Solazyme and Mitsui Enter into Multi-Year Agreement to Jointly Develop a New Suite of Tailored Algal Oils
New suite of sustainable, highly functional oils brings significant
breakthroughs to the oleochemicals and functional fluids industries
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
Solazyme,
Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, and
Mitsui & Co., Ltd. announced today that they have entered into a $20
million multi-year agreement to jointly develop a suite of triglyceride
oils for use primarily in the oleochemical industry. The agreement
includes further development of Solazyme's breakthrough high myristic
algal oil, a valuable raw material in the oleochemical industry, as well
as additional oils that Solazyme is developing for the oleochemical and
industrial sectors.
Product development is expected to span a multi-year period, with
periodic product introductions throughout the term of the joint
development alliance. End use applications may include renewable,
high-performance polymer additives for plastic applications, aviation
lubricants, and toiletry and household products.
"Mitsui's extensive knowledge of the end use markets for the
jointly-developed triglyceride products, including both the oleochemical
industry and applications further downstream, makes Mitsui an ideal fit
for Solazyme," said Jonathan Wolfson, CEO, Solazyme. "We look forward to
rapid progress on our research and development efforts, and to
commercialize these novel products thereafter."
"Collaborating with Solazyme allows us to develop highly attractive
products to penetrate the traditional oleochemicals industry, and expand
beyond the supply limitations caused by both regional oil production and
constraints in conventional oil profiles. Solazyme's flexible
manufacturing process and oil tailoring capabilities helps to support
long-term competitiveness, independent of price swings inherent to this
industry, while allowing us to produce tailored oils that are in demand
in the marketplace," said Mr. Daiji Kojima, General Manager of Specialty
chemicals Division, Mitsui. "Mitsui looks forward to strengthening its
position in the oleochemicals industry through the successful
development and commercialization of these novel products as a potential
source of new sustainable materials to oleochemical companies including
Mitsui's subsidiary, Palm-Oleo Sdn.Bhd."
About Solazyme:
Solazyme, Inc. is a renewable oil and bioproducts company that
transforms a range of low-cost plant-based sugars into high-value
tailored 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's oils and fuels provide compelling solutions to
increasingly complex issues of fuel scarcity, energy security and
environmental impact while fitting into the pre-existing multi-trillion
dollar fuel infrastructure. For more information, please visit our
website: http://www.solazyme.com
Solazyme®, the Solazyme logo and other trademarks or service names are
the trademarks of Solazyme, Inc.
About Mitsui & Co., Ltd.:
Mitsui is one of the most diversified and comprehensive trading,
investment and service enterprises in the world, with 154 offices in 69
countries as of April, 2012. Utilizing the global operating locations,
network and information resources, Mitsui is pursuing business
opportunities in a wide variety of fields, ranging from product sales,
worldwide logistics and financing, through to the development of major
international infrastructure and other projects in the following fields,
Iron & Steel Products, Mineral & Metal Resources, Infrastructure
Projects, Motor Vehicles & Construction Machinery, Marine & Aerospace,
Chemicals, Energy, Food Resources, Food Products & Services, Consumer
Services, IT, Financial & New Business and Transportation Logistics.
Mitsui is actively taking on challenges for global business innovation
around the world. For more information, visit http://www.mitsui.com
This press release contains certain forward-looking statements about
Solazyme, including statements that involve risks and uncertainties
concerning: the total value of the funding of the development agreement;
the attributes of any oils developed pursuant to the agreement; the
potential uses of such oils; the ability to launch successful products
from such development; the speed of any such development; market demand
for such products; the impact of new product introduction on long-term
competitiveness and pricing; the possibility that the parties will
establish commercial production assets; and Solazyme's ability to
maintain its relationships with its partners. 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:
Solazyme's limited operating history; its limited history in
commercializing products; implementation risk in deploying new
technologies; market acceptance of its products; 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, Inc. files
with the Securities and Exchange Commission, including its Quarterly
Reports on Form 10-Q, as updated from time to time, 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
Close window | Back to top
Delicious
Digg
Facebook
LinkedIn
Twitter
Mixx
Yahoo! Buzz