Yield10 Bioscience Completes Harvest of a Majority of the 2023 Winter and Spring Camelina Grain Grown Under Contract, Generating Revenue from Biofuel Production
Begins revenue generation for “Camelina Seed Genetics to Biofuel” platform
WOBURN, Mass., Oct. 03, 2023 (GLOBE NEWSWIRE) -- 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.
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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.com
Managing Director, CORE IR
Media Inquiries:
Eric Fischgrund, eric@fischtankpr.com
FischTank PR
