44111 - Apeel Science

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Summary of Investment Information

Project Number

44111

Company Name

APEEL TECHNOLOGY, INC.

Date SPI Disclosed

Jul 24, 2020

Country

World Region

Region

Global

Projected Board Date

Aug 24, 2020

Environmental Category

B - Limited

Status

Active

Last Updated Date

Oct 10, 2020

Department

Disruptive Technologies and Funds

Industry

Agribusiness and Forestry

Previous Events

Approved : Aug 27, 2020
Signed : Oct 5, 2020
Invested : Oct 8, 2020

Sector

Fruit and Vegetable Preservation or Processing (Canning, Freezing, Drying, Jams, etc.)

Project Description

Founded in 2012, Apeel Sciences is a Santa Barbara, California-based company that has developed a plant-derived coating that helps fresh produce growers, suppliers, and retailers maintain produce quality and extend shelf life, which minimize food waste across the produce value chain.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

Development Impact

IFC anticipates that the Project would result in increased exports of fruits and vegetables and GHG emission avoidance, achieved by deploying at scale an edible plant-derived coating that extends the shelf-life of fruits and vegetables, thereby reducing food losses. Furthermore, the Project has the potential to strengthen the integration of local suppliers, especially from Mexico, into the international, and potentially local, fruits and vegetables value chains.

IFC's additionality in this project is primarily non-financial and consists of providing knowledge, innovation and capacity building, including through the development of a comprehensive Advisory Service project alongside the proposed investment. While recognizing the strength of the company and its investors, IFC's patient capital can act to incentivize the Company to enter emerging markets where the availability of venture capital is limited.

E&S Category Rationale / Risks and Mitigation

The proposed investment is a Category B project in accordance with IFC’s 2012 Policy on Environmental and Social Sustainability. The key E&S risks and issues related to this investment are: (i) existence and effectiveness of Apeel’s EHS, HR and food safety (FS) management systems; (ii) capacity and competency of EHS/HR/FS functions; (iii) labor and working conditions, including terms of employment and occupational health and safety of direct employees, contractors and service providers; (iv) life and fire safety management at Apeel’s facility and/or contracted manufacturing sites; (v) due diligence of Apeel’s raw material suppliers; (vi) compliance of contractors and/or service providers with applicable national EHS/HR requirements; (vii) monitoring of EHS parameters (air emissions, effluents, waste and Lost-Time Injury Frequency Rate) at Apeel’s production site. Applicable World Bank Group (WBG) Environmental, Health and Safety (EHS) Guidelines include the General and Sector-specific (Food & Beverage Processing) Guidelines

Contacts

For Inquiries About the Project, Contact

Apeel Technology, Inc.
Jessica Vieira
Director of Sustainability
805-203-0146 x7089
jessica.vieira@apeelsciences.com
Goleta, California 93117, USA

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N/A

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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