EMERYVILLE, Calif.--()--Amyris Biotechnologies, Inc. today announced that it is securing funding to advance progress toward the company’s targeted 2011 first commercialization, including scale up and commercial plant design activities. In recent months, Amyris has opened both a pilot plant and demonstration facility in Campinas, Brazil, and advanced its work with an established engineering, procurement and construction management (EPCM) firm to complete detailed plant design and engineering plans. Amyris is in the process of securing its first production site and expects to begin to order equipment for this plant toward the end of the year.
“This funding will enable us to continue to move aggressively toward this goal, and demonstrates investor confidence in our technology, our business strategy, and our execution on this strategy in both the U.S. and in Brazil.”
“We are making strong progress toward realizing our near-term goal of bringing our renewable products to market, seeking to provide the world with low cost, scalable alternatives to petroleum sourced fuels and chemicals,” said John Melo, chief executive officer, Amyris. “This funding will enable us to continue to move aggressively toward this goal, and demonstrates investor confidence in our technology, our business strategy, and our execution on this strategy in both the U.S. and in Brazil.”
Amyris has raised $41.75 million in the current Series C round, from new investors GrupoCornelioBrennand of Brazil and Naxos UK, as well as from previous investors including Khosla Ventures, Kleiner Perkins Caufield & Byers, TPG Biotech and Votorantim Novos Negocios. The Company anticipates additional closings this fall, targeting a total funding of approximately $60 million, which would bring total equity raised to-date to approximately $165 million. These funds have enabled the company to build its synthetic biology platform of engineered yeast to produce a portfolio of renewable chemicals and transportation fuels, establish Brazil operations and scale up facilities, engage mill owners for access to sugarcane feedstock and scale-up production, and build a U.S. distribution subsidiary that is already generating revenue.
About Amyris Products:
Amyris is demonstrating market acceptance for its renewable chemicals and diesels, and expects to commercialize its first renewable product starting 2011. The Company has entered into its first off-take agreement for a chemical product with a leading global customer for that product, and has entered into a strategic agreement with one of the world’s largest consumer products companies pursuant to which Amyris chemicals may be developed and commercialized for use within this company’s portfolio of products. Amyris renewable products are designed to be environmentally friendly and perform as well as or better than petroleum sourced products. Analyses to-date indicate that Amyris No Compromise® Renewable Diesel is inherently stable at cold temperatures, does not break down during storage and transport like conventional biodiesel, and offers a number of environmental benefits, including the elimination of sulfur and greatly reduced NOx, particulate, carbon monoxide and hydrocarbon exhaust emissions. In 2009, Amyris diesel was officially registered with the Environmental Protection Agency - the first hydrocarbon fuel made from plant-derived sources that has been registered for commercial sale in the U.S. Amyris diesel has also been featured in several on-road tests, including in a diesel hybrid bus used for the International Olympic Committee’s tour of Chicago as part of Chicago’s bid for the 2016 Olympic Games.
About Amyris Biotechnologies:
Amyris is an integrated, renewable products company striving to help the world reduce its carbon footprint through the production and use of renewable chemicals and transportation fuels. Amyris’s strategy is to combine technology, production and distribution with the goal of commercializing and scaling products effectively while participating across the supply chain. Amyris applies synthetic biology to produce a broad range of products, and combines this technology with growing scale up and production capabilities through its Brazilian subsidiary, Amyris do Brasil Pesquisa e Desenvolvimento Biocombustiveis Ltda. Amyris is also building distribution capabilities, including through its U.S. subsidiary Amyris Fuels, LLC. Amyris has 13 issued U.S. and foreign patents and 187 pending U.S. and foreign patent applications. More information about Amyris and its subsidiaries is available at www.amyris.com or www.amyrisbrasil.com.
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