Big names invest in biomaterials developer

September 14, 2010

BY Luke Geiver

Solazyme Inc., a California-based biotechnology developer that uses algae to produce fuels, chemicals and foods, has added some notable names to its investors list. During the company’s recent Series D round of financing, Unilever, Brazilian vegetable oil and sugarcane processing giant Bunge Ltd., and Virgin Airlines founder Sir Richard Branson  invested in the renewable oil and bioproduct producer. CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC, also joined in along with others.


Jonathan Wolfson, CEO and co-founder of Solozyme, said the partnership with Unilever will compliment Unilever’s commitment to provide sustainable products on a global scale. “We can’t speak for Unilever on
the range of products our renewable oils will potentially be used in, [but] we can say that we have been working with them on incorporating our renewable oil into personal care products such as soaps,” Genet Garamendi, vice president of corporate communications said. The key benefit to the partnership is that Solazyme’s technology, which uses standard industrial fermentation, can tailor design the oil for a specific product carbon chain length and saturation,
according to Garamendi.
 


The partnership with Unilever has been ongoing for over 2 years and the investment is an extension of that collaboration, Garamendi said, adding, “They are thought leaders in sustainability and we have been working with them to provide a renewable alternative to palm oil and other oils.” Regarding the recent investment, Phil Giesler, innovation director at Unilever Corporate Ventures, said the joint effort will help Unilever to plan for how future developments in Solazyme’s technology platform will contribute to Unilever’s supply options and assist in the company’s sustainability vision. 

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Both Wolfson and Ben Pearcy, Bunge’s managing director of sugar and bioenergy, said the partnership between the two “sits” strategically at the intersection of Bunge’s access to sugarcane and natural oils markets. Branson said he was excited about Solazyme’s potential to make oils for fuels, chemicals and foods at scale. The funding from Virgin will come from the Virgin Green Fund in the renewable energy and resource efficiency sectors. 


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