(SeeNews) - Nov 15, 2012 - US renewable oil and bioproducts firm Solazyme Inc (NASDAQ:SZYM) yesterday unveiled an agreement with US agribusiness and food group Bunge Ltd (NYSE:BG) to expand the capacity of their Solazyme Bunge Renewable Oils joint venture.
The partners are currently building a 100,000-tonne renewable oil production facility next to Bunge's Moema sugarcane mill in Brazil. As part of a joint venture expansion framework agreement inked between Solazyme and Bunge Global Innovation LLC, a wholly-owned unit of Bunge, they now plan to raise Solazyme Bunge Renewable Oils' production capacity from the 100,000 tonnes under construction to 300,000 tonnes annually by 2016. Capacity is to be added at "select Bunge owned and operated processing facilities worldwide."
Under the deal, the companies also plan to broaden the portfolio of oils to be made at their joint venture plant in Brazil to include certain tailored food oils for sale on the Brazilian market.
They expected to negotiate definitive agreements in the next months.
Solazyme's technology converts a range of plant-based sugars into high-value oils.