In Brazil, Solazyme Bunge Renewable Oils has successfully completed two key power and steam redundancy improvement projects including the construction and activation of an electrical grid tie-in, and the tie-in and activation of a second steam boiler. These projects were completed within the previously provided timeline and are now operational.
Jeffrey Osborne of Cowen & Company noted, “The power and steam issues were the main downstream delays that have affected the ramp up at Moema. The facility was originally targeted to be an operational 100k MT facility by the end of 2013, but faced successive delays and issues. We see this as potentially a key inflection point toward the long-awaited full-scale operation of Moema and look for any additional updates over the coming months.
“We are pleased with the significant work Bunge and the partners have undertaken to improve power and steam reliability,” said Walfredo Linhares, General Manager of Solazyme Bunge Renewable Oils. “We continue to make progress as we optimize manufacturing operations with modest production volumes in the near term, and will then move toward ramping production as overall capability allows.”