Amyris and Total to proceed with jet fuel JV

Industrial bioscience company Amyris and Total Energies Nouvelles Activités USA, a wholly owned subsidiary of Total S.A., (Total) have announced plans to restructure their existing fuels joint venture

The agreement will allow Amyris to proceed with the commercialisation of its jet fuel technology over the coming years. Following the restructuring, Total would own 75% of the joint venture with Amyris.

In conjunction with this transaction, Amyris has also agreed on key business terms with Total and Temasek, another major stockholder of Amyris, under which these stockholders would exchange an aggregate of $138 million (€124.6 million) of convertible debt for Amyris common stock at a price of $2.30 per share. An additional $37 million of outstanding convertible debt will be restructured to eliminate Amyris's repayment obligation at maturity and provide for mandatory conversion to Amyris common stock.

The terms of the restructuring include provisions related to the note conversions for these participating stockholders, including to maintaining pro rata holdings. The closing of the exchange transactions would be subject to customary closing conditions, including any required board of directors or other internal approvals, and regulatory approvals or notices.

These joint venture and exchange transactions are subject to the execution of definitive agreements between Amyris and the parties.