Solazyme, Bunge in JV for 100K tonnes of renewable oils in Brazil by 2013

In California, Solazyme and Bunge announced the formation of a joint venture 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 agreement includes a value sharing mechanism that provides additional compensation to Solazyme for its technology contributions.