Collaborations
In May, we announced that we had entered into a long-term strategic alliance with British company BP p.l.c. to commercialize the oilseed camelina under the brand name newgold™ for the production of biofuels. The alliance plans to initially launch camelina in North America. bp will contribute expertise in fuels and refining, while we will utilize our industry-leading expertise in seed technology, as well as our extensive agricultural customer base. Our aim is to further develop a reliable intermediate oilseeds market to help meet the growing demand for biodiesel, renewable diesel and sustainable aviation fuel.
In July, furthermore, we announced that we had entered into an exclusive licensing agreement with French company RAGT, a leading supplier in the European wheat seed market. The agreement comprises access to elite wheat germplasm tailored for European environments and advances our plans to sell hybrid wheat seeds in Europe and North America simultaneously by the early 2030s. We expect hybrid wheat to deliver annual revenues of up to €1 billion by the mid-2040s. The addition of hybrid wheat to our portfolio as an important new franchise will strengthen our growth strategy beyond our current blockbuster launches.