AE Biofuels acquires Zymetis
AE Biofuels Inc. said Wednesday it completed an acquisition of Zymetis Inc., an industrial biotechnology firm developing products for the renewable chemicals and advanced fuels sectors.
The Cupertino-based advanced biofuels company (OTC:AEBF) issued 6,673,555 common shares to Zymetis shareholders under the transaction, with 766,000 of the shares vesting over three years.
The nearly 100-employee company operates a 55 million gallon ethanol plant in California and received a $1.8 million grant from the California Energy Commission in April to accelerate commercial implementation of its enzyme-based, cellulosic ethanol production technology.
Maryland-based Zymetis is expected to operate as a subsidiary of AE Biofuels.
Zymetis has patents and patents pending on the Z-microbe — a marine organism that consumes plant cellulose. The microbe naturally generates enzymes that convert sugar, starch, and cellulose into useable chemicals and fuels.
Read more in the Silicon Valley/San Jose Business Journal.
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