AMYRIS AND MINERVA FOODS COMPLETE JOINT VENTURE AND LICENSE AGREEMENTS TO SCALE LOW CARBON PROTEIN PRODUCTION PLATFORM
Amyris, Inc. (Nasdaq: AMRS) has finalized a joint venture with Minerva Foods to improve the sustainability of animal protein production. The collaboration targets the Brazilian meat export industry, focusing on developing new molecules for reducing carbon intensity and creating sustainable packaging solutions. Regulatory approvals are in place, with expected first license revenue for Amyris by year-end 2021 and initial commercial production slated for 2022. The partnership aims to disrupt the animal protein market while enhancing Amyris' market reach and technology application.
- Joint venture with Minerva Foods to enhance sustainable animal protein production.
- Focus on reducing carbon emissions and improving supply chain efficacy.
- First license revenue expected before the end of 2021.
- Initial commercial production targeted for 2022.
- Potential delays or failures in new molecule development and commercialization.
- Reliance on third parties in the supply chain could pose risks.
EMERYVILLE, Calif., Dec. 23, 2021 /PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS) ("Amyris"), a leading synthetic biotechnology company accelerating the world's transition to sustainable consumption through its Lab-to-MarketTM operating platform, today announced the completion of a previously announced joint venture agreement with MF 92 VENTURES LLC ("Minerva"), a Minerva Foods subsidiary, to develop molecules for the sustainable production and distribution of animal protein ("the Joint Venture").
The Joint Venture between Amyris and Minerva will be focused on enhancing the sustainability of the Brazilian meat exporting market, which is the largest in the world. Minerva and Amyris will collaborate on the development, scale-up and production of new target molecules, which Minerva will fund and bring to market commercially. The new molecules will target several sustainability objectives, including improving and lowering the carbon intensity of producing animal protein; sustainable packaging; and fermentation-based, natural preservatives that facilitate the transport of meat around the world. Additionally, the parties expect to work on the production of fermentation-based protein as an alternative to animal-based protein.
Relevant regulatory approvals have been attained for the development and scale-up of a vertical technology and commercialization platform that aims to transform the way protein is produced. The Joint Venture is expected to generate first license revenue for Amyris before the end of 2021 and deliver first commercial production of its initial targets in 2022.
"We are very pleased to partner with Amyris, the leader in synthetic biotechnology and the world's leading fermentation technology company," said Fernando Galletti De Queiroz, Chief Executive Officer of Minerva. "We have a strong track record of commercializing innovative technologies for producing animal protein and reducing carbon emissions. With Amyris' clean fermentation technology, we expect to lead the disruption of the animal protein industry and reduce our industry's carbon footprint."
"We are excited to further expand the reach of our technology and manufacturing expertise through our partnership with Minerva Foods. We believe this collaboration will accelerate the commercialization of natural, sustainably produced molecules that are capable of transforming the production and supply chain of animal protein," commented John Melo, President and Chief Executive Officer of Amyris. "We have a proven track record in biotechnology of developing and scaling molecules that are transforming several vertical markets. We are executing well and are on track for a strong fourth quarter."
About Minerva Foods
Minerva S.A. or Minerva Foods (BVMF: BEEF3) is the largest exporter of beef in South America and one of the leading companies in Brazil for the production and sale of both in natura (chilled) and frozen beef, processed protein products, live cattle, and sub-products. Minerva Foods was founded in 1992 in the city of Barretos, in the countryside of the State of São Paulo, where it is headquartered. From the beginning, Minerva Foods has had a clear goal of expanding globally and diversifying its operations geographically. In 2017, the company acquired nine beef abattoirs in South America, establishing itself as the most diversified beef producer in terms of location, products offered, and presence in the external markets. Minerva Foods now operates plants in Brazil, Argentina, Colombia, Paraguay, and Uruguay.
About Amyris
Amyris (Nasdaq: AMRS) is a leading synthetic biotechnology company, transitioning the Clean Health & Beauty and Flavors & Fragrances markets to sustainable ingredients through fermentation and the company's proprietary Lab-to-MarketTM operating platform. This Amyris platform leverages state-of-the-art machine learning, robotics and artificial intelligence, enabling the company to rapidly bring new innovation to market at commercial scale. Amyris ingredients are included in over 20,000 products from the world's top brands, reaching more than 300 million consumers. Amyris also owns and operates a family of consumer brands that is constantly evolving to meet the growing demand for sustainable, effective and accessible products.
Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding Amyris' plans to develop, scale and produce new target molecules, as supported through funding provided by Minerva, and the timing thereof, in a joint venture; expectations of commencing manufacturing and sales in 2022; expectations that the molecules will enable meat to be transported and sold with a longer shelf-life at reduced CO2 emission levels; the potential that the parties may develop and produce a fermentation-based alternative to animal-based protein; and Amyris' expectations regarding short- and long-term revenue and growth potential derived from its joint venture with Minerva. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties; potential delays or failures in development, production, regulatory approval and commercialization of new molecules and products; failure to realize the expected benefits of the Joint Venture with Minerva; risks related to Amyris' reliance on third parties (including in the supply chain); and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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, the Amyris logo and Lab-to-Market are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries.
View original content:https://www.prnewswire.com/news-releases/amyris-and-minerva-foods-complete-joint-venture-and-license-agreements-to-scale-low-carbon-protein-production-platform-301450267.html
SOURCE Amyris, Inc.
FAQ
What is the joint venture between Amyris and Minerva Foods about?
When is the first commercial production expected from the Amyris and Minerva joint venture?
What are the key sustainability objectives of the Amyris and Minerva joint venture?
What financial impact is expected from the Amyris and Minerva Foods partnership?
How does Amyris plan to disrupt the animal protein industry?
