YTEN - Yield10 Bioscience Completes Harvest of a Majority of the 2023 Winter and Spring Camelina Grain Grown Under Contract Generating Revenue from Biofuel Production | Benzinga
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 ...