Casterra Announces an Additional Purchase Order to Supply Castor Seeds to a New African Country

Company Overview - Casterra, a wholly owned subsidiary of Evogene, specializes in developing castor seed varieties for bio-based industrial applications, including biofuels and biopolymers [4] - The company utilizes advanced breeding methods and Evogene's GeneRator AI tech-engine to enhance plant genomics and enable sustainable production of castor beans [4][6] Recent Developments - Casterra has received an additional order for castor seeds, reflecting confidence in its capabilities and products, with expectations to complete the order by Q4 2024 [1] - The company anticipates recognizing approximately $8.4 million in revenue from castor seed orders in the second half of 2024, due to a price adjustment related to late deliveries [1] Market Insights - The global biodiesel market was valued at $36.48 billion in 2022 and is projected to reach around $79.12 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032 [2] - Biofuels, including castor oil, are gaining traction as renewable and biodegradable alternatives to conventional fuels, with castor oil being compliant with stringent European regulations [2][3] Product Characteristics - Casterra's high oil-yielding castor varieties are designed for large-scale farming on marginal soils in semi-arid conditions, positioning them as a sustainable feedstock for the biofuel industry without competing with food crops [3]