Filed by Spring Valley Acquisition Corp. pursuant to

Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Spring Valley Acquisition Corp.

Commission File No. 001-39736

The below presentation was used by Spring Valley Acquisition Corp. (“Spring Valley”) in presentations to certain interested parties with respect to Spring Valley’s previously disclosed proposed business combination with Dream Holdings, Inc.

 Bringing agriculture to new heights through technology and innovation INVESTOR PRESENTATIONMay 2021

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. (“Spring Valley”) and related transactions (the “Proposed Business Combination”) and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will Spring Valley, Dream or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. None of Spring Valley or Dream has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Dream or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of Dream and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “forecast,” “potential,” “seem,” “seek,” “strategy,” “future,” “outlook,” “opportunity,” “should,” “would,” “will be,” “will continue,” “will likely result” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between Dream and Spring Valley, including statements as to the expected timing, completion and effects of the proposed transaction, statements regarding each of Dream and Spring Valley, and statements regarding estimates, projections and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Dream’s and Spring Valley’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Dream and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the stockholders of Spring Valley or Dream is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; the inability to complete the PIPE investment in connection with the proposed transaction; the lack of a third party valuation in determining whether or not to pursue the proposed transactions; risks relating to the uncertainty of the projected financial information with respect to Dream; risks related to expansion of Dream’s business and technology; the risk that the vertical farming industry may not grow as large or as quickly as management currently expects, the impact of any future loss of “B Corporation” status on Dream’s business; the effects of competition on Dream’s future business; the effects of natural disasters, terrorist attacks and the spread and/or abatement of infectious diseases, such as COVID-19, on Dream’s business or on the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transactions; the ability of Spring Valley or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the Proposed Business Combination or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents of Spring Valley filed, or to be filed, with the Securities and Exchange Commission (“SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that none of Spring Valley or Dream presently know or that Spring Valley or Dream currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and Dream’s expectations, plans or forecasts of future events and views as of the date of this Presentation. Spring Valley and Dream anticipate that subsequent events and developments will cause Spring Valley’s and Dream’s assessments to change. However, while Spring Valley and Dream may elect to update these forward-looking statements at some point in the future, Spring Valley and Dream specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Spring Valley’s and Dream’s assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Certain market data information in this Presentation is based on the estimates of Dream and Spring Valley management. Dream and Spring Valley obtained the industry, market and competitive position data used throughout this Presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties. Dream and Spring Valley believe their estimates to be accurate as of the date of this Presentation. However, this information may prove to be inaccurate because of the method by which Dream or Spring Valley obtained some of the data for its estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process. Use of Projections This Presentation contains projected financial information with respect to Dream. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. 2

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 statement to be distributed to holders of Spring Valley’s common stock in connection with Spring Valley’s solicitation of proxies for the vote by Spring Valley’s stockholders with respect to the Proposed Business Combination and other matters as described in the Registration Statement, and a prospectus relating to the offer of the securities to be issued to Dream’s stockholders in connection with the Proposed Business Combination. After the Registration Statement has been declared effective, Spring Valley will mail a definitive proxy statement/prospectus, when available, to its stockholders and Dream’s stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, and any amendments thereto and any other documents filed with the SEC when they become available, carefully and in their entirety because they contain important information about Spring Valley, Dream and the Proposed Business Combination. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by Spring Valley through the website maintained by the SEC at http://www.sec.gov. No Offer or Solicitation This communication does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with the Proposed Business Combination among Dream and Spring Valley or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act. Participants in the Solicitation Spring Valley and Dream and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Business Combination. Information about the directors and executive officers of Spring Valley is in its final prospectus filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct interests, by security holdings or otherwise, will be set forth in the Registration Statement and other relevant materials to be filed with the SEC regarding the Proposed Business Combination. Stockholders, potential investors and other interested persons should read the Registration Statement carefully before making any voting or investment decisions. These documents, when available, can be obtained free of charge from the sources indicated above. Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation are unaudited and do not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the Registration Statement or any other document to be filed by Spring Valley with the SEC. Some of the financial information and data contained in this Presentation, such as earnings before income taxes, depreciation and amortization (“EBITDA”), have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Spring Valley and Dream believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Dream’s financial condition and results of operations. Dream’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. Spring Valley and Dream believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Dream’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. [Dream is not able to forecast net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP, and therefore has not provided a reconciliation for forward-looking EBITDA]. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Dream’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Dream's audited financial statements, which will be included in the Registration Statement. Trademarks and Intellectual Property All trademarks, service marks, and trade names of Dream or Spring Valley or their respective affiliates used herein are trademarks, service marks, or registered trade names of Dream or Spring Valley, respectively, as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use is not intended to, and does not imply, a relationship with Dream or Spring Valley, or an endorsement or sponsorship by or of Dream or Spring Valley. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Dream or Spring Valley will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. 3

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+ ~$850mm pro forma enterprise value 2.6x 2025E revenue and 10.4x 2025E EBITDA2 Attractive valuation versus other leading sustainable high-growth food peers $347mm in cash to fund operations and accelerate growth1 No additional equity capital requirements expected between now and achieving free cash flow 65.0% existing shareholder equity rollover 2.7% AeroFarms convertible notes holders 22.1% SPAC including founder shares 10.2% PIPE Investors Assumes no redemptions from Spring Valley Acquisition Corp.; includes cash to balance sheet from convertible note; assumes $40mm in transaction expenses Multiples based off pro forma implied enterprise value; 2025E Revenue $329.9mm and 2025E EBITDA $82.0mm4

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 Energy Group, Inc. while the company was beginning operations in a developing, but promising industry Grew revenues from ~$85mm in 2008 to ~$2.6bn in 2019 via organic growth and an aggressive acquisition strategy In 2002, four years before its IPO, NGP was an original investor in Energy Transfer, which grew from a small private company into one of the largest publicly traded midstream corporations after its IPO in 2006 through several acquisitions and organic growth projects Proprietary Network and Sourcing Capability Established Track Record of Building Publicly Traded Bellwethers Pearl Energy Investments (“Pearl”) is a Dallas, Texas-based investment firm with over $1.2bn of committed capital under management founded by Spring Valley chairman Billy Quinn Prior to founding Pearl, Mr. Quinn served as a Co-Managing Partner of Natural Gas Partners (“NGP”), a $20bn fund which created one of the first sustainability focused funds Pearl is rooted in energy and sustainability with 60+ years of combined experience The Spring Valley team has experience in scaling platforms that can be leveraged to create value for AeroFarms and its shareholders Source: Company filings, FactSet as of 5/14/2021 1 Pro forma for class A shares not directly listed in IPO5

 AeroFarms is bringing agriculture to new heights through technology and innovation 6

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 to be great farmers and solve broader problems in agriculture Serve communities by leading with brand and providing access to high-quality, consistent, and safe products Protect the environment for future generations, growing more while using less Inaugural Winners Serving the Community AeroFarms serves local communities through its for-profit small farms program, including a Newark charter school visited by former First Lady Michelle Obama and Jersey City, host of the first-in-the-nation municipal vertical farming program, with the World Economic Forum. Providing Second Chance Opportunities Since 2016 AeroFarms has been providing employment to those formerly incarcerated and was 1 of 5 companies recognized by the NJ Reentry Corporation for this work in 2020. Proud to be a B Corporation AeroFarms has been a B Corporation since 2017, certified by the nonprofit B Lab for meeting rigorous standards of social and environmental performance, accountability, and transparency. 7

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 fruits and vegetables and uses its understanding of plant biology to optimize farming systems. With over 250 invention disclosures, AeroFarms is constantly developing and improving its proprietary mechanical, operating, environmental and biological systems. The AeroFarms sensor network feeds a vast library of data, collected over 15 years of operations, allowing the company to understand plants at unprecedented levels and solve agriculture-related supply chain problems. AeroFarms partners with leading S&P 500 companies and government agencies, using its growing platform and experience to further provide solutions in agriculture. AeroFarms Has Been Recognized With Over 50 Awards Since 2011: Ranked #1Inaugural Winners 8

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 WEF YGL Circular Economy Taskforce 3 Team U.S. Gold Medal National Championships in Fencing and 2 Individual Silver Medals MBA from Columbia Business School Guy Blanchard Chief Financial Officer Mark Boyland General Counsel Roger Buelow Chief Technology Officer Gary Cohen Chief Revenue Officer MaryAlice Feinstein Chief People Officer Marc Oshima Chief Marketing Officer and Co-Founder Andreas Sokollek Chief Operating Officer Dane Almassy VP of Sales Stacy Kimmel, Ph.D. VP of R&D 9 BACKED BY A STRONG INVESTOR BASE 9

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 models. Model 1 Model 1 farm launches with first leafy greens sales Large-scale farming Builds world’s largest vertical farm in Newark (including automated components) and begins large-scale farming New Projects Achieves major KPIs at scale and announces new projects in Abu Dhabi and Jersey City Representative farm rollout map; more detail on Page 27 2004201320162019 2020 2021 and beyond Technology update Refines and optimizes technology for commercial use Improvements Improves grow towers and innovates in numerous ancillary equipment around the farm to reduce costs and improve major KPIs Representative rendering of AgX facility in Abu Dhabi; completed facility may be different Scale and Development Construct additional facilities around the world and introduce Model 5 and future generations of the farm model, expanding scale and improving farm-level unit economics 10 10

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, and reduce costs 03 04 05 11

 12 01 The AeroFarms Opportunity

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 ; 5 The Guardian: Pesticide residues found in 70% of produce sold in US even after washing; 6 USDA for Romaine and Leaf Lettuce; 7 Calculation is based on AeroFarms’ annual crop turns, levels of vertical growing and output per square foot versus values for a conventional field farm in a region like New Jersey with one crop turn per year13

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 QUALITY BETTER Most consistent product Somewhat consistent product Least consistent product LONG TERM COST STRUCTURE² BECOMING CHEAPER Declining costs Slightly declining costs Increasing costs 14 1 Calculation is based on AeroFarms’ annual crop turns, levels of vertical growing and output per square foot versus values for a conventional field farm in a region like New Jersey with one crop turn per year; ² Farmland Prices In The United States according to the USDA 14

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 fruits¹ 53% From 2019 to 2023, fresh produce is projected to grow 7% CAGR to be a $1.8 trillion industry1 Local produce market 58% of shoppers prefer to buy local produce4 From 2019 to 2023, leafy greens is projected to grow 7% CAGR to be a $103 billion industry2 93% of shoppers say they would buy more local food if it was available4 15 1 BMI 2019 retail food market data, excludes foodservice sales; 2 BMI 2019 leafy greens market data defined as leaf and stem vegetables; 3 2019 Technavio Global Berries Market; 4 CStoreDecisions Consumers Increasingly Value Local Food article 15

 16 02 Technology Platform

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 Higher quality Lower costs Operations at scale, with controlled standard operating procedures Tightly controlled environment Optimized plant genetics 17

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 technology Extensive library of 200+ standard operating procedures Automated nutrient delivery system Plant genetics, optimized for indoor plant growing Full automation across loading, unloading, seeding, growing, harvesting and packaging Digital controls, including: Integrated algorithm for every stage of grow cycle (including custom lighting) agSTACK software with integrated PLC and SCADA systems 18

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, data insights and machine learning CONTINUOUS IMPROVEMENT UNDERSTAND PLANT BIOLOGY AT UNPRECEDENTED LEVELS SAMPLE TECHNOLOGY PARTNERSHIPS 191919191919 Partnered to co-develop machine vision capabilities to monitor plant health analytics and detect growing anomalies 19

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 LEVELS Yield LIGHT FREQUENCY NUTRIENT / MICRONUTRIENT MIX Color 20 Shelf Life 20

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 and continually testing assumptions QUALITY Tight control of light, water, nutrients, oxygen, CO2 and temperature results in high-quality, flavorful plants CO S T AeroFarms has improved the grow cycle for baby leafy greens from 20 to 14 days1 AeroFarms economics are competitive, selling at parity today and headed lower for future potential product offerings T I ME 1 Harvest Yield increase calculated from January 2020 to December 2020 at the Rome Street Farm (current commercial facility), normalized to the production capacity of the Model 5, 48-grow tower farm design 21

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 scientists Computer programmers 62 active invention disclosures in the pipeline PATENTS 18 active patent families 13 granted (issued) patents 38 pending patent applications TRADE SECRETS 46 designated trade secrets 1 Snapshot as of January 2021 22

 23 03 Scaling the Leafy Greens Opportunity

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 AEROFARMS provides leafy greens with: Superior flavor and quality Production closer to the consumer New standard for food safety Consistency Year-round growing Democratized production Zero pesticides Strong unit economics Up to 95% less water The short leafy greens growth cycle allows for rapid experimentation and innovation, providing AeroFarms with data insights to enhance its technology platform and expand to other product areas 24

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 segment average2 AeroFarms product is currently in over 200 stores in the Northeast, including Whole Foods Market, where AeroFarms experienced over 500% growth from 2019 to 2020 AeroFarms locally grown produce wins on quality, flavor, taste and texture with products that are priced competitively with organic players and other local farmers Along with baby leafy greens, AeroFarms sells products in high growth segments, such as microgreens AeroFarms retired its Dream Greens brand and introduced a new unified AeroFarms brand in 2021 1 Nielsen W/E 12/5/20 latest 52 weeks (collection of 5 leading grocery retailers in New York Metropolitan Area), combined with Nielsen FY2020 latest 52 weeks (1 leading grocery retailer in the New York Metropolitan Area); 2 Net Promoter Score is a key indicator of customer satisfaction, measured through third-party testing conducted by Qualtrics 25

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.” David Chang, Celebrity Chef and Founder of the Momofuku restaurant group “I had the distinct pleasure of sampling AeroFarms product – right out of the growing trays, then took a bag of greens home. Not only was the flavor density stunning and delicious, but the large bag of greens lasted a week. It likely would have lasted longer, but I ate them all. What a remarkable and timely approach to leveraging urban assets for nutrient dense food production.” Michel Nischan, renowned chef / leader in the sustainable food movement and President/ CEO Wholesome Wave 26

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 SELECTION METHODOLOGY Prioritize locations for new farms considering: CUSTOMER: quality, expansion strategy MARKET DEPTH: population within 1 day drive COSTS: utilities, labor, construction, logistics SPEED TO BUILD: Permitting, ready utilities and infrastructure Texas Triangle Southern US Danville, VA Abu Dhabi, UAE INCENTIVES: Ability to attract incentives that reduce costs or create capital UNITED STATES2ARABIAN PENINSULA2 Note: shown on a different scale than the map of the U.S. AeroFarms also won a World Wildlife Fund RFP to partner in developing a potential future farm DEVELOPMENT TIMELINE ~3 – 4 months 4 – 5 months ~12 months Priority Market Selection Competitive multi-state RFI Comparative site analysis Site Selection Engineering and design Competitive bids Financial Closing / Start of Construction Construction of farm Equipment commissioning Start of Commercial Operations Incentive negotiations Permitting Hiring and training of personnel 1 Date represents financial closing / start of construction for each farm location; 2 Maps are illustrative; 300-mile target areas not to scale 27

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 operating costs with low energy rates and competitive, skilled workforce R&D partnership opportunities with nearby universities with engineering and environmental sciences programs including Virginia Tech, Duke, UNC Chapel Hill, and 2.5x market coverage¹ 50mm+ 1,000+ food retailers in the region <$0.06 Danville, VA Longwood University Ready to develop site with reliable infrastructure and excellent access to utilities people within 1 day’s drive2 kWh energy costs PROJECT TIMELINE APRIL 2021 Q2 2022 ~12 months Priority Market Selection Site Selection Financial Closing / Start of Construction Start of Commercial Operations 1 4.0 million lbs (based on 77.5 clamshells per store per week) / 1.5 million lbs produced; 2 Defined as a 500 mile radius; Statista 2019 Population of US MSAs 28

 29 04 Growing Beyond Leafy Greens

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 berries and other traditionally seasonal produce year-round Work to Date Includes: Have grown thousands of berry plants in R&D facilities since 2017 Growing capabilities yield strawberries that consistently exceed industry averages for sweetness Broader market opportunity: $471bn2 Using plants as bioreactors to produce proteins and inputs for other applications Work to Date Includes: Actively participating in a National Institutes of Health (NIH) sponsored trial Growing an Active Pharmaceutical Ingredient (API) for COVID-19 (or other SARS) therapeutic trial Broader market opportunity: $56bn3 Using fully-controlled platform for speed breeding and genetic development Work to Date Includes: Founding Member of the Precision Indoor Plants (PIP) Consortium and Principal Investigator for first and largest project (lettuce) Co-developed first ever CRISPR-Cas9 produce product Broader market opportunity: $10bn4 Potentially selling components of technology platform, including lighting and agSTACK system Work to Date Includes: Co-developed standalone machine vision capabilities with Nokia Bell Labs Co-developed a horticulture luminaire Developing proprietary automated nutrient delivery and agSTACK systems 30 1 BMI 2019 retail food market data, excludes foodservice sales; Produce is defined as fresh produce minus leaf and stem vegetables; 2 Technavio 2020; 3 2019 Mordor Global Seed Market - Growth, Trends, and Forecast; 4 2020 Markets and Markets – Hydroponics Market Global Forecast

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 date, each with a unique size, shape and flavor profile AeroFarms has a co-development agreement to create high-performing berry products with a strategic partner Harvesting berries since 2017 Grown over 6,300 berry plants to date Consistently achieving Brix1 of 11 ~1.5x higher than the industry average of 6-8 1 Measure of soluble sugar content 31

 32 05 Financial Projections

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 of time vs. our long-term plan. 100% 90% 80% Baby Leafy Greens 97%97% 92% Data represents average of every individual grow unit harvested during the period; commonly, “champion” yields can exceed 125%+ of long-term target 100% 90% 80% 89% Microgreens 96% 103% Last 12 Mo. Avg.Last 6 Mo. Avg.Last 3 Mo. Avg. Last 12 Mo. Avg.Last 6 Mo. Avg.Last 3 Mo. Avg. PRICE PER LB. SOLD Baby Leafy GreensMicrogreens Price per pound2 measures our ability to sell leafy greens product at target price points that support our long-term plan. OVERALL OPERATING 110% 100% 90% 80% 101%103%102% Last 12 Mo. Avg.Last 6 Mo. Avg.Last 3 Mo. Avg. Selling price consistently has achieved targets; our long-term plan is built on being price takers in established distribution channels, though we sell what we believe to be premium product 110% 100% 90% 80% 110%111%112% Last 12 Mo. Avg.Last 6 Mo. Avg.Last 3 Mo. Avg. EFFICIENCY Overall Operating Efficiency (OOE) measures two factors versus our long-term plan: utilization (are we operating our farms at targeted production capacity) and realization (are we selling what we grow [at target selling price]) 100% 90% 80% Farm Level (Baby Leafy Greens and Microgreens) Last 12 Mo. Avg.Last 6 Mo. Avg.Last 3 Mo. Avg. 100% of OOE target is expected to be achieved at future full-scale farms 1 100% represents Model 5 Farm Design (technology deployable in 2021); historical monthly data is presented through December 2020; 2 Price per lb. is the price achieved within each channel applied to the projected channel mix of the Model 5 farm 33 – we are achieving our target selling price within each channel, which is the key driver of future farm performance

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 performance gains described below: 1 Represents 48-grow tower farm economics for each Model 5/6/7. Business plan includes farms of 48 grow towers and large farms of 144 grow towers, sequenced in a rollout of Model 5 farms (financial close beginning March 2021), Model 6 farms (March 2022), and Model 7 farms (September 2023). Models 6 farm reflects modest performance improvements (10%) in the following areas, relative to Model 5: revenue, COGS excl. rent and depreciation, capex incl. tenant improvements; the Model 7 farm represents a further 10% improvement vs. Model 6, at farm stabilization 2Assumes illustrative SG&A allocation to support farm operations; the AeroFarms projections on the following slide carry this SG&A allocation and additional corporate SG&A 3 Projected 20-year unlevered IRR of the farm Source: Management 34

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$163 2025 2026 Run Rate 20212022 20232024 2025 2026 Run Rate 31% 24% NM % growth226% 305%201% 102% 67% NM 73 1 1467 2021202220232024 % growth of towers 300% 125% 78% GROSS PROFIT ($mm) EBITDA ($mm) $(2)$(3) $11$57$137 $264 $423 $(39)$(47)$(49)$(4) $82 $193 $332 202120222023202420252026Run Rate 202120222023202420252026Run Rate % marginNM NM19%35%42%48% 51% % marginNM NMNMNM25% 35%40% 1 Farms that are under construction or operating 35

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 AeroFarms convertible notes 2.7% SVAC IPO shares 18.7% 65.0% Pro Forma Shares Outstanding1 123.1 Post-Money Equity Value $1,231 (-) Net Cash 375 Pro Forma Implied Enterprise Value (Post-Money) $856 10.2% Sponsor shares 3.5% Existing AeroFarms shareholders Note: Assumes no redemptions from Spring Valley Acquisition Corp.; assumes new shares issued at a price of $10.00 1 Comprised of 80.0mm shares owned by existing Aerofarms shareholders, 12.5mm PIPE shares, 23.0mm SVAC shares outstanding, 4.25mm SPAC sponsor shares and 3.3 shares owned by Aerofarms convertible notes holders; 2 Excludes impact of (i) 11.5mm Spring Valley Acquisition Corp. warrants and 8.9mm founder warrants struck at $11.50, which are not subject to vesting; (ii) SPAC Sponsor Shares which are subject to vesting are as follows: 250,000 shares will be subject to vesting based on a $12/share price target; 250,000 founder shares will be subject to vesting based on a $14/share price target; 500,000 founder shares will be subject to vesting based on a $15/share price target; 500,000 founder shares will be subject to vesting based on a $20/share price target; and (iii) New EIP which will dilute all of the above accordingly 36

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-growth Food) FV / CY2022E (CY+1) EBITDA (High-growth food & beverages) 10.4x 4.4x 23.5x 27.7x 7.7x 22.4x 43.0x35.2x46.4x Monster BeverageFevertree DrinksTattooed ChefVital Farms Corporation 20252026 202520252025 Source: FactSet and company filings as of May 14, 2021 Note: Companies sorted from high to low based on firm value; 1 Financials converted to USD, USD / GBP conversion rate of 1.409 as of May 14, 2021 37

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 brand that is winning at retail and with potential development partners A substantial pipeline of farm projects and a Total Addressable Market of $1.8T represents an enormous opportunity for expansion AeroFarms has increasingly attractive unit economics across multiple new farm models 38

 THANK YOU 39