Amyris, Inc., a California-based leader in the development and production of sustainable ingredients for the Health & Wellness, Clean Beauty and Flavors & Fragrances markets, signed a binding term sheet for a planned cannabinoid development, licensing and commercialization partnership valued at up to $255 million (not including significant royalties once the products are commercialized) with a confidential partner. The $255 million in payments include an upfront payment and the remainder are linked to milestones that are expected over the next 12-36 months following the signing of a definitive final agreement.
Addax Bioenergy, a sugarcane-based renewable energy company, announced that its facility in Makeni, Sierra Leone, has started producing sugarcane bioethanol and renewable electricity. The company will produce 85,000 m3 of bioethanol per year by end 2016. The pioneering project involves the development of a Greenfield 10,000 hectare sugarcane plantation, the construction of a bioethanol refinery and a biomass-fuelled co-generation plant to produce green power and contribute about 20% of Sierra Leone’s national electricity requirements. It has been developed in partnership with eight Development Finance Institutions, and is the only bioethanol project to be brought to financial close in Africa.