Solazyme, Inc., a renewable oil and bioproducts company, and Mitsui & Co., Ltd. entered into a $20-million multi-year agreement jointly to develop a suite of triglyceride oils for use primarily in the oleochemical industry. The agreement includes further development of Solazyme’s 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. We look forward to rapid progress on our research and development efforts, and to commercialize these novel products thereafter.—Jonathan Wolfson, CEO, Solazyme