Casterra has announced the receipt of an additional purchase order valued at $440,000 (€411,000) from an existing customer.
This order expands Casterra’s operations into a new African country and solidifies Casterra’s unique offering in the biofuel market.
Yoash Zohar, CEO of Casterra, said: “This additional order reflects the confidence in Casterra’s capabilities and in our castor seed varieties, developed utilising Evogene’s GeneRator AI tech-engine and Casterra’s advanced breeding methods, and marks a significant step in our expansion into Africa.
“We expect that our previously announced seed production, now totaling 900 tons, will more than support this order, which is expected to be completed by Q4 2024, as well as earlier purchase orders received last year. Casterra remains committed to being a world leader in castor seed development and production and promoting sustainable biofuel production globally.”
Casterra anticipates that the remaining revenue from castor seed orders received during 2023 and in 2024, which were not supplied to date (including the order described in today’s PR), will be approximately $8.4 million (€7.8 million), reflecting a price adjustment due to late delivery of the order from 2023. Based on the planned production this year, Casterra expects to recognize revenues in this amount in the second half of 2024.
The global biodiesel market size was estimated at $36.48 billion (€33 billion) in 2022 and it is expected to hit around $79.12 billion (€73 billion) by 2032, expanding at a notable CAGR of 8.1% from 2023 to 2032.
Biofuels offer significant advantages over conventional petrochemical fuels, presenting a renewable and biodegradable alternative with substantially lower negative environmental impact. Castor oil emerges as a standout non-fossil oil candidate due to its carbon-neutral and other properties making it compliant with tightening European regulatory standards.
This order expands Casterra’s operations into a new African country and solidifies Casterra’s unique offering in the biofuel market.
Yoash Zohar, CEO of Casterra, said: “This additional order reflects the confidence in Casterra’s capabilities and in our castor seed varieties, developed utilising Evogene’s GeneRator AI tech-engine and Casterra’s advanced breeding methods, and marks a significant step in our expansion into Africa.
“We expect that our previously announced seed production, now totaling 900 tons, will more than support this order, which is expected to be completed by Q4 2024, as well as earlier purchase orders received last year. Casterra remains committed to being a world leader in castor seed development and production and promoting sustainable biofuel production globally.”
Casterra anticipates that the remaining revenue from castor seed orders received during 2023 and in 2024, which were not supplied to date (including the order described in today’s PR), will be approximately $8.4 million (€7.8 million), reflecting a price adjustment due to late delivery of the order from 2023. Based on the planned production this year, Casterra expects to recognize revenues in this amount in the second half of 2024.
The global biodiesel market size was estimated at $36.48 billion (€33 billion) in 2022 and it is expected to hit around $79.12 billion (€73 billion) by 2032, expanding at a notable CAGR of 8.1% from 2023 to 2032.
Biofuels offer significant advantages over conventional petrochemical fuels, presenting a renewable and biodegradable alternative with substantially lower negative environmental impact. Castor oil emerges as a standout non-fossil oil candidate due to its carbon-neutral and other properties making it compliant with tightening European regulatory standards.
