Evogene to Establish Evofuel Ltd. for Developing Advanced Feedstock for Biofuel
Wholly owned Subsidiary Expanding Castor Bean Activity in Brazil
Evogene Ltd. announced that it is establishing Evofuel, a wholly owned subsidiary, to focus on developing seed for advanced second-generation feedstock for biofuel. Included in the activities that are being transferred from the parent company to Evofuel is the development and commercialization of castor bean varieties for Brazil as well as the biofuel research and development activities located in Israel.
Evogene's biofuel activity, initiated in 2007, targets the development of second generation feedstock to serve as a sustainable, viable and cost efficient source of oil for the growing biodiesel industry. In addition to its activity for development and of advanced castor bean seed, Evofuel intends to broaden its activity to additional potential feedstocks for the biodiesel, biojet and bioethanol markets.
"With the biofuel industry’s continued growth and tremendous demand for cost competitive feedstock, there is a strong and immediate need for a solution based on designated second generation seed products. The establishment of Evofuel as a separate company, strongly positions it to address this substantial un-met need." stated Ofer Haviv, Evogene's President and CEO, "We are reinforced by the progress and results of our castor seed in Brazil and believe that access to Evogene’s leading plant genomics capabilities will provide Evofuel with commercial advantages and opportunities in relevant markets."
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