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Solazyme's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: SZYM

In nutrition our Solazyme Roquette Nutritionals JV had a big win when we received an FDA no questions notification corresponding to the generally recognized as safe filing with the FDA for use of an algal oil and foods [ph].

Outside the JV, we’re sampling new tailored oils to some of the food companies in the world. In chemicals, we’re producing new and breakthrough tailored oil profiles that will disrupt existing markets and define new ones.

In fuels, the US Navy demonstrated the Green Strike Group at RIMPAC 2012 and the EPA granted registration for our SoladieselRD fuel. Diving a bit deeper, our Solazyme Bunge renewable oils JV is opt to a great start.

In June, we broke ground on our first 100,000 metric ton commercial facility located at Bunge’s flagship sugar cane mill in Moema, Brazil. We recently commenced civil works at the site and we remain unscheduled for operations in the fourth quarter of 2013.

We also announced the formation of the JV management team including the employment of Hildo Henz as the general manager. Hildo is a seasoned executive who brings proven experience. He served as a CEO of a major refining joint venture between Petrobras and Repsol where he was responsible for over $1.3 billion on capital expansion projects and while at Branko, a major sugar and ethanol producer in Brazil, he managed green field projects in excess of $500 million.

Here in the US, we’re pleased with the progress at our manufacturing facility in Peoria, Illinois where we commenced operations for an integrated bio refinery with the DOE on schedule during the quarter.

This facility now enables us to produce substantial quantities of algal oil for market development at a single sight, providing for sampling and market seeding for a multitude of partners and potential customers in an integrated commercial scale facility.

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