Solazyme and Bunge Enter Into Joint Venture Expansion Framework Agreement for Solazyme Bunge Renewable Oils
Joint Venture Expansion Framework Agreement envisions increasing
worldwide commercial oil production capacity to 300,000 metric tons per
year by 2016, broadening JV field to include certain tailored food oils
in Brazil, and adding joint market development commitment in tailored
food oils
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
Solazyme, Inc. (NASDAQ: SZYM) ("Solazyme"), a renewable oil and
bioproducts company, announced today that it has entered into a Joint
Venture Expansion Framework Agreement with Bunge Global Innovation LLC
("Bunge"), a wholly-owned subsidiary of Bunge Limited (NYSE: BG), a
leading global agribusiness and food company.
The agreement sets forth the intent of the partners to expand joint
venture-owned oil production capacity at Solazyme Bunge Renewable Oils
from the current 100,000 metric tons under construction in Brazil to
300,000 metric tons by 2016 at select Bunge owned and operated
processing facilities worldwide.
Also, the companies intend to expand the portfolio of oils to be
produced out of their joint venture facility in Brazil. The expanded
field and portfolio of oils would include certain tailored food oils for
sale in Brazil, where Bunge is the largest supplier of edible oils
through several of its retail brands. The parties intend to work
together through joint market development to bring new healthy and
nutritious edible oils to the Brazilian market.
"Solazyme's renewable oil technology provides the flexibility to produce
multiple high value oils from a single facility. After building a strong
commercial relationship together, we believe there is a broader scope of
opportunities ahead of us," said Ben Pearcy, Managing Director, Sugar &
Bioenergy, and Chief Development Officer, Bunge Limited.
"Bunge's global presence in sugar, significant presence in vegetable oil
markets and large-scale processing experience make it an ideal partner
for Solazyme. Our shared experience to date makes capacity expansion
together a very attractive proposition and we look forward to rapid
commercialization of the tailored oils we will produce," said Jonathan
Wolfson, CEO, Solazyme.
The parties anticipate negotiation of definitive agreements in the
coming months.
About Solazyme, Inc.
Solazyme, Inc. (NASDAQ: SZYM) is a renewable oil and bioproducts company
that transforms a range of low-cost plant-based sugars into high-value
oils. Headquartered in South San Francisco, Solazyme's renewable
products can replace or enhance oils derived from the world's three
existing sources — petroleum, plants and animal fats. Initially,
Solazyme is focused on commercializing its products into three target
markets: (1) fuels and chemicals, (2) nutrition and (3) skin and
personal care. Solazyme®, the Solazyme logo and other trademarks or
service names are trademarks of Solazyme, Inc.
About Bunge Global Innovation LLC
Bunge Global Innovation is an interdisciplinary team applying the latest
thinking and technologies to drive innovation across all Bunge business
segments. Its mission is to scout, develop, buy, sell or license
technologies that will improve Bunge's sustainability, profitability and
competitive advantage.
About Bunge Limited
Bunge Limited (www.bunge.com,
NYSE: BG) is a leading global agribusiness and food company operating in
approximately 40 countries with over 35,000 employees. Bunge buys,
sells, stores and transports oilseeds and grains to serve customers
worldwide; processes oilseeds to make protein meal for animal feed and
edible oil products for commercial customers and consumers; produces
sugar and ethanol from sugarcane; mills wheat and corn to make
ingredients used by food companies; and sells fertilizer in North and
South America. Founded in 1818, the company is headquartered in White
Plains, New York.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward-looking statements about
Solazyme, including statements that involve risks and uncertainties
concerning: [its commercialization plans; its build-out of capacity; the
anticipated demand for its products; the attributes of its products and
its ability to deliver profitable and sustainable growth]. When used in
this press release, the words "will", "expects", "intends" and other
similar expressions and any other statements that are not historical
facts are intended to identify those assertions as forward-looking
statements. Any such statement may be influenced by a variety of
factors, many of which are beyond the control of Solazyme, that could
cause actual outcomes and results to be materially different from those
projected, described, expressed or implied in this press release due to
a number of risks and uncertainties. Potential risks and uncertainties
include, among others: implementation risk in deploying new
technologies; Solazyme's limited history in commercializing products;
market acceptance of its products; agreement on terms for the expansion;
its limited experience in constructing and operating commercial
manufacturing facilities; its ability to obtain requisite regulatory
approvals; its ability to enter into and maintain strategic
collaborations; and its access, on favorable terms, to any required
financing. Accordingly, no assurances can be given that any of the
events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of Solazyme.
In addition, please refer to the documents that Solazyme files with the
Securities and Exchange Commission, including its Quarterly Reports on
Form 10-Q, for a discussion of these and other risks. You are cautioned
not to place undue reliance on forward-looking statements, which speak
only as of the date of this press release. Solazyme is not under any
duty to update any of the information in this press release.
Solazyme, Inc.
Genet Garamendi, 650-780-4777
VP of
Communications
Press@solazyme.com
Source: Solazyme, Inc.
News Provided by Acquire Media
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