Current castor seed production is expected
to support the supply of the new order in 2024, valued at ~
$440K
REHOVOT, Israel, June 25,
2024 /PRNewswire/ -- Casterra Ag Ltd.,
a subsidiary of Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), is a
provider of an integrated solution for industrial-scale cultivation
of castor plants based on its elite castor seed varieties,
developed for bio-based industries including, biofuels &
biopolymers. Casterra is pleased to announce the receipt of an
additional purchase order valued at ~$440K from an existing customer. This order
expands Casterra's operations into a new African country and
solidifies Casterra's unique offering in the bio-fuel market.
Mr. Yoash Zohar, CEO of Casterra states: "This additional order
reflects the confidence in Casterra's capabilities and in our
castor seed varieties, developed utilizing Evogene's GeneRator
AI tech-engine and Casterra's advanced breeding methods,
and marks a significant step in our expansion into Africa. We expect that our previously
announced seed production, now totaling 900 tons, will more than
support this order, which is expected to be completed by Q4 2024,
as well as earlier purchase orders received last year. Casterra
remains committed to being a world leader in castor seed
development and production and promoting sustainable biofuel
production globally."
Casterra anticipates that the remaining revenue from castor seed
orders received during 2023 and in 2024, which were not supplied to
date (including the order described in today's PR), will be
approximately ~$8.4 million,
reflecting a price adjustment due to late delivery of the order
from 2023. Based on the planned production this year, Casterra
expects to recognize revenues in this amount in the second half of
2024.
The global biodiesel market size was estimated at $36.48 billion
in 2022 and it is expected to hit around $79.12 billion by 2032,
expanding at a notable CAGR of 8.1% from 2023 to
2032[1]. Biofuels offer significant advantages over
conventional petrochemical fuels, presenting a renewable and
biodegradable alternative with substantially lower negative
environmental impact. Castor oil emerges as a standout
non-fossil oil candidate due to its carbon-neutral and other
properties making it compliant with tightening European regulatory
standards.
Casterra's high oil-yielding varieties have been developed with
traits which make the castor plants grown suitable for large scale
farming on marginal soils in semi-arid conditions. Castor plants
and the castor oil produced have the potential of becoming a major
sustainable feedstock for the global bio-fuel industry – without
competing with food crops over prime land.
[1]
https://www.precedenceresearch.com/biodiesel-market
About Casterra AG Ltd.:
Casterra, a wholly owned subsidiary of Evogene, is an integrated
solutions company for growing castor plants, based on its elite
castor seed varieties, for bio-based industrial applications, such
as biofuels & biopolymers. It has built its castor genetic
assets based on a broad collection of over 300 castor lines from 40
different geographic and climatic regions. As part of its
development process, Casterra applies advanced breeding methods
utilizing Evogene's GeneRator AI tech-engine, enabling cutting-edge
plant genomics tools and agro-technique expertise to enable
efficient and sustainable industrial-scale production of the castor
bean.
For more information, please visit
http://www.casterra.co
About Evogene Ltd.:
Evogene (NASDAQ: EVGN, TASE: EVGN) is a computational biology
company aiming to revolutionize the development of
life-science-based products by utilizing cutting-edge technologies
to increase the probability of success while reducing development
time and cost. Evogene established three unique tech-engines –
MicroBoost AI, ChemPass AI, and GeneRator AI –
leveraging 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
currently utilize the tech-engines to develop novel life science
products including human microbiome-based therapeutics by Biomica,
ag-biologicals by Lavie Bio,
ag-chemicals by AgPlenus, and castor seed varieties, for the
biofuel and other industries, by Casterra.
For more information, please visit www.evogene.com
Forward Looking Statements
This press release contains "forward-looking statements"
relating to future events. These statements may be identified by
words such as "may", "could", "expects", "hopes" "intends",
"anticipates", "plans", "believes", "scheduled", "estimates",
"demonstrates" or words of similar meaning. For example, Evogene
and its subsidiaries are using forward-looking statement in this
press release when it discusses Casterra's ability to supply this
purchase order and that its previously announced seed production
will support this order as well as earlier 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 which are
difficult to predict and are not guarantees of future performance.
Therefore, actual future results, performance or achievements 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 Israel, Hamas and
Hezbollah and any worsening of the situation in Israel such as further mobilizations or
escalation in the northern border of Israel, and those risk
factors contained in Evogene's reports filed with the applicable
securities authority. In addition, Evogene and its subsidiaries
rely, and expect to continue to rely, on third parties to conduct
certain activities, such as their field-trials and pre-clinical
studies, and if these third parties do not successfully carry out
their contractual duties, comply with regulatory requirements or
meet expected deadlines, Evogene and its subsidiaries may
experience significant delays in the conduct of their activities.
Evogene and its subsidiaries disclaim any obligation or commitment
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
rachel.pomerantz@evogene.com
Tel: +972-8-9311901
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SOURCE Casterra Ag Ltd.