Solazyme Inc. has agreed to expand its joint venture with Bunge Global Innovation LLC, a wholly-owned subsidiary of Bunge Ltd. The agreement sets forth the intent of the partners to expand joint venture-owned oil production capacity at Solazyme Bunge Renewable Oils from the current 100,000 metric tons under construction in Brazil to 300,000 metric tons by 2016 at select Bunge owned and operated processing facilities worldwide.
In addition, the companies intend to expand the portfolio of oils to be produced out of their joint venture facility in Brazil. The expanded field and portfolio of oils would include certain tailored food oils for sale in Brazil, where Bunge is the largest supplier of edible oils through several of its retail brands. The companies intend to work together through joint market development to bring new nutritious edible oils to the Brazilian market.
“Solazyme’s renewable oil technology provides the flexibility to produce multiple high value oils from a single facility. After building a strong commercial relationship together, we believe there is a broader scope of opportunities ahead of us,” said Ben Pearcy, Managing Director, Sugar & Bioenergy, and Chief Development Officer, Bunge Ltd.