Solazyme, Inc. (NASDAQ: SZYM) (“Solazyme”), a renewable oil and bioproducts company, today announced that its joint venture with Bunge Global Innovation LLC (“Bunge”), a wholly-owned subsidiary of Bunge Limited (NYSE:BG), has successfully produced its first commercially saleable products on full-scale production lines, including the 625,000L fermentation tanks, at the Solazyme Bunge Renewable Oils plant in Brazil. Both oil and encapsulated lubricant, Encapso™, products have been manufactured; production is continuing and is expected to reach nameplate capacity within the next 12-18 months.
“With production underway at the Solazyme Bunge Renewable Oils plant, Solazyme is manufacturing products at three large scale facilities, including our 2,000 MT/year integrated facility in Peoria, the 20,000 MT/year Iowa facilities in Clinton/Galva and the 100,000 MT/year facility in Brazil,” said Jonathan Wolfson, CEO Solazyme. “Continued progress at the recently completed adjoining co-gen facility has resulted in more reliable power and steam, enabling startup of commercial operations and production of our first commercially saleable product. We are truly excited to have begun manufacturing operations at our joint venture’s flagship facility in Brazil.”
"The start of production at the Solazyme Bunge Renewable Oils plant is an important milestone for this joint venture. We’re proud of the work we have done with our partner Solazyme in bringing the world's first built-for-purpose renewable oil plant on line. We remain committed to the success of the joint venture and see significant market opportunities that we can address together," said Ben Pearcy, Managing Director, Sugar & Bioenergy, Bunge Limited.
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 four target markets: (1) fuels and chemicals, (2) nutrition, (3) encapsulated lubricants and (4) consumer products. Solazyme®, Encapso™, and the Solazyme logo are trademarks of Solazyme, Inc. Forward Looking Statements 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: its commercialization and production plans; the expected nameplate capacity of its facilities and the timing of the ramp up of its facilities. 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 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: Solazyme’s limited operating history; implementation risk in deploying new technologies; its limited experience in constructing, ramping up and operating commercial manufacturing facilities; the availability of consistent, reliable power and steam; its ability to enter into and maintain strategic collaborations; its ability to obtain requisite regulatory approvals; and its access, on favorable terms, to any required financing. 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV