Casterra to Provide Castor Seeds to Additional African Country

Casterra Ag Ltd., a subsidiary of Evogene Ltd., specializes in industrial-scale cultivation solutions for castor plants using its advanced seed varieties tailored for bio-based industries such as biofuels and biopolymers. Casterra is excited to announce a new purchase order worth approximately $440K from an existing customer, marking its entry into a new African nation. This development strengthens Casterra's position in the biofuel market, highlighting its distinctive capabilities and expanding operational footprint.

Mr. Yoash Zohar, CEO of Casterra, comments: "This additional order underscores confidence in Casterra’s capabilities and our advanced castor seed varieties developed with Evogene’s GeneRator AI technology and Casterra’s innovative breeding methods. It marks a significant milestone in our expansion into Africa. With our previously announced seed production reaching 900 tons, we are well-prepared to fulfill this order, expected to be completed by Q4 2024, along with earlier orders received last year. Casterra remains dedicated to leading the way in castor seed development and promoting sustainable biofuel production on a global scale."

Casterra expects to generate approximately $8.4 million from outstanding castor seed orders received in 2023 and 2024, including today’s order, adjusted for late delivery in 2023. This revenue is anticipated to be recognized in the latter half of 2024, aligning with the company’s production schedule for the year.

The biodiesel market was valued at approximately $36.48 billion in 2022 and is projected to reach about $79.12 billion by 2032, growing at a robust compound annual growth rate (CAGR) of 8.1% from 2023 to 2032. Biofuels present distinct advantages over traditional petrochemical fuels, offering a renewable and biodegradable alternative with significantly reduced environmental impact. Castor oil stands out as a promising non-fossil oil candidate due to its carbon-neutral properties and compliance with increasingly stringent European regulatory standards.

Casterra has developed high oil-yielding castor plant varieties tailored for large-scale cultivation on marginal soils in semi-arid conditions. This positions castor plants and their oil as a promising sustainable feedstock for the global biofuel industry, without encroaching on prime agricultural land dedicated to food crops.

Casterra, a fully owned subsidiary of Evogene, specializes in integrated solutions for cultivating castor plants using its elite seed varieties tailored for bio-based industrial applications like biofuels and biopolymers. The company has built its genetic resources using a broad array of over 300 castor plant varieties gathered from 40 distinct geographic and climatic regions. In its development process, Casterra employs advanced breeding techniques supported by Evogene’s GeneRator AI tech-engine, leveraging state-of-the-art plant genomics tools and agricultural expertise to achieve efficient and sustainable industrial-scale production of castor beans.