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. -- November 14, 2012
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
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
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
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
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
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.
Genet Garamendi, 650-780-4777
VP of Communications
Press spacebar to pause and continue. Press esc to stop.