Evogene subsidiary nabs $9.1m deal for supply of castor seeds for biofuel production
Casterra signs agreement with top 10 oil and gas company to sell its high-yielding castor bean seeds to be cultivated in Africa
Israel’s Casterra, a subsidiary of computational plant genomics firm Evogene, has secured a deal worth $9.1 million to sell its high-yielding proprietary castor seeds to one of the world’s top 10 leading oil and gas companies for sustainable biofuel production.
As part of the framework agreement signed with the unnamed oil and gas company, Casterra said it received an initial purchase order valued at an aggregate $9.1 million for the supply of a few hundred metric tons of its high-oil producing castor seeds, which are expected to be delivered during 2023 for cultivation in Africa. The genomically modified oil-rich seeds are used as a feedstock for the production of biofuel or biodiesel.
Biodiesel is based on a mix of about 93%-95% of fossil oil and 5%-7% of non-fossil oil derived from plants such as castor. In recent years, castor oil is also being used in other areas and applications such as lubricants, cosmetics, pharma, electronics, and aerospace.
