Farm-To-Fuel Supply Chain: Bayer Acquires 65% Controlling Interest in CoverCress
CoverCress, a startup aiming to introduction a rotational cash crop then used for oil extraction, has announced Bayer’s additional investment in the company. Now, Bayer holds 65% controlling interest in the company with the remaining percent held by Chevron and Bunge Ventures. In the transaction, Bayer has purchased all equity interests– venture capital, angel and economic development investors and the founders.
The vision is for CoverCress to help develop a farm-to-fuel supply chain. The CoverCress crop was developed using breeding and gene editing tools applied to pennycress. The company had a limited commercial launch in 2022 in select Missouri and Illinois counties.
“CoverCress is exciting because it has the potential to become an important source for biofuel production as a new harvested rotational crop, while giving growers an innovative option to continue effective stewardship of their land and improve soil quality by acting as a cover crop,” said Rodrigo Santos, Member of the Board of Management of Bayer AG and President of the Crop Science Division. “As a global leader in crop science, we are committed to decarbonizing agriculture and helping farmers around the world become more sustainable through game-changing products and solutions that can impact climate change. This investment and collaboration between industry leaders is another proof point for our efforts.”
Originally launched in 2013, the company sought investment and support to help develop its business with expertise in fuels, soybean crushing, logistics and crop sciences.
Leaps by Bayer added CoverCress to its portfolio in 2015.
