WOBURN, Mass., March 02, 2023 (GLOBE NEWSWIRE) -- Yield10 Bioscience, Inc. (NASDAQ: YTEN) (“Yield10” or the “Company”), an agricultural bioscience company, today announced that it signed a Memorandum of Understanding (“MOU”) with American Airlines, Inc. (NASDAQ: AAL) on February 27, 2023 to collaborate in developing the value chain for Camelina as a low-carbon feedstock oil for sustainable aviation fuel (“SAF”). American is committed to helping to scale SAF production as a cornerstone of its climate strategy this decade.
Under the MOU, Yield10 and American plan to work together to support the development of the Camelina oil-based SAF value chain with the potential to secure offtake agreements for Camelina oil-based SAF for use in the commercial airline business. The companies also plan to work together to support applications for government grants to support the establishment of infrastructure to support Camelina oil as a feedstock to refineries producing SAF.
“SAF made from feedstocks that maximize carbon reduction is critical to our climate goals,” said Jill Blickstein, American’s Vice President of Sustainability. “We believe cover crops, like the Camelina varieties that Yield10 is working on, could play a significant role in helping us decarbonize. Since oilseed cover crops may also have other environmental benefits, such as helping reduce erosion and maintaining soil moisture, it makes them even more compelling.”
“Yield10 is developing elite Camelina varieties to enable winter cover cropping and harvest of low-carbon intensity feedstock oil for the SAF market,” said Oliver Peoples, Ph.D., President and Chief Executive Officer of Yield10 Bioscience. “With this new relationship in place with American, we continue to make progress toward our goal of establishing a network of collaborations across the biofuel value chain to support the establishment of Camelina as a major new source of feedstock oil for transportation fuel. We are excited to be aligned with American on the potential for Camelina to play an important role in sustainably de-carbonizing SAF. We look forward to working closely with American to establish the performance profile of Camelina feedstock oil and to develop the value chain for SAF from field to flight.”
Background on Sustainable Aviation Fuel
Most SAF in production today is made from low-value feedstocks that include inedible plant oils, used cooking oils, waste fats, and agricultural residues. When blended with at least 50% petroleum-based jet fuel, SAF is considered a “drop-in” fuel that can be used by commercial aircraft. It meets the same safety and performance standards as petroleum-based jet fuel, but with up to 80% less greenhouse gas emissions when measured on a lifecycle basis. As part of the energy transition, a substantial increase in biofuels capacity in the United States is currently underway. It is expected that the increase in biofuels feedstock demand over the next few years to be filled mainly by feedstock oils, including oil from cover crops. Camelina’s low carbon footprint, and ability to be grown as a cover crop on otherwise fallow land, make it an attractive choice to fill the biofuels feedstock supply gap.
About Camelina sativa
Camelina sativa, commonly known as Camelina or false flax, is an annual oilseed plant in the mustard family that is native to Europe. Camelina has the potential to replicate the development of modern canola from rapeseed on an accelerated timeline based on modern technologies, including genomics and genome editing. Additionally, Camelina grows on marginal lands, displays early maturation, has enhanced drought and cold tolerance, and requires fewer inputs than other oilseed crops. With social conscience and sustainability in mind, Yield10 is leveraging its innovations in Camelina to use it as a platform crop for producing low-carbon feedstock oil for biofuels, including SAF; omega-3 nutritional oils; high-protein meal; and PHA bioplastic.
About Yield10 Bioscience
Yield10 Bioscience, Inc. is an agricultural bioscience company that is using its differentiated trait gene discovery platform, the “Trait Factory”, to develop improved Camelina varieties for the production of proprietary seed products, and to discover high value genetic traits for the agriculture and food industries. Our goals are to efficiently establish a high value seed products business based on developing superior varieties of Camelina to produce biofuel feedstock oils, PHA bioplastics and omega-3 (EPA, DHA) oils and to license our yield traits to major seed companies for commercialization in major row crops, including corn, soybean and canola. Yield10 is headquartered in Woburn, MA and has a Canadian subsidiary, Yield10 Oilseeds Inc., located in in Saskatoon, Canada.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, the Company’s plans and expectations related to the MOU and to working with American, including plans to collaborate in developing the value chain for Camelina as a low-carbon feedstock oil for SAF, to secure offtake agreements for Camelina oil-based SAF for use in the commercial airline business, to work together to support applications for government grants to support the establishment of infrastructure to support Camelina oil as a feedstock to refineries producing SAF; the Company’s plans to develop its Camelina business in the U.S. and other geographies; and the Company’s goals related to developing superior varieties of Camelina to produce biofuel feedstock oils, PHA bioplastics and omega-3 (EPA, DHA) oils and to license its yield traits, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Yield10 Bioscience's filings with the Securities and Exchange Commission. Yield10 assumes no obligation to update any forward-looking information contained in this press release or with respect to the matters described herein.
Lynne H. Brum, (617) 682-4693, LBrum@yield10bio.com
Bret Shapiro, (561) 479-8566, email@example.com
Managing Director, CORE IR
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