24th Apr 2015 08:41
LONDON (Alliance News) - Legendary Investments PLC Friday said that seeds produced from pongamia trees grown by Bosques Energeticos SA de CV, in which it is invested, have now germinated and are producing saplings, a key step in the Mexican company's efforts to commercialize its work.
Bosques Energeticos is a biodiesel feed crop producer which is aiming to become the leading biodiesel feed crop producer in Mexico and the region, according to Legendary. Last month, the company reported that both its first generation and second generation pongamia were producing seed pods in four and just over three years respectively, compared to the norm of five years.
It had additionally said some plants were producing particularly large pods in the region of 7 centimetres long, a first in Mexico and the surrounding region.
The pongamia is a leguminous tree that grows large pods that are rich in triglyceride oils, which are being explored for conversion into biodiesel and aviation fuel.
Bosques currently has 11 hectares under cultivation with 16,000 pongamia trees, 20,000 jatropha plants and 3,000 castor plants, according to the Legendary website. "Having proven its techniques on the 11 hectare test plantation, Bosques is now seeking to plant a few thousand hectares in order to refine operations, and then plans to scale up to several thousand hectares," it added.
Legendary has a 40% stake in Bosques, according to the investment company's latest annual report.
Legendary shares were flat at 0.0900 pence Friday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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