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February 08, 2016 12:00 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Solazyme, Inc.

Company Overview

Solazyme, Inc. manufactures and sells renewable oils and other bioproducts. Its proprietary technology transforms a range of plant-based sugars into triglyceride oils and other bioproducts. The company offers renewable tailored oils, such as oleic oils that provide sustainable solutions within the food, lubricant, functional fluid, and oleo chemical markets; and drop-in replacements and blendstocks for marine, motor vehicle, and jet fuels, as well as replacements for petrochemicals, oleochemicals, and functional fluids. It also provides fuels, including SoladieselBD and SoladieselRD for on-road applications; ultra-low sulfur diesel; and Solajet for aviation use. In addition, the company offe...

225 Gateway Boulevard

South San Francisco, CA 94080

United States

Founded in 2003

266 Employees

Phone:

650-780-4777

Fax:

650-989-6700

Key Executives for Solazyme, Inc.

Co-Founder, Chief Executive Officer and Director
Age: 44
Total Annual Compensation: $560.0K
Chief Financial Officer and Chief Operating Officer
Age: 44
Total Annual Compensation: $410.4K
Senior Vice President, General Counsel and Corporate Secretary
Age: 52
Total Annual Compensation: $335.0K
Chief Technology Officer
Age: 51
Total Annual Compensation: $370.8K
Strategic Advisor
Age: 62
Total Annual Compensation: $378.8K
Compensation as of Fiscal Year 2014.

Solazyme, Inc. Key Developments

Solazyme Announces Restructuring of Operations; Cuts 20% of Jobs to Streamline Operations

Solazyme announced that it plans to streamline operations and focus on targeted, higher-value product categories. The company expects to reduce the number of employees by more than 20%. The cuts will take place in areas that are less essential to Solazyme's core operational focus going forward. The restructuring is expected to reduce Solazyme's annual cash burn, including investments in the Solazyme Bunge JV, by approximately $40 million and to record a charge of approximately $1 million to $1.5 million in first quarter as a result of the foregoing headcount reductions.

Solazyme, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2015

Solazyme, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total revenues of $11,399,000 compared to $17,559,000 a year ago. Loss from operations was $25,953,000 compared to $35,493,000 a year ago. Net loss was $34,918,000 or $0.43 per basic and diluted share compared to $39,677,000 or $0.50 per basic and diluted share a year ago. Net loss (non-GAAP) was $30,947,000 or $0.39 per basic and diluted share compared to $35,329,000 or $0.45 per basic and diluted share a year ago. The year over year decline in Revenue was due to expected decreases in funded program revenue and slower than anticipated adoption rates for Encapso lubricant. Quarterly operating cash burn was approximately $20 million for the quarter, down about 30% versus $29 million from third quarter last year, reflecting ongoing cost management initiatives. For the nine months, the company reported total revenues of $35,744,000 compared to $45,889,000 a year ago. Loss from operations was $78,582,000 compared to $100,166,000 a year ago. Net loss was $106,754,000 or $1.33 per basic and diluted share compared to $117,275,000 or $1.57 per basic and diluted share a year ago. Net loss (non-GAAP) was $92,197,000 or $1.15 per basic and diluted share compared to $97,881,000 or $1.31 per basic and diluted share a year ago. The company currently expects fourth quarter 2015 revenues to be up slightly from reported revenues in third quarter of 2015. With the expanded Solazyme-Bunge JV agreement and decision at Clinton and Galva, the company expects production will continue to be focused at Moema and Peoria facilities and that will begin to recognize Clinton/Galva cost savings in early 2016. Lastly, in line with previous guidance, the company expects a reduction in annual cash operating expenses for 2015.

Bunge and Solazyme Expands Joint Venture

Solazyme and Bunge Limited announced they have agreed to expand their joint venture to include a focus on food. The expansion includes a range of breakthrough oils for food and products for animal nutrition. The expanded joint venture will build on Solazyme’s ground-breaking microalgae innovation platform, and on Bunge’s global leadership in food and ingredients, including vegetable oils. As part of the JV expansion, the partners also entered into an agreement to expand their co-funded research programs to include new unique products in nutrition and specialty fats. Manufacturing will take place in the JV’s fully operational facility in São Paulo state, Brazil. As part of the agreement, AlgaWise Ultra Omega-9 Algae Oil, AlgaWise High Stability Algae Oil and AlgaWise Algae Butter structuring fats will be marketed by Bunge’s established global food oil sales and applications team, who bring strong expertise and a global footprint. In addition, Bunge will handle oil processing and supply chain aspects of commercialization. The expanded JV will manufacture and commercialize a range of new to the world, highly differentiated products, each providing breakthrough solutions to meet major needs in the food industry: AlgaWise Ultra Omega-9 Algae Oil is a clean tasting oil with the high level of monounsaturated fats (>90%) on the market and the lowest level of saturated fat of any food oil (<4%). This oil is ideal for meeting market demand for healthier alternatives to saturated fat oils, providing shelf-life stability and excellent culinary performance with one of the high smoke points available. AlgaWise High Stability Algae Oil delivers step change performance with one of the high stabilities of any oil on the market, over 87% monounsaturated fatty acids and only 2% polyunsaturates, less than any other food oil. High Stability Algae Oil drives unprecedented oxidative stability with zero trans-fat per serving. With an exceptionally neutral flavor and high stability under varying conditions, this is a high performance oil that works well in industrial frying, spraying/coating, pan spraying and blending. It can enable food manufacturers to remove added preservatives in everyday favorite foods such as dressings and mayonnaise, achieving cleaner labels with fewer ingredients, as well as completely removing partially hydrogenated vegetable oils. AlgaWise Algae Butter has a composition and functionality mirroring high value structuring fats such as shea stearin, with a high proportion of stearic-oleic-stearic triglycerides (approximately 70%). This unique oil can be used in a wide range of products. It is expected to have significant value in confectionery based on its reliable, scalable and sustainable supply, as well as offering a better performing alternative for bakery, confectionary, spreads and other applications. The product is expected to be available for the U.S. market in 2016.

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