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July 28, 2014
07:18 EDTCERECeres to expand sorghum and sugarcane development in Brazil
Ceres will enhance its product development programs in Brazil and expand its development activities in biotech traits for sorghum and sugarcane over the next four years. The programs will now be funded in part under the Brazilian government's PAISS Agricola initiative, which promotes agricultural innovations in sugarcane as well as other energy crops. Under the PAISS program, Ceres is eligible for a multi-year credit facility of up to approximately $34M, at a government-subsidized, preferential interest rate. The company was also awarded approximately $4.5M, in the form of non-repayable grants to be drawn over four years. Ceres expects to complete the application and grant award process by the end of the calendar year.
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