Amyris Surges After Total Raises Stake in Biofuel Venture

(Bloomberg) — Amyris Inc., a U.S. developer of biofuels,

jumped the most in four months after the French oil company

Total SA boosted its stake in their joint venture to spur

commercial production of jet fuel made from plants.

Amyris gained 17 percent to $1.95 at the close in New York,

the biggest one-day gain since Feb. 26.

The two companies formed a 50-50 joint venture in December

2013 to produce renewable fuels. The French oil producer will

now own 75 percent after a restructuring agreement announced

Tuesday by Emeryville, California-based Amyris. Total is also

Amyris’s largest shareholder with a 20 percent stake as of

January, according to data compiled by Bloomberg.

Under the restructuring, Total and Temasek Holdings, the

second-largest Amyris shareholder, are converting about $138

million in debt into common shares priced at $2.30 each. That’s

a 37 percent premium over Monday’s closing price.

Amyris plans to restructure an additional $37 million in

convertible debt. The moves will shore up its balance sheet and

“open the way for proceeding with commercialization of its jet

fuel technology over the coming years,” according to the


Amyris uses genetically modified microorganisms to convert

plant sugars into fuels and specialty chemicals.

To contact the reporter on this story:

Justin Doom in New York at

To contact the editors responsible for this story:

Reed Landberg at

Will Wade, Carlos Caminada

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