Evogene Ltd. EVGN said its unit Casterra Ag Ltd. has bagged additional purchase orders worth $2.2 million to supply castor seeds for new African territories for biofuel production.
Casterra's castor seeds, developed with Evogene's GeneRator AI Tech Engine, will be used to grow Castor to produce oil for sustainable biofuel.
On June 21, the company signed a framework agreement to sell seeds of its proprietary castor varieties to one of the world's leading oil and gas companies for cultivation in specific African territories. Initial purchase orders of the deal were valued at $9.1 million.
"As we eagerly hope to secure more orders in the future, this accomplishment reinforces our ongoing commitment to delivering exceptional, eco-friendly solutions to meet the ever-growing global demand for renewable energy," said Eyal Ronen, Chief Executive Officer of Casterra.
Casterra's castor seed varieties are optimized for biofuel production to support the growing sustainable energy market.
Evogene will likely leverage the lucrative prospects of the biodiesel market, estimated at ~$92 billion in 2021, and will reach ~$190 billion by 2030.
The company added that by incorporating advanced computational AI capabilities and proprietary plant genomic databases, Casterra is now a trusted and reliable supplier in this growing market.
Price Action: EVGN shares are trading higher by 9.35% to $1.17 on the last check Monday.
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