EMERYVILLE, Calif.--(Amyris, Inc. (NASDAQ:AMRS), a leading producer of integrated renewable products, today announced plans to establish a joint venture with U.S. Venture, Inc., a distributor of industrial and automotive aftermarket products and lubricants, for the production, marketing and distribution of finished lubricants for the North American market. The joint venture would market and sell lubricants employing Amyris’s synthetic renewable base oils derived from Biofene™. The parties aim to sign definitive agreements in the second quarter of this year.)--
“This joint venture will be an important step in accelerating our capability to develop and commercialize our No Compromise® renewable lubricants”
The plans for the joint venture anticipate that U.S. Venture would contribute to the joint venture its existing regional lubricants business, known in the market as U.S. Lubricants, including products and customer relationships in the industrial, commercial and consumer segments. Amyris would facilitate access to a supply of its proprietary synthetic renewable base oils and formulations for a range of lubricant products using those base oils.
“This joint venture will be an important step in accelerating our capability to develop and commercialize our No Compromise® renewable lubricants,” said Amyris CEO John Melo. “U.S. Venture is a leader in industrial lubricants, and we’re looking forward to combining our breakthrough technology and products with an established technology partner and distributor.”
“This relationship addresses U.S. Lubricants’s drive to meet the evolving needs of our customers and to expand our reach in key target sectors of our lubricants business. We believe that Amyris’s renewable base oil technology would be highly complementary to our existing product line and would provide our customers with access to high performing lubricants with reduced environmental impact,” said John Schmidt, CEO of U.S. Venture.
Under the planned arrangement, Amyris would become the majority economic beneficiary of the joint venture. Amyris is working on the production of a complete line of renewable lubricants, including hydraulic, compressor, turbine and gear oil and grease, as well as 2-cycle and 4-cycle engine oil. The product line would be designed to provide No Compromise performance and equipment protection equal or superior to that of existing synthetic lubricants, while offering environmental benefits such as improved biodegradability and low toxicity compared to traditional petroleum-based lubricants.
About Amyris, Inc.
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 subsidiary of Amyris, oversees the establishment and expansion of Amyris's production 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 U.S. Venture, Inc.
U.S. Venture, through its divisions, distributes and markets petroleum products, automotive aftermarket products and lubricants in the United States. U.S. Lubricants, a one of the major divisions of U.S. Venture, manufactures motor oil, cutting oil and related products, and sells them, along with grease and other major oil products, to industrial and commercial facilities. U.S. Venture was founded in 1951 and is based in Appleton, Wisconsin. For more information, please visit www.usventure.com.
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 the establishment of a joint venture and signing of related definitive agreements, the development and commercialization of lubricant products, and the properties and anticipated benefits of such lubricant 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. 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, Biofene and No Compromise are trademarks or registered trademarks of Amyris, Inc.