Solazyme,
Inc. (NASDAQ:SZYM), a renewable oil and bioproducts company, and Versalis,
the chemical subsidiary of Eni S.p.A., one of the world’s largest oil
and gas companies, today announced a partnership to expand the
commercial use of Encapso™ – the world’s first commercially-available,
biodegradable encapsulated lubricant for drilling fluids.
“As a leading chemical company with a demonstrated commitment to green
chemistry and an emerging focus on specialty oilfield products, Versalis
is extremely well-positioned to advance the use of Encapso globally to
provide customers with a high-performance and sustainable drilling
lubricant,” said Solazyme CEO Jonathan Wolfson. “Through this
partnership, we look forward to working closely with Versalis to expand
into new markets to help meet the growing demand for energy while
reducing impacts on our environment.”
Part of a leading oil and gas company and operating internationally with
a dedicated distribution network, Versalis will expand market access and
drive global sales for Encapso as a high-performance
and sustainable drilling fluid additive. Versalis’ initial emphasis
for Encapso will be oil and gas fields operated by its parent company
Eni, which represent a significant amount of the world’s petroleum
drilling activity. Encapso will be featured as part of the company’s
recently launched Specialty Oilfield Chemicals product portfolio with
target sales volumes exceeding 3,000 metric tons of Encapso annually.
Winner of the Presidential
Green Chemistry Challenge Award, Solazyme launched Encapso in the
Spring of 2014. With its unique, on-demand lubricant delivery system,
Encapso increases rates of penetration, decreases drag and reduces both
rotational torque and friction in a variety of vertical and horizontal
drilling applications. This can lead to reduced drilling costs and
accelerated operations. Developed from Solazyme’s technology platform,
Encapso is non-hazardous and biodegradable.
Encapso’s effectiveness has been demonstrated commercially in more than
30 oil wells in basins
across the United States and Canada, including major areas of
exploration in the Williston Basin, Denver-Julesburg Basin, Permian
Basin and Western Canada. Encapso’s versatility and inert shell makes it
re-usable across various formulations and applications – further
reducing overall customer costs.
About Solazyme
Solazyme, Inc. (Nasdaq: SZYM)
is a renewable oil and bioproducts company that transforms a range of
low-cost, plant-based sugars into high-value oils. Headquartered in
South San Francisco, Solazyme’s renewable products can replace or
enhance oils derived from the world’s three existing sources –
petroleum, plants and animal fats. Initially, Solazyme is focused on
commercializing its products into four target markets: (1) fuels and
chemicals, (2) nutrition, (3) encapsulated lubricants and (4) consumer
products.
Solazyme®, Encapso™, the Solazyme logo and Encapso logo and other
trademarks or service names are the trademarks of Solazyme, Inc.
Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about Solazyme, including statements that involve risks and
uncertainties concerning: its commercialization and production plans;
the commercialization plans of Solazyme’s products through the announced
partnership; expectations regarding the manufacture of Solazyme’s
products and the expansion of and access to new markets for Solazyme’s
products. When used in this press release, the words “will”, “expects”,
“intends” and other similar expressions and any other statements that
are not historical facts are intended to identify those assertions as
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Any such statement may be influenced by a
variety of factors, many of which are beyond the control of Solazyme,
that could cause actual outcomes and results to be materially different
from those projected, described, expressed or implied in this press
release due to a number of risks and uncertainties. Potential risks and
uncertainties include, among others: Solazyme’s limited operating
history; Solazyme’s limited experience in manufacturing commercial
products at scale at its manufacturing facilities; the performance and
adoption of and demand for Solazyme’s products in the marketplace; its
ability to enter into and maintain strategic collaborations; and the
historical volatility in the market for oil field services and products.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur,
or if any of them do so, what impact they will have on the results of
operations or financial condition of Solazyme.
In addition, please refer to the documents that Solazyme, Inc. files
with the Securities and Exchange Commission, including its Quarterly
Reports on Form 10-Q, as updated from time to time, for a discussion of
these and other risks. You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release. Solazyme is not under any duty to update any of the
information in this press release.
Copyright Business Wire 2014