Solazyme and AkzoNobel Enter Agreement Spanning Surfactants and Coatings Markets
Agreement targets joint product development and supply of tailored algal oils in Brazil
South San Francisco, Calif. – May 8, 2013 – Solazyme, Inc.(NASDAQ: SZYM), a renewable oil and bioproducts company, and AkzoNobel, a leading global paints and coatings company and a major producer of specialty chemicals, announced today that they have entered into an agreement targeting the development of advanced tailored oils and commercial sales for near-term product supply.
Tailored oils can enhance or replace petroleum-derived chemicals, and improve upon the performance of plant oils and animal fats. The Solazyme and AkzoNobel agreement is rooted in a shared commitment to sustainability and high-performance products derived from triglyceride oils.
“AkzoNobel’s leadership in specialty chemicals and sustainability makes them a natural partner for us to work with,” said Jean-Marc Rotsaert, Chief Operating Officer, Solazyme. “Akzo’s significant product sales and growth strategy in the Americas also overlaps well with our manufacturing footprint.”
Commercial supply of multi-thousand ton quantities of highly sustainable algal oil is expected to originate from the Solazyme Bunge Renewable Oils Joint Venture oil manufacturing plant in Brazil. Sales of product are anticipated to commence in 2014, with pricing to be competitive and based upon Solazyme’s cost of manufacturing.
“We think the tailored triglycerides developed by Solazyme can offer valuable new technology for our Surface Chemistry and Decorative Paints businesses, and we are excited about our partnership with such an innovative, promising new business” said Graeme Armstrong, Corporate Director for Research, Development and Innovation, AkzoNobel. Added Peter Nieuwenhuizen, Director Future-proof Supply Chains “We look forward to a multi-faceted alliance with Solazyme, including supply in the Americas region, and joint research and development to drive new functionality alongside improved sustainability.”
Product development efforts are anticipated to begin in the second half of 2013, and are focused on a number of AkzoNobel’s end market applications, specifically surfactants and paints and coatings.
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 our website: http://www.solazyme.com
Solazyme®, the Solazyme logo and other trademarks or service names are the trademarks of Solazyme, Inc.
AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. AkzoNobel supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. The AkzoNobel portfolio includes well-known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, AkzoNobel are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, AkzoNobel’s 50,000 people around the world are committed to excellence and delivering Tomorrow’s Answers Today™.
This press release contains certain forward-looking statements about Solazyme, including statements that involve risks and uncertainties concerning: agreement on the oils to be developed; the potential uses of such oils; the ability to launch successful products from such development; the speed of any such development; market demand for such products; the impact of new product introduction on long-term competitiveness and pricing; agreement on definitive supply terms; and Solazyme's ability to maintain its relationships with its partners and customers. 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. 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: Solazyme's limited operating history; its limited history in commercializing products; implementation risk in deploying new technologies; market acceptance of its products; and its ability to enter into and maintain strategic collaborations. 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 Annual Report on Form 10-K, 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.
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