Solazyme and Bunge Sign Framework Agreement for Commercial Renewable Oil Plant in Brazil
August 08 2011 - 7:00AM
Business Wire
Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts
company, and Bunge Global Innovation LLC, a wholly-owned subsidiary
of Bunge Limited (NYSE: BG), a global agribusiness and food
company, announced today that they have entered into a framework
agreement for the formation of a joint venture entity (“JV”)
focused on the production of triglyceride oils in Brazil. The JV
anticipates building a 100,000 MT renewable oil production facility
located at a Bunge owned sugar cane mill in Brazil. Engineering for
the plant will begin immediately and will be funded by both
parties. Upon successful completion of site-specific engineering
designs and execution of final JV agreements, construction on the
facility will commence, with a targeted start-up during the 2013
cane harvest.
The plant, which will leverage Solazyme’s breakthrough
sugar-to-oil technology and Bunge’s sugarcane milling and natural
oil processing capabilities, will produce Solazyme’s tailored
triglyceride oils for chemical applications. The equity
contributions for the project will be financed jointly by the
parties, and the agreement includes a value sharing mechanism that
provides additional compensation to Solazyme for its technology
contributions.
About Solazyme, Inc.
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 the company's website:
http://www.solazyme.com
Solazyme®, the Solazyme logo and other trademarks or service
names are the trademarks of Solazyme, Inc.
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about Solazyme, including statements that involve risks and
uncertainties concerning: the execution of final JV agreements,
completion of engineering designs, construction of a production
facility and the timing of the start-up of such facility. When used
in this press release, the words “anticipates”, "will" 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 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: the parties’ ability to execute final JV agreements,
completion of engineering designs, construction of a production
facility and the timing of the start-up of such facility.
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, 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.
About Bunge:
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global
agribusiness and food company with approximately 32,000 employees
in more than 30 countries. 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.
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