Investors

Boston, November 23, 2021—GreenLight Biosciences Inc., an RNA-focused biotech (“GreenLight”), and Environmental Impact Acquisition Corp. (Nasdaq: ENVI) today announced an expansion of its PIPE financing to an aggregate $124.25 million in gross proceeds. The expanded financing includes a $10 million strategic investment from Serum Life Sciences Ltd (“Serum Life Sciences”), a subsidiary of Serum Institute of India Pvt. Ltd. (the “Serum Institute”).

The world’s largest vaccine manufacturer by volume, the Serum Institute sells more than 1.5 billion doses to over 160 countries; this includes national immunization programs and vaccines addressing polio, diphtheria, tetanus, pertussis, Hib, BCG, r-Hepatitis B, measles, mumps, and rubella.

Natasha Poonawalla, the chairperson of Serum Life Sciences, said: “Serum Life Sciences is delighted to invest in the future of GreenLight Biosciences, with the objective of accelerating the development and distribution of RNA vaccines.”

Serum Institute was founded in 1966 by Dr. Cyrus Poonawalla with the aim of manufacturing life-saving immuno-biologicals, which were in shortage in the country and imported at high prices. That mission continues today.

Both Serum Life Sciences and GreenLight share a commitment to making healthcare affordable and accessible.

“We are delighted to align with Serum Life Sciences through this investment in our future as a public company,” said GreenLight CEO Andrey Zarur. “The Serum Institute has a long history of delivering vaccines at scale and is playing a pivotal role in the global fight against COVID-19.”

GreenLight’s vision is to develop high-quality, cost-effective solutions that can be widely deployed, including to low- and middle-income countries.

The investment is being made under the same material terms as the $105 million common stock PIPE investment that ENVI and GreenLight announced in August 2021 as part of their proposed business combination. Serum Life Sciences Ltd will acquire shares of the publicly traded company contemporaneously with the closing of the business combination at the same price of $10 per share as existing PIPE investors.

Environmental Impact Acquisition Corp. has $207 million held in trust in addition to the PIPE financing. With the addition of Serum Life Sciences, Fall Line Capital and Viceroy Capital, the PIPE investors include, S2G Ventures, Cormorant Asset Management, Morningside Venture Investments, Hudson Bay Capital, BNP Paribas Ecosystem Restoration Fund, The Jeremy and Hannelore Grantham Environmental Trust, Continental Grain Company, Pura Vida Investments LLC, Xeraya Capital, and MLS Fund II/Spruce.

Environmental Impact Acquisition Corp., a publicly traded special purpose acquisition company, has agreed to a business combination with GreenLight Biosciences, a Boston-based biotechnology company dedicated to making ribonucleic acid (RNA) products affordable and accessible for human health and agriculture.

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About GreenLight

Founded in 2008, GreenLight aims to address some of the world’s biggest problems by delivering on the full potential of RNA for human health and agriculture.

In human health, this includes mRNA vaccines and therapeutics. In agriculture, this includes RNA  to protect honeybees and a range of crops. The company’s breakthrough cell-free RNA manufacturing platform, which is protected by numerous patents, allows for cost-effective production of RNA. GreenLight’s human health product candidates are in the pre-clinical stage, and its product candidates for the agriculture market are in the early stages of development or regulatory review. For more information, visit https://www.greenlightbiosciences.com/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws with respect to the business of GreenLight and its proposed transaction with ENVI, including statements regarding the anticipated benefits of the transaction, the future business of GreenLight, the PIPE transaction and PIPE investment by Serum Life Sciences Ltd., the market opportunities for and uses of GreenLight’s product candidates and the potential for regulatory approval for GreenLight’s product candidates, timing of clinical trials, and the timing of commercial launch of product candidates. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of ENVI’s securities; the failure to satisfy the conditions to the consummation of the transaction, including the approval of the business combination agreement by the stockholders of ENVI, the satisfaction of the minimum cash amount held by ENVI following any redemptions by its public stockholders; potential changes to the proposed structure of the business combination that may be required or appropriate to achieve the intended tax treatment or to satisfy other legal or regulatory requirements; the potential inability to complete the PIPE transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the potential inability to maintain the listing of ENVI’s securities with the Nasdaq Stock Market, Inc.; the outcome of any legal proceedings that may be instituted against GreenLight or ENVI related to the business combination agreement or the proposed transaction; unanticipated costs related to the transaction and the potential failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; potential exercise of appraisal rights by some GreenLight stockholders, which may reduce available cash; the effect of the announcement or pendency of the transaction on GreenLight’s business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of GreenLight; the need to obtain regulatory approval for GreenLight’s product candidates; the risk that clinical trials will not demonstrate that GreenLight’s therapeutic product candidates are safe and effective; the risk that GreenLight’s product candidates will have adverse side effects or other unintended consequences, which could impair their marketability; the risk that GreenLight’s product candidates do not satisfy other legal and regulatory requirements for marketability in one or more jurisdictions; the risks of enhanced regulatory scrutiny of mRNA solutions; the risk of significant delays in research, development and testing, pre-clinical studies and clinical trials, and regulatory approval; the potential inability to achieve GreenLight’s goals regarding scalability and affordability of its product candidates; the anticipated need for additional capital to achieve GreenLight’s business goals, including the risk that GreenLight would require additional capital if its future partnerships obligate GreenLight to cover its own Phase II or Phase III clinical trial costs; changes in the industries in which GreenLight operates; changes in laws and regulations affecting the business of GreenLight; and the potential inability to implement or achieve business plans, forecasts, and other expectations after the completion of the proposed transaction. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4, as amended, discussed below and other documents filed by ENVI from time to time with the U.S. Securities and Exchange Commission (the “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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ENVI and GreenLight assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Neither ENVI nor GreenLight gives any assurance that GreenLight or ENVI, or the combined company, will achieve any result described in any forward-looking statement.

Important Information and Where to Find It

This press release may be deemed to relate to a proposed transaction between GreenLight Biosciences, Inc. and Environmental Impact Acquisition Corp. This press release does not constitute either (a) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination or (b) an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

ENVI has filed an amended registration statement on Form S-4with the SEC, which includes a document that serves as a preliminary prospectus and proxy statement of ENVI, referred to as a proxy statement/prospectus. The final proxy statement/prospectus will be sent to all ENVI stockholders after the registration statement is declared effective by the SEC. ENVI has also filed and will file other documents regarding the proposed transaction with the SEC. This press release does not contain all of the information that will be contained in the final proxy statement/prospectus or other documents filed with the SEC. Before making any voting decision, investors and security holders of ENVI are urged to read the registration statement, the final proxy statement/ prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the final proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by ENVI through the website maintained by the SEC at www.sec.gov or by sending a written request to ENVI at: [email protected].

Participants in the Solicitation

ENVI, GreenLight and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from ENVI’s stockholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be contained in the final proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

Contact:

Thomas Crampton

SVP & Head of Corporate Affairs

GreenLight Biosciences

[email protected]

+1 914 202 2762

GreenLight Biosciences is delighted to announce the appointment of Professor Diane E. Griffin, MD, PhD, and Emmanuel Hanon, DVM, PhD, to its Human Health Scientific Advisory Board.

At Johns Hopkins University, Diane Griffin is the Distinguished Service Professor, a professor of Medicine and Neurology at the School of Medicine, and the W. Harry Feinstone professor at the Department of Molecular Microbiology and Immunology at the Bloomberg School of Public Health. She has also been vice president of the U.S. National Academy of Sciences since 2013. Professor Griffin brings the experience of a distinguished career to facilitate the R&D work of GreenLight, especially her focus on pathogenesis of acute RNA virus infections and the role of the immune response in virus clearance, protection from infection, and mechanisms of vaccine-induced protection.

Emmanuel Hanon’s 20-year career at GlaxoSmithKline included 7 years as the GSK Vaccines’ senior vice president and head of R&D. As a virologist and immunologist, he made critical contributions to next-generation adjuvants and their inclusion in successful vaccines for pandemic influenza, malaria, and shingles. He currently serves as head of R&D for Viome, a precision medicine company focusing on chronic disorders. Dr. Hanon’s experience in vaccinology and product development will be critical in helping GreenLight accelerate its development programs.

Amin Khan, GreenLight’s Human Health chief scientific officer, said: “GreenLight aims to solve some of the world’s biggest problems by delivering on the full potential of RNA, including producing vaccines and gene therapies. We’re delighted that Diane and Emmanuel have joined our Scientific Advisory Board. Their expertise in virology, immunology, public health, and product development will help us accelerate our progress.”

About GreenLight Biosciences, Inc.
Founded in 2008, GreenLight’s aims to solve some of the world’s biggest problems by delivering on the full potential of RNA for human health and agriculture.

In human health, this includes mRNA vaccines and therapeutics. In agriculture, this includes RNA to protect honeybees and a range of crops. The company’s breakthrough cell-free RNA manufacturing platform, which is protected by numerous patents, allows for cost-effective and scalable production of RNA. For more information, visit https://www.greenlightbiosciences.com/

7 agricultural products in development with an addressable market of $6bn that we plan to launch by 2026.

Control of fungal pathogens using double-stranded RNA has been demonstrated in field testing for the first time. This addresses the number one cause of food rotting.

Varroa mite: Higher brood and health scores compared to chemical controls.

Promising antibody response and cell-mediated immunity for GreenLight Covid-19 vaccine candidates in mice. Data indicates feasibility of initiating clinical trial in Africa for COVID-19 vaccine candidate.

Gene therapy: Bill & Melinda Gates Foundation milestone achieved. Moving to next phase of research.

BOSTON, MASS: Today GreenLight Biosciences (ENVI) will hold Science Day to update investors on the company’s progress towards solving some of the world’s largest and most difficult problems by delivering on the full potential of RNA.

“Today we will show important results for the use of RNA across our pipeline of human, plant and animal health applications,” said Andrey Zarur, GreenLight co-founder and CEO. “Core to these developments is our success in developing our platform for design, development and production of unprecedented new applications for RNA.”

Human health results

Covid-19 vaccine: Promising antibody response and cell-mediated immunity for GreenLight Covid-19 vaccine candidates in mice. GreenLight candidates induced humoral responses exceeding WHO standard. GreenLight candidates induced Th1-biased cell mediated immune responses. Promising disease protection results for GreenLight Covid-19 vaccine candidates in hamsters. All tested doses protected against morbidity. GreenLight plans to start Phase I clinical trial in Africa in Q1 2022.

Gene therapy: Tools have been created by GreenLight RNA-encoded instructions, with evidence of transgene expression. Bill & Melinda Gates Foundation milestone achieved allowing for next phase of grant work.

Plant and animal health progress

Grape Powdery Mildew: Lab results translates to field level control consistent with commercial standards.

Botrytis: GreenLight sequences, without enhancement from formulation, demonstrate Botrytis control in strawberries field trials. Trials at two sites show reduction in disease severity compared to untreated check. Application of naked dsRNA to whole tomato plants in greenhouse cuts disease severity. Sequence, without enhancement from formulation, reduces severity by 46-59% compared to untreated control.

Fusarium: First sequences show promise with direct application to fusarium. 25% to 40% reduction of in vitro fusarium, relative to untreated control. Application to infected wheat seedlings shows 25% to 50% reduction of vomitoxin (DON) and fusarium, relative to untreated control.

Pollen beetle: First sequences drive statistically significant pollen beetle mortality. Lab study shows 20% to 80% pollen beetle mortality in vitro. Sequences show promise with application on oilseed rape plants, with 40% pollen beetle mortality in vivo relative to untreated control.

Two spotted spider mite: First sequences drive statistically significant mortality rates of two spotted spider mite. Lab study shows adult females survival near zero in vitro within ten days of application to leaf disc.

Diamondback moth & other lepidoptera. To date, ingested dsRNA has not been viable for control of Diamondback moth and Fall armyworm. A delivery technology under evaluation increases the impact of dsRNA sequences. Our approach enables a 50% increase in diamondback moth mortality and 90% lower weight in fall armyworm larvae, compared to naked dsRNA.

Bee health: Key part of acquired IP portfolio translated into positive field trial results in less than 8 months. 40% fewer Varroa destructor mites at 12 weeks in hives with GreenLight fields tests compared with the leading chemical control product. Strong efficacy compared to a leading chemical control. Treatments improved bee brood and hive health compared to chemical controls.

For full results and context please refer to the Science Day for investors presentation on our Investors page.

Notes to editors

Markets addressed by today’s updates:

Area+Indicative addressable market

Fusarium: $950m

Pollen beetle $185m

Two-spotted spider mite $1,100m

Diamondback moth $890m

Powdery mildew $1,400m

Varroa mite $290m

About GreenLight

Founded in 2008, GreenLight aims to solve some of the world’s biggest problems by delivering on the full potential of RNA for human health and agriculture.

In human health, this includes mRNA vaccines and therapeutics. In agriculture, this includes RNA to protect honeybees and a range of crops. The company’s breakthrough cell-free RNA manufacturing platform, which is protected by numerous patents, allows for cost-effective and scalable production of RNA. For more information, visit https://www.greenlightbiosciences.com/

In August 2021, GreenLight Biosciences announced plans to become publicly listed through a business combination with Environmental Impact Acquisition Corp. (Nasdaq:ENVI).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws with respect to the business of GreenLight Biosciences, Inc. and its proposed transaction with Environmental Impact Acquisition Corp. (“ENVI”), including statements regarding the anticipated benefits and uses of GreenLight’s product candidates, the market opportunities for GreenLight’s product candidates, timing of clinical trials, and the timing of commercial launch of product candidates, and the anticipated business combination with ENVI. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from these forward-looking statements, including but not limited to: the need to obtain regulatory approval for GreenLight’s product candidates; the risk that clinical trials will not demonstrate that GreenLight’s therapeutic product candidates are safe and effective; the risk that GreenLight’s product candidates will have adverse side effects or other unintended consequences, which could impair their marketability; the risk that GreenLight’s product candidates do not satisfy other legal and regulatory requirements for marketability in one or more jurisdictions; the risks of enhanced regulatory scrutiny of mRNA solutions; the risk of significant delays in research, development, testing, clinical trials and regulatory approval; the potential inability to achieve GreenLight’s goals regarding scalability and affordability of its product candidates; the anticipated need for additional capital to achieve GreenLight’s business goals; changes in the industries in which GreenLight operates; changes in laws and regulations affecting the business of GreenLight; the risk that the proposed business combination with ENVI may not be completed in a timely manner or at all, which may adversely affect the price of ENVI’s securities; the failure to satisfy conditions to the consummation of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; risks that the proposed transaction disrupts current plans and operations of GreenLight; and the potential inability to implement or achieve business plans, forecasts, and other expectations after the completion of the proposed transaction. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 discussed below and other documents filed by ENVI from time to time with the 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ENVI and GreenLight assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Neither ENVI nor GreenLight gives any assurance that GreenLight or ENVI, or the combined company, will achieve any result described in any forward-looking statement.

Important Information and Where to Find It

This press release may be deemed to relate to a proposed transaction between GreenLight Biosciences, Inc. and Environmental Impact Acquisition Corp. This press release does not constitute either (a) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination or (b) an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

ENVI has filed a registration statement on Form S-4 with the SEC, which includes a document that serves as a preliminary prospectus and proxy statement of ENVI, referred to as a proxy statement/prospectus. The final proxy statement/prospectus will be sent to all ENVI shareholders after the registration statement is declared effective by the SEC. ENVI also will file other documents regarding the proposed transaction with the SEC. This press release does not contain all of the information that will be contained in the final proxy statement/prospectus or other documents filed with the SEC. Before making any voting decision, investors and security holders of ENVI are urged to read the registration statement, the final proxy statement/ prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the final proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by ENVI through the website maintained by the SEC at www.sec.gov or by sending a written request to ENVI at: [email protected].

Participants in the Solicitation

ENVI, GreenLight and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from ENVI’s shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be contained in the final proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

Contact:

Thomas Crampton

SVP & Head of Corporate Affairs

GreenLight Biosciences

[email protected]

+1 914 202 2762

+44 7826 995794