Solazyme, Inc. and Bunge Global Innovation LLC announced that they have entered into a framework agreement for the formation of a joint venture entity focused on the production of triglyceride oils in Brazil. The JV anticipates building a 100,000mt renewable oil production facility located at a Bunge owned sugar cane mill in Brazil. Engineering for the plant will commence immediately and will be funded by both parties. Upon completion of site-specific engineering designs and execution of final JV agreements, construction on the facility will begin, with a targeted start-up during the 2013 cane harvest. The plant will use Solazyme’s breakthrough sugar-to-oil technology and Bunge’s sugarcane milling and natural oil processing capabilities to produce Solazyme’s tailored triglyceride oils for chemical applications. The equity contributions for the project will be financed by both parties, and the agreement includes a value sharing mechanism that provides additional compensation to Solazyme for its technology contributions.