South San Francisco, Calif. – July 30, 2014 – Solazyme, Inc. (NASDAQ: SZYM), a renewable oil and bioproducts company, and AkzoNobel, a leading global paints and coatings company and a major producer of specialty chemicals, have expanded their previously announced joint development agreement. The expansion provides for funded product development, as well as key terms for a multi-year supply agreement targeting annual supply of up to 10,000 MT of renewable Tailored™ algal oils pending successful product development.
The parties expect that Solazyme’s algal oil for the new proprietary surfactant contemplated under the joint development agreement would be able to replace both petroleum- and palm oil-derived chemicals. The target product is designed to have improved functional and environmental performance, as well as a lower overall cost to AkzoNobel.
“AkzoNobel has been a leader in sustainability for many years. This expanded partnership marks an important step forward in our relationship while underscoring the importance we place on developing sustainable, high performance products,” said Jonathan Wolfson, Chief Executive Officer, Solazyme. “The product development effort not only advances our technology platform into valuable new chemistries, but it also outlines the critical aspects of a long-term supply agreement.”
“This agreement shows we follow through on our strategies and partnership commitments,” said Peter Nieuwenhuizen, Director Innovation and Partnerships, AkzoNobel. We identified Solazyme to complement our own capabilities, and have now agreed on a joint target that should deliver a triple win: for AkzoNobel, for Solazyme as well as yielding more sustainable products for our customers and the world as part of our Planet Possible approach to sustainability.”
Graeme Armstrong, President & Managing Director, Surface Chemistry, AkzoNobel added: “We look forward to the joint development work with Solazyme, and are optimistic that it can make a valuable contribution to AkzoNobel’s business objectives.”
Product development is expected to commence immediately, and the parties anticipate entering into a definitive supply agreement as they near completion of product development.
About Solazyme:
Solazyme, Inc. (SZYM) is a renewable oil and bioproducts company that transforms a range of low-cost,plant-based sugars into high-value oils. Headquartered in South San Francisco, Solazyme’s renewable products can replace or enhance oils derived from the world’s three existing sources -petroleum, plants and animal fats. Initially, Solazyme is focused on commercializing its products into four target markets: (1) fuels and chemicals, (2) nutrition, (3) encapsulated lubricants and (4) consumer products. Solazyme®, Tailored™, the Solazyme logo and other trademarks or service names are the trademarks of Solazyme, Inc.
About AkzoNobel:
AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 50,000 people around the world are committed to delivering leading products and technologies to meet the growing demands of our fast-changing world.
Source
Solazyme, Inc, press release 2014-07-30.
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