Solazyme Gains on Start of Commercial Output at Brazil PlantJustin Doom
Solazyme Inc., a California-based producer of renewable oils from algae, surged the most in four months after beginning commercial-scale production at a plant it owns with Bunge Ltd. in Brazil.
Solazyme climbed 7.2 percent to $10.44 at the close in New York, the most since Jan. 31.
The company is producing both oil and lubricants at its plant in Moema, Brazil, which is expected to reach full capacity of 100,000 metric tons per year within the next 12 to 18 months, according to a statement today.
Production in Brazil was delayed into the current quarter after Solazyme had said in November it expected to start in the first three months of 2014.