Yield10 Bioscience and Mitsubishi Corporation Sign MOU to Evaluate the Establishment of a Partnership to Supply, Offtake and Market Camelina as a Feedstock Oil for Biofuel
Yield10 Bioscience, Inc. (Nasdaq: YTEN) has announced a Memorandum of Understanding (MOU) with Mitsubishi Corporation to explore collaboration in supplying and marketing Camelina oil as a low-carbon feedstock for biofuels. The companies will conduct a feasibility study for the supply and offtake of Camelina oil from seed grown using Yield10's proprietary genetics. Additionally, they aim to study the development of PHA bioplastics derived from Camelina as a co-product. The non-binding MOU is set to expire at the end of 2023.
- Partnership with Mitsubishi Corporation aims to establish a sustainable supply chain for Camelina oil.
- Potential for Camelina oil to serve the sustainable aviation fuel market.
- Collaboration includes development of PHA bioplastics, adding value to Camelina products.
- The MOU is non-binding and may not result in a finalized partnership.
- The agreement expires at the end of 2023, introducing uncertainty about future collaboration.
WOBURN, Mass., Jan. 11, 2023 (GLOBE NEWSWIRE) -- Yield10 Bioscience, Inc. (Nasdaq:YTEN) (“Yield10” or the “Company”), an agricultural bioscience company, today announced that it has signed with Mitsubishi Corporation (“Mitsubishi”) a Memorandum of Understanding (“MOU”) to evaluate the establishment of a partnership to supply, offtake and market Camelina as a low-carbon feedstock oil for biofuels. Mitsubishi Corporation recently announced its aim to mass produce sustainable aviation fuel to decarbonize commercial aviation.
Under the MOU, the companies plan to jointly undertake a feasibility study for the supply and offtake of Camelina oil from Camelina grain grown under contract using Yield10’s proprietary Camelina seed genetics to supply oil for the sustainable aviation fuel market. In addition, the companies also plan to jointly study the development and future offtake and marketing of PHA bioplastic produced in Camelina by Yield10 as an added value co-product with oil for biofuels. The MOU is non-binding and expires at the end of 2023.
“Yield10 and Mitsubishi are aligned on the sustainability benefits that the Camelina crop could bring to the transportation fuels market,” said Oliver Peoples, Ph.D. President and Chief Executive Officer of Yield10 Bioscience. “Over the next several months, we look forward to working with the Mitsubishi team to develop a framework for a collaboration to jointly develop and build our Camelina business in the U.S. and other important geographies.”
About Yield10 Bioscience
Yield10 Bioscience, Inc. is an agricultural bioscience company that is using its differentiated trait gene discovery platform, the “Trait Factory”, to develop improved Camelina varieties for the production of proprietary seed products, and to discover high value genetic traits for the agriculture and food industries. Our goals are to efficiently establish a high value seed products business based on developing superior varieties of Camelina to produce biofuel feedstock oils, PHA bioplastics and omega-3 (EPA, DHA) oils and to license our yield traits to major seed companies for commercialization in major row crops, including corn, soybean and canola. Yield10 is headquartered in Woburn, MA and has an Oilseeds Center of Excellence in Saskatoon, Canada.
For more information about the company, please visit www.yield10bio.com, or follow the Company on 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, the Company’s plans and expectations related to the MOU and to working with Mitsubishi, including plans to jointly undertake a feasibility study for the supply and offtake of Camelina oil and to jointly study the development and future offtake and marketing of PHA bioplastic produced in Camelina; the Company’s plans to develop its Camelina business in the U.S. and other geographies; and the Company’s goals related to developing superior varieties of Camelina to produce biofuel feedstock oils, PHA bioplastics and omega-3 (EPA, DHA) oils and to license its yield traits, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including 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.
Yield10 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
FAQ
What is the purpose of the MOU between Yield10 Bioscience and Mitsubishi Corporation?
What are the potential products involved in Yield10's partnership with Mitsubishi?
What is the timeline for the MOU signed by Yield10 and Mitsubishi?
What does Yield10 Bioscience intend to achieve with Camelina oil?
How will Yield10 and Mitsubishi evaluate their partnership?
