Our farnesene plant in Brazil is operating well, meeting our technology, volumetric and cost targets. With all six fermentors running as planned and with our ongoing production rate, we are on track to achieve our year-end cost targets. Our plant at Brotas is expected to produce more farnesene this year than we produced in our entire prior contract manufacturing operations combined. All told, we have surpassed the 5 million liter production mark.

"More importantly, we are growing the market with new, innovative products. Using a blend of renewable diesel, public transit buses in Brazil’s largest cities have logged well over 15 million miles, improving performance while reducing emissions. Our cosmetics business has grown over 80% year-on-year following the introduction of Neossance Squalane, our renewable version of this premium emollient.

—Amyris CEO John Melo

The Amyris production facility, located adjacent to the Paraiso sugarcane mill in Brotas, Sao Paulo in Brazil, began commercial operations at the beginning of 2013 and had all six fermentors running in July to align with commercial volume needs.

In August 2013, Amyris entered into an agreement for a private placement of senior convertible promissory notes for approximately $60 million in cash proceeds. Two of Amyris’s leading stockholders committed to purchase the notes in two tranches. By achieving 1 million liters of production in a 45-day period, Amyris satisfied one of the two conditions required to avoid a reduction in the conversion price of the first-tranche notes (the other being a target for gross margins from product sales) and one of the key closing conditions for the second tranche.