09:05 AM EST, 11/18/2024 (MT Newswires) -- Corteva ( CTVA ) said Monday it plans to collaborate with BP (BP) to develop a joint venture producing crop-based biofuel feedstocks for sustainable aviation fuel.

Financial terms were not provided.

The agricultural chemical and seed company said it will contribute proprietary technology and farmer networks, while BP will focus on refining and distribution.

Corteva ( CTVA ) intends to supply feedstocks such as mustard seed, sunflower, and canola, cultivated through contracts with farmers in the Americas and Europe, the company said. The venture targets an annual production capacity of one million metric tons by the mid-2030s, Corteva ( CTVA ) added.

The companies aim to meet the potential demand for SAF driven by government mandates and incentives, including EU targets requiring at least 20% SAF by 2035, Corteva ( CTVA ) said.

Final agreements are expected in 2025, with operations slated to begin later that year, the company added.