Solazyme and Bunge Sign Framework Agreement for Commercial Renewable Oil Plant in Brazil
South San Francisco – August, 8 2011–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.
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.