Crop genetic engineering company Evogene Ltd. (TASE:EVGN) has signed an agreement with the Texas AgriLife Research of Texas A&M University to conduct field trials in southern Texas of castor bean varieties developed by Evogene. The agreement follows a similar agreement with Ireland's South Cone Agriculture plc (SCA) for trials in northeast Brazil of those varieties for use in Brazil's biofuel industry.
The US and Brazil are Evogene's primary target markets for commercial growing of improved castor bean varieties. Under the agreements with Texas A&M and SCA, Evogene will test its improved castor bean varieties using its partners' infrastructures in the target areas in order to test the crop production in marginal (non-agricultural) soils in these areas, and for the further development of the varieties to adapt them to the local climate conditions in southern Texas and northeast Brazil.
Castor beans are an oil-rich bean that are not a food crop, and which can be grown in marginal soils with little need for water.
Evogene's share rose 1.3% in early trading today to NIS 16.76, giving a market cap of NIS 511 million. Major shareholders include Monsanto Company (NYSE: MON), with an 11.1% holding, Coronis BD Partners and Leon Recanati, with 5.3% each.
Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2010
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