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Solazyme Reports Fourth Quarter And Full Year 2012 Results

Recent Business Highlights

  • Joint Development Agreement with Mitsui: Solazyme and Mitsui & Co., Ltd. entered into a $20 million, multi-year agreement to jointly develop a suite of triglyceride oils for use primarily in the oleochemical industry. Together the companies will work to advance the development of Solazyme's high-myristic algal oil as well as additional oils targeting the oleochemical and industrial sectors.
  • Successful Fermentation in 500,000 Liter Vessels at ADM facility: Solazyme successfully completed multiple initial fermentation runs at Archer-Daniels-Midland Company’s (ADM’s) facility in Clinton, Iowa. During the runs, Solazyme achieved commercial scale production metrics, exhibited linear scalability of its process from laboratory scale, and achieved commercial scale without contamination.
  • Solazyme Bunge Renewable Oils Receives Approval for $120 Million in Project Financing: The joint venture between Solazyme and Bunge Global Innovation LLC (“Bunge”), a wholly owned subsidiary of Bunge Limited, received approval for approximately $120 million in project financing from the Brazilian National Development Bank (BNDES) to support its first commercial scale renewable oil production facility in Brazil.
  • Completion of Convertible Senior Subordinated Notes Offering: Solazyme successfully completed its offering of 6% Convertible Senior Subordinated Notes due 2018, raising $125 million in gross proceeds. The Company intends to use the proceeds to fund project related costs and capital expenditures and for general corporate purposes.

2012 Highlights

  • Development of New Tailored Oils: Solazyme continued to expand its technology platform through the development of multiple high value oils including its high oleic oil, high myristic oil and cocoa butter substitute.
  • Successful Partnership with Bunge: Following the formation of a joint venture in April, Solazyme and Bunge successfully broke ground on their 100,000 metric ton renewable oils production facility in Brazil in June. In November, Solazyme and Bunge entered into a joint venture expansion framework agreement targeting 300,000 metric tons at select Bunge owned and operated processing facilities worldwide. In addition, the partners added a joint market development commitment in tailored food oils.
  • Formation of Strategic Collaboration with Archer-Daniels-Midland (ADM): Solazyme signed strategic collaboration, manufacturing and market development agreements with ADM. Solazyme and ADM will produce tailored oils from ADM’s Clinton, Iowa facility. In this capital efficient manufacturing partnership, Solazyme will initially target the production of 20,000 metric tons of oil in 2014, with an aim to increase production to 100,000 metric tons of oil in subsequent years.
  • Solazyme Roquette Nutritionals Progress: The Solazyme Roquette Nutritionals (SRN) Joint Venture ran the Phase I facility, producing products for sales and sampling, and broke ground on its Phase 2 production facility in Lestrem, France. SRN also launched Almagine™ HL and Almagine TM HP food ingredients and received a ‘no questions’ notification from the FDA on algal oil.
  • Commissioning of Integrated Biorefinery in Peoria: Solazyme successfully commissioned its first integrated biorefinery (IBR) in Peoria, Illinois. Solazyme began the integrated production of tailored algal oils during the second quarter of 2012.
  • Strong Algenist ® Sales Growth: Solazyme continued to grow Algenist, its commercial skincare brand. Algenist revenues totaled $16.5 million in 2012, a 129% increase versus 2011. Algenist also won the QVC Rising Star Brand award, and expanded the product line during the year, finishing 2012 with 18 SKUs.

Conference Call

Solazyme will hold a conference call for investors on February 20 at 1:30 p.m. PT (4:30 p.m. ET). Investors may access the call by dialing 973-409-9250. A live webcast of the call will be available from the Investor Relations section of www.solazyme.com. A recording of the call will also be available by calling 404-537-3406; access code 96880758 beginning approximately two hours after the call, and will be available for one week. A webcast replay from today’s call will also be available from the Investor Relations section of www.solazyme.com approximately two hours after the call and will be available for up to thirty days.

About Solazyme, Inc.

Solazyme, Inc. (SZYM) is a renewable oil and bioproducts company that transforms a range of low-cost plant-based sugars into high-value 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.

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