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4-Traders Homepage  >  Equities  >  Nasdaq  >  Amyris Inc    AMRS

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AMYRIS : Cosan and Amyris Forming Novvi S.A. for Global Production and Commercialization of Renewable Base Oils

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06/13/2011 | 08:15am EST

Cosan S.A. Industria e Comércio (BM&FBovespa:CSAN3) and Amyris, Inc. (NASDAQ:AMRS) announced today that they have executed a Joint Venture Implementation Agreement as the final step toward the commencement of operations in Novvi S.A., the Brazilian company established for the worldwide development, production and commercialization of renewable base oils made from Biofene®, Amyris's renewable farnesene. The companies executed in December 2010 an agreement to set the preliminary terms and the general conditions to conduct a set of business, technical and commercial studies and tests with the goal to assess the feasibility of the formation and implementation of a Joint Venture. The parties have now completed feasibility studies and are establishing the operating joint venture entity.

Novvi plans to commercialize a line of synthetic, renewable base oils for the lubricants market. Novvi's base oils are designed to improve upon key environmental metrics including biodegradability, toxicity and renewability when compared with petroleum-sourced base oils, while delivering performance characteristics comparable to Group III and Group IV base oils. Novvi expects to source Biofene initially from Amyris production facilities, convert it through chemical processing into high-end renewable base oils and market and distribute these base oils worldwide. Longer term, Novvi may construct dedicated Biofene production facilities.

"The formation of Novvi provides another important channel for commercialization of Biofene, and we are pleased to have Cosan as our partner in this," said Paulo Diniz, chief executive officer of Amyris Brasil. "We expect Novvi to introduce its first products starting next year."

"We have completed the market studies and production capabilities assessment and are now ready to operate our joint venture with Amyris," said Nelson Gomes, head of Cosan Lubricants. "The combination of Amyris's Biofene infrastructure and technology platform with our feedstock capabilities and supply and distribution infrastructure creates the foundation for Novvi to become the leader in high-performance renewable synthetic base oils."

About Amyris

Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of hydrocarbon molecules - flexible building blocks which can be used in a wide range of products. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil S.A., a wholly owned subsidiary, has over 100 employees based in Campinas, Brazil and oversees Amyris's production and commercialization in Brazil. Amyris also has fuel distribution capabilities in the United States through its subsidiary, Amyris Fuels, LLC. More information about Amyris is available at www.amyris.com.

About Cosan

Cosan is a fully integrated energy company. Raízen, its joint venture with Shell, is the world's largest producer of sugar and ethanol from sugarcane, with crushing capacity of 65 million tons of sugarcane, and the third largest fuel distributor in Brazil. Cosan is also the third largest Brazilian lubricants manufacturer and is present in the sugar logistics for the retail market with the União brand and for exports through its subsidiary Rumo.

Forward-Looking Statements

This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as statements regarding production, commercialization and anticipated benefits of our products) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production or commercialization of products, our reliance on third parties to achieve our goals, and other risks detailed in the "Risk Factors" section of Amyris's annual report on Form 10-K filed on March 14, 2011 and on Form 10-Q filed May 11, 2011. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

Amyris and Biofene are trademarks or registered trademarks of Amyris, Inc.

Amyris, Inc.
Schwartz Communications
Merrill Freund or Alison Mickey, 415-817-2557
amyris@schwartzcomm.com
or
Cosan
Máquina Public Relations, 11 3147-7391
11 3147-7439
Vilma.balint@maquina.inf.br


© Business Wire 2011
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