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What Benson Hill’s 2022 Aquaculture Soy Partnership Planned—and What Changed

Benson Hill announced a Riverence aquaculture soy collaboration in 2022, but its feed-performance and environmental figures were company-reported, and later asset-sale filings leave current availability unconfirmed.
From TheFinanceBase Team3 min to read

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In February 2022, Benson Hill announced a collaboration with trout producer Riverence Holdings to develop a supply of traceable, deforestation-free certified soy ingredients for aquaculture feed. Riverence’s preferred supplier, Rangen, a Wilbur-Ellis Nutrition brand, was to incorporate the ingredients into diets. The announcement described a planned business-to-business arrangement, not a consumer product—and it does not establish that the supply relationship remains active today.

What the 2022 collaboration involved

The announcement named three parties with distinct roles: Benson Hill as the ingredient developer and supplier, Riverence as the trout producer, and Rangen as Riverence’s preferred feed supplier that would incorporate the ingredients into aquaculture diets. The stated aim was a supply of traceable, deforestation-free certified Benson Hill soy ingredients. Successful Farming/Agriculture.com reported the announcement on February 2, 2022.

Riverence chief science officer Jesse Trushenski said the company had decided to incorporate Benson Hill’s ingredients “again this year” and described the collaboration as the beginning of a hoped-for partnership. That was Riverence’s view at the time, not independent confirmation of product performance or evidence of a continuing commercial relationship. Benson Hill CEO Matt Crisp likewise framed the work as part of the company’s effort to advance sustainable aquaculture.

What the soy ingredient was

Benson Hill described its soybeans as proprietary varieties developed using its CropOS platform and breeding techniques. The varieties were characterized as Ultra-High Protein (UHP) and low in anti-nutrients. The company said those traits could reduce the processing needed to concentrate protein, positioning the resulting ingredient as a minimally processed alternative to conventional soy protein concentrate (SPC).

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A historical SEC filing also described high-protein, low-anti-nutrient soy meal and a lower-cost sustainable SPC substitute as products intended for aquaculture and specialty animal feed. Those descriptions document the company’s historical product plans; they are not current product specifications or proof that the ingredient is available now.

What performance and environmental claims were reported

Feed conversion

The 2022 announcement said ingredients derived from UHP soy varieties had demonstrated performance equivalent to an SPC-based diet in salmon and trout, measured by feed conversion ratio (FCR). FCR relates feed consumed to animal growth. The announcement passage did not provide numeric trial results or full test methods, so the claim should be understood as the company’s reported comparison—not as a finding established for every species, farm, feed formulation, or production condition.

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Water and carbon comparisons

Benson Hill reported the following potential reductions against soy protein concentrate benchmarks. The figures were stated as “up to” values in the 2022 announcement:

Benchmark Reported water reduction Reported carbon dioxide reduction
U.S.-sourced SPC Up to 70% less Up to 50% less
Brazilian-sourced SPC, accounting for deforestation impacts Up to 83% less Up to 89% less

These are company-reported comparisons, not general attributes of soy ingredients. The announcement did not provide a full life-cycle-assessment boundary, methodology, or independent audit for the figures. The original report contains the claims and their stated benchmarks.

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Why the historical partnership should not be treated as a current offer

Benson Hill’s corporate status changed after the announcement. A SEC Form 8-K reports that Benson Hill and named subsidiaries filed voluntary Chapter 11 petitions on March 20, 2025, and that the sale of substantially all sellers’ assets to Confluence Genetics, LLC, as buyer or designee, closed May 23, 2025. S2G Investments later described Confluence Genetics’ acquisition of Benson Hill’s core assets and an asset-light licensing and direct-sales direction.

Those later corporate developments do not establish who, if anyone, currently supplies the specific aquafeed ingredient, whether Riverence still uses it, or whether a commercial relationship with Rangen continues. The 2022 announcement is therefore useful as a record of the planned collaboration and product claims, not as evidence of present availability or an active supplier relationship.

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What a buyer would need to verify

For a current sourcing decision, the historical announcement is not enough to establish suitability or supply. A buyer comparing feed ingredients would need current, product-specific information, including:

  • Protein and anti-nutrient specifications for the actual ingredient being offered.
  • Performance evidence for the relevant fish species, diet formulation, and production conditions, including FCR data and test methods.
  • Traceability and deforestation criteria, with documentation covering the supply chain.
  • Water and emissions comparisons with stated life-cycle boundaries and an explanation of how the benchmark was chosen.
  • Delivered cost, reliable supply, and confirmation of the current seller and any feed-manufacturer relationships.

The available historical materials do not establish a current competing product set or comparable cost figures.

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  • Contains SQUID pellet, mussel, and seaweed for improved nutrition and great taste
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  • Feed as much as fish can consume in 30 minutes as bottom feeders have slower feeding habits

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