Corteva and bp Launch Biofuel Feedstock Joint Venture Etlas

Corteva, Inc. (NYSE: CTVA) and bp (NYSE: BP, LSE: BP.L) today announced the launch of Etlas, their new 50:50 joint venture that will produce oil from crops – including canola, mustard, and sunflower – for use in the production of biofuels like sustainable (or synthetic) aviation fuel (SAF) and renewable diesel (RD). Etlas will harness both Corteva’s century-long expertise in seed technology to develop crops ideally suited to produce SAF and RD as well as bp’s expertise in refining and marketing fuel for the commercial transportation market.

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Etlas aims to produce one million metric tonnes of feedstock per year by the mid-2030s, which could produce over 800 thousand tonnes of biofuel. Initial supply is scheduled to begin in 2027 for use in co-processing at refineries as well as at dedicated biofuels plants.

Leading industry estimates have global demand for SAF growing to as much as 10 million tonnes by 2030—from about 1 million tonnes in 2024—while global demand for RD could rise to as much as 35 million tonnes by 2030 from approximately 17 million tonnes in 2024. Etlas is designed to provide a reliable, scalable supply of feedstock to help meet this expected demand.

The feedstock Etlas uses will be harvested from crops that are grown on existing cropland, between main food cropping seasons. Such intermediate crops can help improve soil health while providing farmers with a new revenue stream. As they use existing cropland during times when it has previously been unproductive, like a fallow or cover period, they also do not lead to additional demand for land.

Judd O’Connor, Executive Vice President of Corteva’s Seed Business Unit, added: “By helping found Etlas, Corteva continues to deliver on two critical parts of our mission: to help fuel the world and to support farmers. Agriculture is part of the solution, and we are excited to see Etlas come to life.”

Philipp Schoelzel, Senior Vice President of Biofuels Growth at bp, added: “This capital light joint venture creates optionality in our biofuels value chain, strengthening our position and helping deliver attractive returns. We’re excited to collaborate with Corteva to deliver what our customers want.”

Ignacio Conti, Global Business Development Director at Corteva, will be the new Etlas Chief Executive Officer, and Gaurav Sonar, Vice President of Novel Feedstocks at bp, will become its Chair of the Board of Directors.

“As the aviation industry looks for reliable, sustainable, and cost-competitive sources of SAF, it is clear farmers have a critical role to play,” said Ignacio Conti, CEO of Etlas. “Etlas brings together global leaders in agriculture innovation and energy production to harness this demand by leveraging technological expertise and trusted relationships with farmers around the world to help scale production and boost supply while offering farmers new revenue streams.”

About Corteva

Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement, and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. More information can be found at www.corteva.com.

About bp

For more information, please visit www.bp.com.