Solazyme and Bunge form JV

Renewable oil company Solazyme and Bunge Global Innovation, an agribusiness and food company, have agreed to form a joint venture that will produce triglyceride oils in Brazil.

Under the JV, Solazyme and Bunge will build a new plant on the site of Bunge's existing sugarcane mill in Brazil. Upon completion, slated for 2013, the facility will produce 100,000 tonnes of renewable oils.

Both companies are to invest in the project, developments for which have already begun.

The plant will be installed with Solazyme's advanced sugar-to-oil technology, while Bunge will bring to the project its expertise in sugarcane milling and natural oil production.