Yield10 Bioscience (NASDAQ:YTEN) +10.5% in early trading Monday after saying it signed a non-binding letter of intent with Marathon Petroleum (MPC) for a potential investment and offtake agreement for low-carbon intensity Camelina feedstock oil for use in renewable fuels production.
In connection with the execution of the LOI, Yield10 (YTEN) also said it sold and issued a $1M senior unsecured convertible promissory note to a Marathon Petroleum (MPC) affiliate which is convertible into common shares.
“Yield10 continues to execute on 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,” President and CEO Oliver Peoples said.
More on Yield10 Biosciences:
Yield10 Bioscience inks LOI for potential investment, offtake deal with Marathon
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