Solazyme, Inc., a renewable oil and bioproducts company, and Mitsui & Co., Ltd. announced today that they have entered into a $20 million multi-year agreement to jointly develop a suite of triglyceride oils for use primarily in the oleochemical industry.
The agreement includes further development of Solazyme’s breakthrough high myristic algal oil, a valuable raw material in the oleochemical industry, as well as additional oils that Solazyme is developing for the oleochemical and industrial sectors.
Product development is expected to span a multi-year period, with periodic product introductions throughout the term of the joint development alliance. End use applications may include renewable, high-performance polymer additives for plastic applications, aviation lubricants, and toiletry and household products.
“Mitsui’s extensive knowledge of the end use markets for the jointly-developed triglyceride products, including both the oleochemical industry and applications further downstream, makes Mitsui an ideal fit for Solazyme,” said Jonathan Wolfson, CEO, Solazyme. “We look forward to rapid progress on our research and development efforts, and to commercialize these novel products thereafter.”
“Collaborating with Solazyme allows us to develop highly attractive products to penetrate the traditional oleochemicals industry, and expand beyond the supply limitations caused by both regional oil production and constraints in conventional oil profiles. Solazyme’s flexible manufacturing process and oil tailoring capabilities helps to support long-term competitiveness, independent of price swings inherent to this industry, while allowing us to produce tailored oils that are in demand in the marketplace,” said Mr. Daiji Kojima, General Manager of Specialty chemicals Division, Mitsui. “Mitsui looks forward to strengthening its position in the oleochemicals industry through the successful development and commercialization of these novel products as a potential source of new sustainable materials to oleochemical companies including Mitsui’s subsidiary, Palm-Oleo Sdn.Bhd.”