Today SGB has 13 field trials of its hybrid seeds in Brazil, Guatemala and India, and it's trying to fill 20 executive and management jobs to expand those markets and move into Africa and Southeast Asia. The company plans to put a big emphasis on farmer education, selling not only its seeds but also its expertise, such as helping pick the best locations and conditions for the seeds. SGB plans to collect royalties on fuel produced from its seeds.

One new customer, JetBIO -- a Brazilian consortium of Airbus, the Inter-American Development Bank and TAM Airlines -- is optimistic about an ongoing field trial it's doing with SGB in Brazil.

"I think this will be game-changing in the industry, because what it really lacked was proper genetics," says Rafael Abud, JetBIO's managing partner.

Still, the company's fate is tied to many forces beyond its control, including potential changes in renewable energy policies in countries across the globe. Right now, demand for biofuel is huge, but SGB has a lot to prove, says Michael Cox, an analyst who follows the space for Piper Jaffray.

This time around, jatropha needs to prove it can be an economical alternative to conventional fuels.

"The plant needs to perform," says Boeing's Morgan. "If so, they're the beginning of jatropha 2.0."