REDWOOD CITY, Calif., June 2, 2011 /PRNewswire/ -- Codexis, Inc. (Nasdaq: CDXS) today announced that Equilon Enterprises LLC, a wholly owned subsidiary of Royal Dutch Shell plc, has completed the transfer of approximately 5.6 million shares of Codexis common stock (which represents approximately 15.7% of Codexis' total outstanding shares) to Raizen Energia Participacoes S.A., a Brazil-based biofuels joint venture between Shell and Cosan Limited. This transfer occurred as part of the closing of the joint venture. As a result of the share transfer, Raizen is now Codexis' largest stockholder, and, under an existing stockholder agreement, has the right to appoint a representative to Codexis' Board of Directors.
"We look forward to the opportunity to work with Raizen in development of biofuels," said Alan Shaw, Ph.D., Codexis President and Chief Executive Officer. "With access to feedstocks and experience in ethanol production, Raizen has the potential to accelerate future commercialization of renewable fuels."
Raizen is a $12 billion joint venture with annual production capacity of over 2 billion liters of ethanol, making it the third-largest fuels company in Brazil. It has a retail network of 4,500 fuel stations, 24 sugar mills and an installed capacity of 900MW of electric energy from sugar cane bagasse.
Codexis is a clean technology company. Codexis develops optimized biocatalysts that make industrial processes faster, cleaner and more efficient. Codexis' technology is commercialized with leading global pharmaceutical companies and in development for advanced biofuels with Shell and in carbon capture. Other potential markets include chemicals and water treatment. For more information, see www.codexis.com.
This press release contains forward-looking statements relating to the company's opportunities to develop biofuels with Raizen and Raizen's potential to accelerate future commercialization of renewable fuels. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results. Factors that could materially affect actual results include the timing, cost and feasibility of the production and commercialization of biofuels derived from cellulose. Other factors can be found in Codexis' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2011, including under the caption "Risk Factors." Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
|SOURCE Codexis, Inc.|
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