Yield10 Bioscience Completes Harvest of a Majority of the 2023 Winter and Spring Camelina Grain Grown Under Contract, Generating Revenue from Biofuel Production
03 Oktober 2023 - 2:31PM
Yield10 Bioscience, Inc. (Nasdaq:YTEN) (“Yield10” or the
“Company”), an agricultural bioscience company, today announced
that the harvest of a majority of the winter and spring Camelina
sativa ("Camelina”) grain produced under grower contracts in
2022/2023 has been completed. This harvest marks the establishment
of the Company’s “Camelina Seed Genetics to Biofuel” platform, as
the Camelina grain is being delivered to an offtake partner that
has crushed the grain and refined the oil into biofuel. As a
result, Yield10 has begun generating revenue from Camelina grain
delivery for the production of feedstock oil for sustainable
transportation fuels. Yield10 expects the revenue stream from sales
of Camelina grain to be a key contributor to the Company’s
financial profile in the coming years.
“We are extremely pleased to achieve this milestone of
generating revenue by commercializing our ‘Camelina Seed Genetics
to Biofuel’ platform,” said Oliver Peoples, Ph.D. President and
Chief Executive Officer of Yield10 Bioscience. “This was achieved
through the commitment and dedication of the Yield10 team working
closely with growers as partners. As we have transitioned to the
commercialization of Camelina, we can now turn our focus to
building the technology foundation to accelerate grower adoption of
Camelina for the biofuels market. We believe that our herbicide
tolerant Camelina varieties, currently progressing through
development, regulatory review and scale-up, will play a vital role
in our strategy to grow acreage substantially over time. We remain
focused on meeting our future commercialization goals and plan to
continue revenue generation and ultimately to fully realize our
vision for Yield10.”
One of Yield10’s primary goals for 2023 was to demonstrate the
commercial aspects of its value chain, which provides proprietary
Camelina seed genetics, includes the signing of grower contracts,
and facilitates timely grain offtake for the crushing and refining
of Camelina grain into biofuel. This milestone demonstrates the
Company’s capabilities to engage growers, build strong commercial
relationships, execute logistics, and ultimately drive revenue
generation. Most importantly, it provides the framework for
scaling-up Camelina acreage over time to position Camelina as
potentially a major source of low-carbon index feedstock oil for
the biofuel industry. Yield10 continues to engage with market
participants to secure additional partnerships in the biofuel
space.
Yield10 engaged with growers in fall 2022 to plant winter
Camelina under commercial contract and in spring 2023 to plant
spring Camelina. These crops were harvested between July 2023 and
September 2023. Feedback from growers has thus far been positive,
especially in areas where drought conditions persisted over the
season. In these areas, Camelina performed very well in comparison
to other crops.
Yield10 is working to secure grower contracts with farmers to
plant Camelina for harvest in the third quarter of 2024. Potential
growers are encouraged to contact Yield10 to learn more about
participating in the “Camelina Seed Genetics to Biofuel”
platform.
About Yield10 Bioscience
Yield10 Bioscience, Inc. ("Yield10" or the "Company") is an
agricultural bioscience company that is leveraging advanced
genetics to develop the oilseed Camelina sativa ("Camelina") as a
platform crop for large-scale production of sustainable seed
products. These seed products include feedstock oils for renewable
diesel and sustainable aviation biofuels; omega-3 (EPA and DHA+EPA)
oils for pharmaceutical, nutraceutical and aquafeed applications;
and, in the future, PHA bioplastics for use as biodegradable
bioplastics. Our commercial plan is based on establishing a grain
contracting business leveraging our proprietary elite Camelina seed
varieties, focusing on the growing demand for low-carbon intensity
feedstock oil for biofuels and omega-3 oils for nutritional
applications. Yield10 is headquartered in Woburn, MA and has a
Canadian subsidiary, Yield10 Oilseeds Inc., located in Saskatoon,
Canada.
For more information about the Company, please
visit www.yield10bio.com, or follow the Company on X
(formerly Twitter), Facebook and LinkedIn.
(YTEN-G)
Safe Harbor for
Forward-Looking Statements
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements in this release do not constitute guarantees of future
performance. Investors are cautioned that statements in this press
release which are not strictly historical, including, without
limitation, statements regarding the continued development of the
Company’s “Camelina Seed Genetics to Biofuel” platform,
expectations regarding future commercialization of the platform and
the Company’s ability to continue generating revenue from sales of
Camelina grain, the potential to accelerate grower adoption of and
to scale-up acreage of Camelina, the Company’s ability to continue
timely grain offtake for the crushing and refining of Camelina
grain into biofuel, the Company’s ability to secure grower
contracts and to form biofuel and other commercial partnerships,
and the potential for Camelina to become a sustainable source of
feedstock oil for the biofuel industry, constitute forward-looking
statements. Such forward-looking statements are subject to a number
of risks and uncertainties that could cause actual results,
including the Company’s quarter-to-quarter revenue generation from
Camelina, to differ materially from those anticipated, including,
but not limited to, the risks and uncertainties detailed in Yield10
Bioscience's filings with the Securities and Exchange Commission.
Yield10 assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
matters described herein.
Contacts: Yield10 Bioscience:Lynne H. Brum,
(617) 682-4693, LBrum@yield10bio.com
Investor Relations: Bret Shapiro, (561) 479-8566,
brets@coreir.comManaging Director, CORE IR
Media Inquiries: Eric Fischgrund, eric@fischtankpr.com FischTank
PR
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