After 2 Years of R&D Collaboration, Solazyme Announces a Phase 3 Research and Development Agreement with Ecopetrol
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Solazyme, Inc., an industrial biotechnology company producing renewable oils and bioproducts using microalgae, has signed its third development agreement with Ecopetrol (EC, NYSE), the largest company in Colombia and one of the four major oil companies in Latin America, to analyze manufacturing viability of algae-based diesel fuel using renewable Colombian feedstocks such as sugarcane and byproduct glycerol. Ecopetrol has a strategic goal to provide at least 450 million tons of fuel from renewable oil sources by 2015.
“Ecopetrol is committed to meet targets to increase production of advanced biofuels in Colombia. After evaluating the competing technologies in the marketplace, we determined that Solazyme is an optimal partner to help us meet these targets due to the maturity of their technology and the compatibility with our existing infrastructure”
“Ecopetrol’s thought leadership and commitment to developing renewable sources of fuel is inspiring. Working with Ecopetrol, Solazyme’s technology will provide Colombia with renewable sources of oil and fuel that dramatically reduce carbon pollution by replacing petro-diesel with a ‘drop-in’ replacement made using algae,” said Jonathan Wolfson, CEO of Solazyme.
“Ecopetrol is committed to meet targets to increase production of advanced biofuels in Colombia. After evaluating the competing technologies in the marketplace, we determined that Solazyme is an optimal partner to help us meet these targets due to the maturity of their technology and the compatibility with our existing infrastructure,” said Nestor Saavedra, Director of the Colombian Petroleum Institute of Ecopetrol.
After a two-year R&D relationship, Solazyme and Ecopetrol will now move into the third phase, which includes establishing feedstock specifications and optimization, as well as conducting large-scale fermentation and engineering of demonstration scale facilities. Following this phase, the parties plan to move toward commercial deployment of renewable oil and fuel production.
About Solazyme:
Solazyme, Inc. is an industrial biotechnology company producing renewable oils and bioproducts using microalgae. Founded in 2003 and headquartered in South San Francisco, Solazyme’s unique technology allows algae to produce oil and biomaterials in standard fermentation facilities quickly, efficiently and at large scale. These oils and biomaterials are tailored not only for biofuel production, but also as replacements for fossil petroleum and plant oils in a diverse range of products running from clean fuels and chemicals to cosmetics and foods. Solazyme’s oils and fuels provide compelling solutions to increasingly complex issues of fuel scarcity, energy security and environmental impact while fitting cleanly into the pre-existing multi-trillion dollar fuel infrastructure. Solazyme’s investors among others include Braemar Energy Ventures, Harris & Harris Group, Lightspeed Venture Partners, The Roda Group, and VantagePoint Venture Partners. For more information, please visit our website: http://www.solazyme.com.
