AkzoNobel and Solazyme expand agreement to develop palm oil replacement
It is Solazyme’s hope that algal oil will one day replace palm oil in cosmetics products, and others, and this announcement will build on the previously announced joint development agreement.
The expansion provides for funded product development, as well as key terms for a multi-year supply agreement targeting annual supply of up to 10,000 MT of renewable tailored algal oils pending successful product development.
Palm oil replacement
The expectation for the new proprietary surfactant contemplated under the joint development agreement is that it will be able to replace both petroleum- and palm oil-derived chemicals.
For AkzoNobel this means that overall costs could be lowered, as well as producing a product that is designed to have improved functional and environmental performance’
"This expanded partnership marks an important step forward in our relationship while underscoring the importance we place on developing sustainable, high performance products," says Jonathan Wolfson, Chief Executive Officer, Solazyme.
"The product development effort not only advances our technology platform into valuable new chemistries, but it also outlines the critical aspects of a long-term supply agreement."
Win-win for all parties
Peter Nieuwenhuizen, Director Innovation and Partnerships, AkzoNobel, agrees with Wolfson and believes the expansion highlights the further commitment between the two parties in this project.
“We identified Solazyme to complement our own capabilities, and have now agreed on a joint target that should deliver a triple win: for AkzoNobel, for Solazyme as well as yielding more sustainable products for our customers and the world as part of our Planet Possible approach to sustainability," he adds.
Product development is expected to commence immediately, and the parties anticipate entering into a definitive supply agreement as they near completion of product development.
