In the United States (US), Yield10 Bioscience, Inc. (Yield10), an agricultural bioscience company, has announced that it has signed a non-binding Letter of Intent (LoI) with Marathon Petroleum Corp. (Marathon) for a potential investment and offtake agreement for low-carbon intensity Camelina feedstock oil for use in renewable fuels production.
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Marathon is a leading, integrated downstream energy company in the United States.
Yield10 continues to execute our commercialization plan to supply low-carbon intensity Camelina feedstock oil to the growing North American biofuel market through a network of supply chain alliances. We look forward to working closely with Marathon’s team to finalize a definitive investment and offtake agreement as the basis for a strategic alliance in biofuels over the long term said Dr Oliver Peoples, President and CEO of Yield10 Bioscience.
In connection with the execution of the LoI, Yield10 also sold and issued a senior unsecured convertible promissory note to an affiliate of Marathon in the original principal amount of US$1.0 million, subject to certain conditions and limitations set forth in the Convertible Note.
The Company plans to use the net proceeds from the Convertible Note for working capital and general corporate purposes.
Additional information regarding the Convertible Note will be included in the information to be filed by Yield10 with the Securities and Exchange Commission (SEC).
