Solazyme up 10% on Brazil JV Announcement

Solazyme

is trading higher on the session after the company announced it will form a Brazil JV with Bunge Global Innovation, a subsidiary of Bunge Limited

. The joint venture will be called Solazyme Bunge Produtos Renováveis. Jonathan Wolfson, CEO, Solazyme stated: “The JV's commercial-scale production facility in Brazil will provide Solazyme with the capacity we need to produce renewable tailored oils to meet the strong demand we're seeing in our initial target markets. As a leader in oilseed processing and sugarcane milling, Bunge brings crucial expertise and scale to the table. Their global presence in sugar and vegetable oil markets, large-scale processing experience and significant footprint in Brazil, coupled with our advanced fermentation technology, creates a powerful alliance in the rapidly emerging area of tailored oils.” Solazyme is currently trading at $15.74, a gain of $1.43 or 9.99%.