Expansion of Agreement with BioMar Signals Further Industry Adoption
SAN FRANCISCO, CA & WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- TerraVia (NASDAQ: TVIA), Bunge Limited (NYSE:BG) ("Bunge") and BioMar Group ("BioMar") today announced the expansion of their distribution agreement for AlgaPrime™ DHA - a native, whole algae specialty feed ingredient high in omega-3 DHA - making the product commercially available at scale to salmon farmers and other participants in the aquaculture industry.
Building on successful joint aquaculture feed trials in 2016, over the past six months BioMar has significantly increased deliveries of commercial feed containing AlgaPrime™ DHA to leading salmon farmers.
Developed to reduce dependency on marine fisheries and enhance the nutritional value of seafood, AlgaPrime™ DHA is expected to be a key feed ingredient in the future of aquaculture.
"We believe AlgaPrime™ DHA will be a significant contributor to the further development of salmon products with a desirable nutritional profile. We take pride in driving the sustainability agenda of the industry and are pleased to be the first feed producer to bring this new feed ingredient to our customers while ensuring economies of scale," said Jan Sverre Røsstad, Vice President and Head of Salmon Division at BioMar Group.
Graham Ellis, Senior Vice President, Business Development, TerraVia said, "AlgaPrime™ DHA offers a traceable and sustainable source of omega-3s. As an alternative to ingredients like fish oil and fishmeal that come from small oily fish, AlgaPrime™ DHA can help customers meet consumer and retailer demand for salmon with enhanced levels of omega-3s."
"Produced at the TerraVia and Bunge joint venture production facility in Brazil using renewable energy and a native algae strain, AlgaPrime™ DHA allows for responsible industry growth. We're producing it at a scale relevant to the market right now, and our expanded agreement with BioMar will help deliver on the potential of this business," said Miguel Oliveira, Vice President, Global Innovation, Bunge Limited.
TerraVia Holdings, Inc. (NASDAQ:TVIA) is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth's original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. The Company also manufactures a range of specialty personal care ingredients for key strategic partners. Headquartered in South San Francisco, the Company's mission is to create products that are truly better for people and better for the planet. For additional information, please visit TerraVia's website at www.terravia.com.
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE:BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 32,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed and edible oil products for commercial customers and consumers; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
BioMar Group is a leading supplier of high performance feed to the global aquaculture industry. Currently, BioMar produces feed at factories in Norway, Chile, Denmark, Scotland, Spain, France, Greece, Costa Rica, Turkey, and China. Worldwide, the BioMar Group supplies feed to around 80 countries and for more than 45 different species. The BioMar Group is wholly owned by the Danish industrial group Schouw & Co, which is listed on the Copenhagen Stock Exchange. Learn more on www.biomar.com
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about TerraVia that involve risks and uncertainties concerning: the timing, cost and scalability of production and distribution and sales of AlgaPrime™ DHA and its economic viability and environmental impact; the ability of AlgaPrime™ DHA to address demand for omega-3s, including for use in salmon feed; incorporation rates of AlgaPrime™ DHA into commercial feed by feed formulators and producers; growing demand for omega-3s; the attributes of AlgaPrime™ DHA, including as to omega-3 content; the ability of AlgaPrime™ DHA to contribute to and/or enhance the nutritional value of seafood, including salmon products; the environmental impact of the production facility; market acceptance of products; the entry of SB Oils into a definitive distribution agreement with BioMar and the business results therefrom; and the ability to maintain relationships with partners. When used in this press release, the words "will", "expects", "intends" and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of the companies, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: TerraVia's limited operating history; its limited history commercializing products; implementation risk in deploying new technologies; its limited experience in constructing, ramping up and operating commercial manufacturing facilities; delays related to start-up and ramp-up of production facilities and new products; commercial risk in deploying new products; its ability to successfully develop and commercialize new products; its ability to sell products; successful product trials by customers and market acceptance and adoption of products by end-users and consumers; the ability to obtain requisite regulatory approvals for products; its access, on favorable terms, to any required financing; and availability of consistent, reliable power and steam. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition.
In addition, please refer to the documents that TerraVia Holdings, Inc. files with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and its Annual Report on Form 10-K, as updated from time to time, for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. TerraVia is not under any duty to update any of the information in this press release.
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Source: TerraVia Holdings, Inc.
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