Amyris announces progress with Total, Cosan partnerships
On April 1 Amyris Inc. released a statement highlighting the progress it has made with regard to its partnerships with Total S.A. and Cosan Ltd., as well as an investment agreement with Biolding Investment S.A. According to Amyris, the milestones it has achieved under each relationship underscore its focused execution with respects to its collaborations and partnerships.
Regarding the partnership with Total, Amyris announced it has received confirmation that Total will provide $30 million in funding by July 2013, as anticipated in the revised collaboration agreement announced in July 2012.
Amyris and Total first announced a strategic partnership in mid-2010, under which Total acquired a 17 percent equity interest in Amryis on a fully diluted basis. Under the original collaboration agreement, the two company’s research and development teams worked together to develop new products and biological pathways to produce biobased fuels and chemicals. An expansion to the agreement was announced in late 2011. Under the updated agreement, Amyris and Total expanded their collaboration agreement to focus on the acceleration and deployment of Biofene, Amyris’s brand of renewable farnesene, and to develop renewable diesel based on Biofene. In mid-2012 the two parties further enhanced their strategic partnership, with Total agreeing to dedicated $82 million in funding over the following three years to support the deployment of Biofene. The first $30 in funding was made during the third quarter of 2012. Earlier this year Amyris announced the first commercial shipment of Biofene from its plant in Brazil.
As part of the update announced on April 1, Amyris said that as a result of the success of the collaboration with Total, the two parties plan to launch a joint venture company in mid-2013 to market renewable diesel, jet fuel and other specialty products derived from Biofene.
Amyris also announced it has entered into definitive agreements with Cosan to expand the joint venture Novvi to include renewable additives and finished lubricants for industrial, commercial and automotive uses. The original scope of the joint venture, which launched in July 2011, focused on renewable base oils. On April 1, Amyris also announced it plans to supply Biofene to Novvi for the finishing final products until the joint venture builds its own farnesene production capacity.
Finally, Amryis announced it has met technical milestones needed at its Brazilian Biofene plant to satisfy conditions for a $5 million follow-on common stock investment from existing investor Biolding Investment. The funding, which was received in late March, represents the final tranche of the investor’s preexisting contractual obligation to fund $15 million upon the satisfaction of certain performance conditions at the Brazil plant.