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The name change reflects the company’s focus on being a “next-generation food, nutrition, and specialty ingredients company that harnesses the power of algae.”
It’s a new name and a consolidated vision for microalgae firm Solazyme (San Francisco), which is changing its name to TerraVia to reflect “a new focus on food, nutrition, and specialty ingredients.” Other business areas the company has invested in, such as fuels and industrial oils, will not be part of TerraVia’s portfolio.
The name change comes after years of Solazyme working to expand in the algae food and nutrition industry. The company says its transformation to TerraVia is a fitting evolution following more than a decade of “extensive investment in building manufacturing facilities, obtaining regulatory approvals, and commercializing initial products.”
“Our new generation of breakthrough ingredients and foods delivers on nutrition, flavor, and texture all with an unparalleled sustainability profile, and these products are already beginning to penetrate a market that is demanding healthier alternatives,” said Jonathan Wolfson, CEO and co-founder of Solazyme. “Over more than 13 years we have invested in developing a unique understanding and expertise around algae. Today the pieces are in place for the company to fulfill its mission and create substantial value for customers and shareholders.”
TerraVia’s profile of ingredients will now include specialty food ingredients AlgaVia whole algae ingredients and AlgaWise algae oils, consumer food products such as Thrive culinary algae oil, and specialty personal care ingredients including AlgaPur oils, as well as animal nutrition ingredients, which are a relatively new area for the company.
“We are enhancing a new generation of foods that deliver better flavor and nutrition, including healthier fats and enhanced protein, fiber, and micronutrients,” said Mark Brooks, SVP and general manager of food ingredients, Solazyme. “In adtion to products incorporating our ingredients on store shelves today, we are currently in active development projects with major CPG companies for new products such as salad dressings and gluten-free bakery products that are healthier and offer the taste and texture that consumers demand.”
Aside from algae, Solazyme has also invested in industrial market products and technologies, including industrial oils, fuels, and the oilfield/Encapso business. These initiatives will not be part of TerraVia’s focus, but will instead be grouped together in a separate category named Solazyme Industrials. The company says it will “pursue strategic alternatives” to maximize value of these industrial businesses over the next 12–18 months.
“Solazyme’s objective is to identify partners who have the operational capabilities needed to realize the potential of those businesses,” according to a statement from Solazyme.
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