Renewable oil and bio-products company, Solazyme, Inc., and Japan-based Mitsui & Co., Ltd. have entered into a US$20 million multi-year deal to develop a suite of triglyceride oils for use primarily in the oleochemical industry.

The agreement includes further development of Solazyme’s breakthrough high myristic algal oil, a valuable raw material in the oleochemical industry, as well as additional oils that Solazyme is developing for the oleochemical and industrial sectors.

“Mitsui’s extensive knowledge of the end use markets for the jointly-developed triglyceride products, including both the oleochemical industry and applications further downstream, makes Mitsui an ideal fit for Solazyme,” said Jonathan Wolfson, CEO of Solazyme.

"Solazyme’s flexible manufacturing process and oil tailoring capabilities helps to support long-term competitiveness, independent of price swings inherent to this industry, while allowing us to produce tailored oils that are in demand in the marketplace,” said Daiji Kojima, General Manager of Specialty Chemicals Division of Mitsui.

Product development is expected to span a multi-year period, with periodic product introductions throughout the development period. End use applications may include renewable, high-performance polymer additives for plastic applications, aviation lubricants, and toiletry and household products.

End use applications may include renewable, high-performance polymer additives for plastic applications, aviation lubricants, and toiletry and household products.