Solazyme forms joint venture with Bunge for renewable fuels
Solazyme announced a joint development agreement with Bunge to develop microbe-derived oils using Brazilian sugarcane feedstock.
Solazyme, a renewable oils, chemicals and products company based in South San Francisco, has expanded a partnership with foods conglomerate Bunge, with which it will form a joint venture in Brazil to produce renewable transportation fuels.
The joint venture between Bunge Global Innovation, a subsidiary of Bunge Limited (NYSE: BG), and Solazyme will "build, own and operate a commercial-scale renewable tailored oils production facility adjacent to Bunge’s Moema sugarcane mill in Brazil," the companies said in a statement.
This is good news for Solazyme, which will be one of the earliest renewable fuels companies to advance to commercial scale fuels applications if the joint venture is successful. Other biofuels companies haven't found partners to help them build expensive, commercial-scale factories, while Emeryville-based Amyris recently announced it would abandon its plans to produce renewable transportation fuels altogether.
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