Solazyme and AkzoNobel Expand Partnership in Surface Chemistry
July 30 2014 - 4:05PM
Business Wire
Agreement includes joint product development
and principal terms of a multi-year supply agreement targeting
annual supply of up to 10,000 MT of algal oil for surfactant
production
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.
This press release contains certain forward-looking statements
about Solazyme, including statements that involve risks and
uncertainties concerning: successful product development and
production; the ability to launch successful, cost-effective
products from such development; the timing and speed of any such
development; functional benefits and performance of such products;
market demand for such products; mutual agreement on, and execution
of, a definitive supply agreement; and Solazyme’s ability to
maintain its relationships with its partners and customers. When
used in this press release, the words “will”, “expects”, “intends”
and other similar expressions and any other statements that are not
historical facts are intended to identify those assertions as
forward-looking statements. Any such statement may be influenced by
a variety of factors, many of which are beyond the control of
Solazyme, that could cause actual outcomes and results to be
materially different from those projected, described, expressed or
implied in this press release due to a number of risks and
uncertainties. Potential risks and uncertainties include, among
others: Solazyme’s limited operating history; its limited history
in commercializing products; technical risk in developing new
products; implementation risk in deploying new technologies; market
acceptance of its products; and its ability to enter into and
maintain strategic collaborations. Accordingly, no assurances can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of Solazyme.
In addition, please refer to the documents that Solazyme, Inc.
files with the Securities and Exchange Commission, including its
Quarterly Report on Form 10-Q, as updated from time to time,
for a discussion of these and other risks. You are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date of this press release. Solazyme is not under
any duty to update any of the information in this press
release.
Solazyme, Inc.Genet Garamendi, 650-780-4777VP of
CommunicationsPress@solazyme.comorAkzoNobel Corporate Media
RelationsPaul ThomasMedia.relations@akzonobel.com