Global Teams to Jointly Commercialize
Breakthrough Algae Oils and Ingredients for Sustainable and
Healthier Foods
Solazyme (Nasdaq:SZYM) (“Solazyme”), a pioneer in microalgae
innovation and Bunge Limited (NYSE:BG) (“Bunge”), a leading global
agribusiness and food company, today announced they have agreed to
expand their joint venture (“JV”) 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 world-class fully
operational facility in São Paulo state, Brazil, site of the
largest aerobic fermentation vessels in the world.
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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.
AlgaWise™ food oils to sustainably advance human
nutrition
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 highest 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 highest smoke points available.
- AlgaWise™ High Stability Algae Oil
delivers step change performance with one of the highest
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 (~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.
Soren Schroder, CEO, Bunge Limited, said, “Strengthening our
relationship with Solazyme gives us a differentiated product
offering in specialty food and feed ingredients. With Solazyme, we
believe we are bringing true innovation and enhanced sustainability
to the global food industry. These healthier algae products have
tremendous potential to make a positive impact in nutrition and
functionality for our customers around the globe, and we’re excited
about the potential to broadly commercialize them.”
“Bunge is a leading global agribusiness and food company, and
has been a strong long-term partner who shares our vision. Not only
do they have fantastic capabilities but they also understand the
value of both our ingredients and our underlying technology
platform. We are very happy to be deepening and expanding the
partnership to include Bunge’s global food sales, marketing, and
applications strength and presence. This will further enable our
algae-based food ingredients to bring great benefits to people and
our planet,” commented Jonathan Wolfson, Solazyme’s CEO.
Sustainability
The products in the scope of the JV will be produced at the
joint venture’s manufacturing facility in Brazil adjacent to
Bunge’s Moema sugarcane mill. The oils produced have one of the
lowest carbon and water footprints of any broadly available
vegetable oils and achieve substantially higher oil yields per acre
than those of most oilseed crops.
History of collaboration
Today’s announcement follows a history of collaboration between
the two companies, beginning with Bunge’s 2010 equity investment in
Solazyme, followed by the original Joint Venture agreement in April
2012 that established the production facility at Moema as well as
multiple jointly funded development programs over that period of
time.
About Solazyme, Inc.
Solazyme, Inc. develops and sells innovative, sustainable,
high-performance oils and ingredients that are better for people
and better for the planet. Starting with microalgae, one of the
world’s original sources of oil, Solazyme creates renewable oils
and ingredients that serve as the foundation for creating healthier
foods; high-performance industrial products; unique home and
personal care solutions; and more sustainable fuels. Headquartered
in South San Francisco, Solazyme’s mission is to solve some of the
world’s biggest problems with one of the world’s smallest and
earliest life forms: microalgae. For additional information, please
visit Solazyme’s website at www.solazyme.com.
Solazyme®, AlgaWise™, and the Solazyme logo are trademarks of
Solazyme, Inc.
About Bunge
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global
agribusiness and food company operating in over 40 countries with
approximately 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, corn and rice to make
ingredients used by food companies; and sells fertilizer in South
America. Founded in 1818, the company is headquartered in White
Plains, New York.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements that involve risks and uncertainties
concerning: market acceptance of products; and the ability to
maintain relationships with 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 within the meaning of the Private Securities Litigation
Reform Act of 1995. Any such statement may be influenced by a
variety of factors, many of which are beyond the control of the
companies, 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: limited operating history; limited history commercializing
products; implementation risk in deploying new technologies;
limited experience in ramping up and operating commercial
manufacturing facilities; delays related to ramp-up of production
facilities; and availability of consistent, reliable power and
steam. 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.
In addition, please refer to the documents that Solazyme, Inc.
files with the Securities and Exchange Commission, including its
Quarterly Report 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.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains both historical and forward-looking
statements. All statements, other than statements of historical
fact are, or may be deemed to be, forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and
projections about our future results, performance, prospects and
opportunities. We have tried to identify these forward-looking
statements by using words including "may," "will," "should,"
"could," "expect," "anticipate," "believe," "plan," "intend,"
"estimate," "continue" and similar expressions. These
forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause our actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. The following important factors, among
others, could affect our business and financial performance:
industry conditions, including fluctuations in supply, demand and
prices for agricultural commodities and other raw materials and
products used in our business; fluctuations in energy and freight
costs and competitive developments in our industries; the effects
of weather conditions and the outbreak of crop and animal disease
on our business; global and regional agricultural, economic,
financial and commodities market, political, social and health
conditions; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from
acquisitions, dispositions, joint ventures and strategic alliances;
our ability to achieve the efficiencies, savings and other benefits
anticipated from our cost reduction, margin improvement and other
business optimization initiatives; changes in government policies,
laws and regulations affecting our business, including agricultural
and trade policies, tax regulations and biofuels legislation; and
other factors affecting our business generally. The forward-looking
statements included in this release are made only as of the date of
this release, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
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Solazyme Contacts:Solazyme, Inc.Genet GaramendiCorporate
Communicationspress@solazyme.comorBrainerd Communicators, Inc.Mike
Smargiassi, 212-986-6667smarg@braincomm.comBrad Edwards,
212-986-6667edwards@braincomm.comorBunge Contacts:Bunge
LimitedInvestor Contact:Mark Haden,
914-684-3398mark.haden@bunge.comMedia Contact:Susan Burns,
914-684-3246susan.burns@bunge.com