Amyris secures funding from Total and Biolding for reaching milestones

April 1, 2013 |

In California, Amyris announced three major milestones. Amyris has received confirmation Total will provide $30 million of funding to Amyris by July 2013, as anticipated in the revised collaboration agreement announced last year.

In addition, as a result of the continued success of Amyris’s existing technology collaboration with Total, the two parties intend to form a joint venture company by mid-2013 to market renewable diesel, jet fuel, and other specialty products derived from Biofene, Amyris’s renewable brand of farnesene.

Amyris and Cosan have entered into definitive agreements to expand their joint venture, Novvi, to include renewable additives and finished lubricants for industrial, commercial and automotive uses in addition to the joint venture’s original scope of renewable, base oils for such markets. Amyris plans to supply Biofene to Novvi for finishing into final products until the joint venture builds its own farnesene production capacity. Amyris has met the technical milestones at its production plant in Brazil to satisfy the conditions for a follow-on common stock investment of $5 million from its existing investor, Biolding Investment SA. The $5 million Amyris received last week represented the final tranche of Biolding’s preexisting contractual obligation to fund $15 million upon satisfaction of certain performance conditions at Amyris’s Biofene plant.

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Category: Fuels

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