Yield10 Bioscience (NASDAQ: YTEN) surged more than 35% in pre-market trading on Thursday after the agricultural bioscience company announced that it had signed a Memorandum of Understanding (MOU) with Mitsubishi Corp. to look at entering into a partnership to “supply, offtake and market Camelina as a low-carbon feedstock oil for biofuels.”
As part of the MOU, the company plans to jointly undertake a feasibility study to look at the “supply and offtake of Camelina oil from Camelina grain grown under contract using Yield10’s proprietary Camelina seed genetics to supply oil for the sustainable aviation fuel market.”
This MOU is non-binding and expires at the end of this year.
YTEN stock has tanked more than 40% in the past year.
