We know from the farmers, they want this. But we need to make sure we check all the boxes in 2025. But at that time, we will also built up quite a bit of, I don’t want to use the word inventory, but available seed for larger-scale planting as well as generate the grower interest in using it. We know the grower interest is very, very strong. But obviously, we have got more work to do in ‘24 to get to that point.
Lynne Brum: And do you want to talk a little bit about the…
Unidentified Analyst: Yes. You can talk. That will be great.
Kristi Snell: Well, I guess all I can say is that our lead event for the glufosinate tolerance is very robust in this field, and it’s ideal for approval for regulatory agencies. So, the team has done a great job in constructing that event and evaluating it.
Unidentified Analyst: Alright. Thank you. I will hop back in the queue.
Operator: [Operator Instructions] Your next question comes from the line of Noel Parks with Tuohy Brothers. Your line is open.
Noel Parks: Hi. Good afternoon. Hi. Sorry, there is a problem with my phone options. Sorry.
Lynne Brum: Okay.
Noel Parks: Okay. I was just wondering if you were just talking about glufosinate tolerance. But I was wondering if you could maybe just drill down a bit more into feedback from growers from the most recent harvest and looking towards the next crops. And I am sort of thinking in terms of if any of the feedback you have gotten, say, year-to-date, has really made any changes in terms of where you are headed in the product development?
Oliver Peoples: Yes. No, I think so I can kind of give you kind of a broad kind of sweeping overview. I think in general, obviously, it was a pretty bad drought in that area of the North America this year. And so I think the number one thing was actually compared to the other crops that I am growing in my farm, this thing looks really very good. It’s obviously very robust to drought conditions. It does require water. But it is very robust. I think the other aspect of it, of course, is that as they look at the rotations, and we talk to them about the herbicide tolerance we are developing, that’s when they get very excited about it because they see ways to leverage that herbicide tolerance. This is a way to better manage their rotation.
So, that’s another very encouraging thing. And so I think in general, I would say the feedback is to remain very interested. And one thing we did see and at least coming from the – our commercial team was a lot more interest from the growers enhancing spring Camelina in 2024 because of some of the challenges they had with some of the other crops. So, that was interesting to see. Now, at the back end of 2023, of course, you have had a drought for many months. And so the soil is very, very dry. And so we actually backed off in some of the winter planting just because of the drought conditions in some areas, recognizing that that’s probably the right thing to do at this stage while we bring forward these next generations of lines, so strong interest.
It’s definitely got the attention of the growers. No question about that. The growers are also, as I have said, very excited about the prospects for the glufosinate tolerant Camelina and then the stacked Camelina because if they are using these group 2s and a significant share of their acreage, those acreages are just not available for planting Camelina immediately after. So, they are definitely giving feedback that we are working on the right things, we are doing the right thing. Not to be negative in anybody, but one of them did tell me that if we were doing lipase that they are throwing us off the farm because of some of the weed issues they have seen. So, they are pretty vocal. They have strong opinions and very smart people because, of course, being a farmer is not easy.
So yes, it’s clear that we are working on the right thing. It’s clear we have got to do it right. This first step with USDA-APHIS indicating the science is absolutely solid, and they don’t see really any risk. The next step is obviously just what we believe is getting the data on the meal and demonstrating it’s safe. So, I think the way I look at it going forward, it’s all about two things. It’s about safety, and it’s about science. You get the science right and get the safety right. And then make sure it’s adding value for the grower and that’s the way we are focusing on developing our new products.
Noel Parks: Great. Thanks for that detail. And then sort of heading to another part in the value chain. I wondered, as you have continue talking with various parties about partnership, could you generally characterize what discussions with your integrated oil companies or the downstream refining companies are these days? I am just – well two things. I am kind of curious about the attention span. And part of that is that there – in my mind, there have been in their general sort of ESG, decarbonization portfolios, they have made some – some of them have made some fairly puzzling investments, I would say, over the last couple of quarters. And also, I recognize that they can also tend to be kind of bureaucratic, which means it can take a while to get consensus on things. So, anything that you say about that would be great.
Oliver Peoples: Yes. So, I think let me just touch the position [Technical Difficulty] two things. So, we are really pushing forward right now on two different oil products. And it’s absolutely crystal clear to the entire biofuel sector that if you add 9.5 billion gallons of new vegetable oil demand by 2030 and the entire soybean and canola crop only produces around 8.5 billion gallons today, assuming we just stopped eating it, then, yes. What the math tells you is there is going to be a disconnect, so everybody knows this. Everybody understands that. Of course, then you get into the challenges around very large or, obviously, bureaucratic organizations with really smart people, I mean very, very smart people. But of course, they don’t have the domain space in agriculture, farming and seed genetics.
So, of course that is a hurdle. And then you have got the hurdle of – there is a little – this is small company in Woburn, Massachusetts, basically indicating that they are going to get – basically going to go and do what Bayer and Monsanto did and be successful at it. And by the way, we just demonstrated we can be. And so we kind of have to show them we can do this because, of course, there is definitely an issue there. But I think when I look at the whole space, I would say, the entire sector knows this is going to be a crunch. They have been pretty open in the discussions with us that they know Canada oilseeds, particularly winter oilseeds, are going to be critical for the future of low-carbon intensity biofuel feedstocks. And then you get into the nuts and bolts of how do we make that happen.
And that’s where the learning experience just takes time. It just takes time. And like everyone else in the sector, they want to turn the path. They just want to turn the valve and the pipe will flow out Camelina oil. Well, it doesn’t work that way because these species have to be tested. There are some seed. There is the crusher. And so – but getting the hinter on it. And some of these things that you have seen with CoverCress, and Bunge, and Bayer and obviously, Chevron, I mean that’s happening. It’s happening. It just takes time. And you have got to get the circumstances right, You have got the location right. So, I think we are making phenomenal progress for a small company. And then if you kind of look at that and say, well, how does that compare to what’s going on in omega-3 as well, guess what.
