Mr. Yoash Zohar, CEO of Castterra states: “This additional order reflects the confidence in the capabilities of Castterra and in our castor seed varieties, developed with Evogene’s Generator AI tech engine and Castterra’s advanced breeding methods, and marks an important step in our expansion into Africa. We expect our previously announced seed production, now totaling 900 tonnes, to more than support this order, which is expected to be completed by Q4 2024, as well as previous purchase orders received last year. Casterra remains committed to being a world leader in castor seed development and production and promoting sustainable biofuel production worldwide.
Castterra expects that the remaining revenue from castor seed orders received in 2023 and in 2024, which have not been delivered to date (including the order described in the current PR), will be approx. ~$8.4 millionreflect a price adjustment due to late delivery of the 2023 order. Based on this year’s planned production, Castterra expects to recognize revenue in this amount in the second half of 2024.
The global size of the biodiesel market was estimated at $36.48 billion in 2022 and it is expected to reach $79.12 billion by 2032, expanding at a remarkable CAGR of 8.1% from 2023 to 2032(1). Biofuels offer significant advantages over conventional petrochemical fuels, presenting a sustainable and biodegradable alternative with substantially lower negative environmental impact. Castor oil emerges as a striking non-fossil oil candidate because of its carbon-neutral and other properties that make it compliant with tightening European regulatory standards.
Castarra’s high oil-yielding varieties have been developed with characteristics that make the castor plants suitable for large-scale agriculture on marginal soils in semi-arid conditions. Castor plants and the castor oil produced have the potential to become an important sustainable feedstock for the global biofuels industry – without competing with food crops on prime land.
(1) https://www.precedenceresearch.com/biodiesel-market
Information about the company Castera AG Ltd.
Casterra, a wholly owned subsidiary of Evogene, is an integrated solutions company for breeding castor bean plants, based on its elite castor seed varieties, for bio-based industrial applications, such as biofuels and biopolymers. It has built its castor genetic assets on the basis of a wide collection of more than 300 castor lines from 40 different geographical and climatic regions. As part of its development process, Castterra applies advanced breeding methods using Evogene’s Generator AI tech engine, which enables advanced plant genomics tools and agricultural expertise to enable efficient and sustainable industrial-scale production of the castor bean.
For more information you can visit http://www.castera.co
About Evogene Ltd.:
Evogene (NASDAQ: EVGN, TASE: EVGN) is a computational biology company that aims to revolutionize the development of life science products by using modern technologies to increase the likelihood of success while reducing development time and costs. Evogene founded three unique tech engines – MicroBoost AI, ChemPass AI, and Generator AI – harnessing Big Data and Artificial Intelligence and incorporating deep multidisciplinary understanding in life sciences. Each tech engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (Generator AI).
Evogene uses its tech engines to develop products through subsidiaries and strategic partnerships. Evogene’s subsidiaries are currently using the tech engines to develop new life science products, including human microbiome-based therapeutics through Biomica, ag-biologicals through Lavie Bioag-chemicals by AgPlenus, and castor seed varieties, for the biofuel and other industries, by Castterra.
For more information you can visit www.evogene.com
Forward Looking Statements
This press release contains “forward-looking statements” regarding future events. These statements can be identified by words such as “may,” “could,” “expects,” “hopes,” “intends,” “expect,” “plans,” “believes,” “planned,” “estimates,” “demonstrated ” ” or words of similar meaning. For example, Evogene and its subsidiaries use forward-looking statements in this press release when discussing Castterra’s ability to deliver this purchase order and that its previously announced seed production will support this order, as well as previous purchase orders received last year . Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties that are difficult to predict and are not guarantees of future performance, performance or performance of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, the current war between IsraelHamas and Hezbollah and any deterioration of the situation in Israel such as further mobilizations or escalation in the northern border of Israel, and those risk factors contained in the reports of Evogene filed with the relevant securities authority. In addition, Evogene and its subsidiaries rely on, and expect to continue to rely on, third parties to carry out certain activities, such as their field trials and pre-clinical studies, and if these third parties do not successfully perform their contractual obligations, comply with regulatory requirements or comply with expected deadlines, Evogene and its subsidiaries may experience significant delays in carrying out their activities. Evogene and its subsidiaries disclaim any obligation or promise to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.
Evogene IR Contact:
Rachel Pomerantz Gerber
Head of Investor Relations at Evogene
(email protected)
Phone: +972-8-9311901
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Source Casterra Ag Ltd.