The JV anticipates constructing a 100,000mt renewable oil production facility located at a Bunge owned sugar cane mill in Brazil.
Engineering for the renewable oil facility will begin immediately and will be funded by both Solazyme and Bunge.
Upon completion of site-specific engineering designs and execution of final JV agreements, construction on the facility will commence, with a targeted start-up during the 2013 cane harvest.
The plant, will employ Solazyme’s sugar-to-oil technology and Bunge’s sugarcane milling and natural oil processing capabilities, to produce Solazyme’s tailored triglyceride oils for chemical applications.
Both parties will provide finance for the project and the agreement includes a value sharing mechanism that provides additional compensation to Solazyme for its technology contributions.
US based Solazyme is a renewable oil and bioproducts company that transforms a range of low-cost plant-based sugars into high-value tailored oils.
