Solazyme and Dow (DOW) enter into contingent global commercial offtake agreement and concurrently sign phase 2 joint development agreement (SZYM) 10.75 : Co and The Dow Chemical Company (DOW), announced today that they have entered into a contingent offtake agreement in which Dow has agreed to purchase from Solazyme all of its requirements of non-vegetable microbe-based oils for use in dielectric fluid applications through 2015, contingent upon Solazyme's ability to supply such oils within agreed specifications and certain terms and conditions of the sale. These new, renewable and biodegradable bio-based dielectric insulating fluids offer increased fire safety thanks to higher flash points and provide additional functionality that may improve the operating efficiency and extend the useful life of transformers. Concurrently, Solazyme and Dow have entered into a Phase 2 Joint Development Agreement, an exclusive, multi-year extension of the current joint-development agreement including accelerated commercialization timelines based on Solazyme's rapid progress in the production of tailored algal oils.
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