Evogene Ltd. (TASE: EVGN) and Orfuel Inc, a US subsidiary of Ormat Industries Ltd (TASE:ORMAT), signed an agreement with the BIRD Foundation (Israel-US Binational Industrial Research and Development Foundation) to obtain a grant from the foundation for financial support of a joint project of Evogene and Orfuel in the field of alternative energy. A principle approval for the grant was obtained on July 25th, 2007.
The parties obtained an approval for a one million US dollars grant from the BIRD foundation, which constitute half of the initial budget allocated to the project. The project is expected to last three years.
The Evogene and Orfuel joint project is aimed at providing substantially improved feedstock sources for biodiesel production. The companies collaborate to develop non edible plants, displaying improved oil yield and capable of being grown in non arable lands, thus addressing key problems facing the industry.
Shares in Rehovot-based Evogene rose 0.2% today to NIS 4.53, reflecting a market cap of NIS 88.8 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2007
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