is: 2026, data gathering during normal operations, 2027, in-cab oversight of autonomy; 2028 on-field oversight of autonomy.

Because we intend to integrate other companies technologies, our delivery risk of autonomy is limited and manageable. Our main focus will be on developing and deploying the protocols to ensure safety, for instance remote 'kill switches' to allow all on-field staff to stop operations if there is any risk of harm, and ensuring that autonomy delivers economic value to the farmers.

Q: Can you work with other feedstocks?

A: We can work with cauliflower as a feedstock although we do not have an automated harvest solution for it. While cauliflower has less edible biomass left on the field post-harvest, it suffers from large losses due to a tendency to discolour when bruised or exposed to UV. This does not affect taste or nutrition, but consumers (thus retailers) will not buy it. As a result, there is significant availability of cauliflower biomass.

We expect other feedstocks to follow.

Q: Where do you intend to operate?

A: We are starting in the UK then with Spain in the UK off-season - this is how supermarkets give 12 month access to brassicas for UK consumers. Doing this will allow us to supply food manufacturers on a 12-month-a-year basis.

The US is our next market. In the US, broccoli cultivation is highly concentrated with circa 90% of broccoli being grown in California over a season of up to 10 months, with a significant amount of off-season crop being grown in Arizona. For this reason we intend to focus deployment in California / Arizona.

It is likely we will franchise in the EU and the rest of the world to allow us to focus on the US opportunity.

Q: Are you just a low-CO2 soy substitute?

A: Prota and Fiba could be used as a soy substitute, but our products are hypoallergenic, and offer additional benefits, and could be used in a far broader range of applications. Even if you regard Prota and Fiba as 'just' a soy substitute, the market for soy protein isolate for human consumption is over $3bn, and we offer European manufacturers a hypoallergenic option with better environmental credentials. We would argue we are as competitive with mycelium, pea protein and egg alternatives as soy.

Q: Do you aim to displace meat?

A: Prota and Fiba can be used to partially displace meat, and could also be used to supplement meat alternatives, such as mycelium-based alternative proteins. We note that the Good Food Institute expects displacement of meat by alternative proteins to accelerate once alternative proteins achieve price parity or better with meat, and this is expected to occur from 2025-2032. We can help meat manufacturers reduce their Scope 3 emissions and production costs through hybridization. This will help them offer more planet-friendly, healthier and lower-cost products for those people that want to keep meat as part of their diet, and keep the taste and mouthfeel consumers enjoy. We are not anti-meat, we are pro CO2 reduction and for more affordable, healthier food. We believe that a principle of "improve rather than remove" will support the greatest net benefits in terms of GHG reduction and enhanced nutritional value for the wider community.

Q: Are you GM free?

A: Because we use regionally-sourced feedstock, in the UK and EU we will be GM free as GM broccoli is not grown in the UK or Spain. We aim to give food manufacturers high-quality, nutritious, hypoallergenic vegetable protein and fibre that is grown by the farmers in that region in line with the highest of standards relevant to the jurisdiction of sale.

Q: Are you organic?

A: We have a source of organic broccoli and were there to be sufficient demand could run a separate organic line.

Q: What is your capacity?

A: We are at Pilot Scale at the moment, but are mobilizing scale manufacturing. We have Heads-of-Terms with farmers that will allow access to over 300,000 tonnes of feedstock.

Q: What is your regulatory strategy?

A: We are currently securing ISO 9001 for Harvesta and our associated business processes.

We are currently securing HACCP (Hazard Analysis Critical Control Points) certification for protein production. FSSC 22000 will follow in mid-2025 to allow GFSI (Global Food Safety Initiative) certification and BRC Plant is targeted by end-2025. We believe our products to be 'low risk'.

Q: Have you resolved the issues associated with accounting for Scope 3 reductions with respect to your solution?

A: Not yet, it is a challenging issue as can be seen in recent reports.

Q: How will the carbon saving be monetized and distributed?

A: Monetization of the carbon saving is currently uncertain. When it becomes certain we will work through its distribution.

Q: How much carbon will you save?

A: One of the questions is whether our products are used to displace other Alt Proteins (soy, wheat, pea. mycelium) or to supplement meat. and which types (e.g., beef versus pork). The impact of this is profound (>10x) in terms of CO2 equivalents avoided through the farm-to-fork supply chain. We need data on this which is as yet unavailable.

Also, when vegetables decompose, they primarily produce methane (CH4), which is a potent greenhouse gas. While specific figures for vegetables rotting in the field are not available, general estimates for food waste decomposition suggest emissions can range from 0.5 to 1.5 kg of CO2e per kilogram. We need to quantify the difference in methane output of a field harvested manually versus one harvested using Harveta where the side stream has been taken. We do not yet have this data, but plan to obtain it. This may vary by geography, and potentially by year, so can only ever be an estimate.

Other questions include the percentage of Necta that is used for mycelium growth versus use in an AD plant, and the impact of this on CO2e.

In aggregate, there is s strong case that we should save >1kgCO2e for every kg we process (i.e., will be "Climate Positive"), and potentially several times this. Were we only to process the 300,000 tonnes of feedstock per annum that we have at Heads of Terms, there is the potential we could impact CO2e at a level of 00s of ktons per annum. Once we are at scale, we intend to achieve carbon reduction at the megaton level.

Q: Will you share your ethical supply chain data?

A: Transparency is important to us. While we plan to do this, we have yet to implement a platform to achieve it.

Q: What is your diversity policy?

A: We are committed to fostering a diverse and inclusive workplace where all employees feel valued, respected, and empowered. This policy outlines our commitment to diversity and inclusion and the steps we will take to ensure an equitable work environment.

We believe that diversity and inclusion drive innovation and excellence. We are committed to creating a workplace that reflects the diverse communities we serve and where everyone has the opportunity to reach their full potential.

Promote Diversity: We will actively seek to recruit, retain, and promote individuals from diverse backgrounds, including but not limited to race, gender, age, disability, sexual orientation, and cultural background.

Foster Inclusion: We will create an inclusive environment where all employees feel welcome and valued. This includes providing promoting inclusive language, and ensuring accessibility in the workplace.

Ensure Equity: We will ensure fair treatment, access, opportunity, and advancement for all employees. This includes implementing equitable hiring practices, providing support for career development and when appropriate conducting pay equity reviews. The size of a company can significantly impact the effectiveness of a pay equity review. Generally, a meaningful pay equity analysis requires a sufficient sample size to ensure reliable and statistically significant results, and we are not yet of that size.

Leadership: Our leadership team is responsible for championing diversity and inclusion initiatives and ensuring that these values are integrated into all aspects of our business.

Managers: Managers are responsible for fostering an inclusive team culture, addressing any issues of discrimination or bias, and supporting the professional development of all team members.

Employees: All employees are expected to contribute to a respectful and inclusive workplace by treating colleagues with respect and reporting any concerns.

Q: Do you pay the Real Living Wage ('RLW')?

A: Yes. We also oppose "fire and re-hire". We will only enter in to zero-hours contracts where it is to the mutual benefit of employer and employee. The use of zero-hours contracts is rare.

Q: Are you recruiting?

A: We will always engage with people who are interested in coming on board to help us achieve our mission and are excited about what we are doing. Send in a CV! Sadly we can't respond to recruiters as we are always bombarded!