MONTPELLIER, France--(BUSINESS WIRE)--Regulatory News:
DEINOVE (Paris:ALDEI), a biotech company developing innovative processes for producing biofuels and bio-based chemicals by using Deinococcus bacteria as host strains, today announces an agreement with Flint Hills Resources to develop a process for producing ingredients for animal nutrition.
Flint Hills Resources, a subsidiary of KOCH INDUSTRIES - one of the largest private companies in the world - is a leading refining, petrochemical and biofuels company in the United States.
Both companies aim to develop conditions for an industrial biological production process based on selected bacteria from DEINOVE and raw materials supplied by Flint Hills Resources. Over the next 17 months DEINOVE will screen its library of 6,000 strains, identify and optimize bacteria that are able to grow in good conditions using raw materials supplied by Flint Hills Resources and produce the targeted compounds in acceptable quantities.
Flint Hills Resources is covering the costs of the R&D project. The company is not disclosing the cost of the investment.
If successful, the two companies will study the terms of a licensing agreement for the technology developed by the R&D project.
“We are excited to work with Deinove on this project and drive innovation that we believe has the potential to add value to an increasingly important market segment and enhance the overall profile of our U.S. biofuels business,” said Dr. Jeffrey Miano, Director of New Ventures at Flint Hills Resources.
"This collaboration with Flint Hills Resources allows us to expand our potential in the animal feed market where we are already active within other projects," added Emmanuel Petiot, CEO of DEINOVE. "The extremely diverse potential of Deinove's bank of strains offers many opportunities for value creation. This new project is just one example of it."
About Flint Hills Resources
Flint Hills Resources, LLC, through its subsidiaries, is an industry leader in refining, chemicals, and biofuels and ingredients, with operations primarily in Texas and the Midwest. Its manufacturing capability is built upon six decades of refining experience, and the company has expanded its operations through capital projects and acquisitions worth more than $11 billion since 2002. Flint Hills Resources’ subsidiaries produce and market gasoline, diesel, jet fuel, asphalt, ethanol, biodiesel, liquefied natural gas, olefins, polymers, intermediate chemicals, as well as base oils, inedible corn oil and distillers grains.
Flint Hills Resources operates ethanol plants in Georgia, Iowa and Nebraska. The plants have a combined annual capacity of 820 million gallons of ethanol. The company also has made equity investments in bioenergy companies.
More information on www.fhr.com
About DEINOVE
DEINOVE (Alternext Paris: ALDEI) is ushering in a new era of green
chemistry by designing and developing new standards of production based
on bacteria of untapped potential: the Deinococci. Taking
advantage of the bacteria’s unique genetic properties and unusual
robustness, DEINOVE optimizes natural fermentation and metabolic
capabilities of these bacterial "micro‐factories" to produce high
value‐added products from non‐food biomass. The Company’s primary
markets are 2nd‐generation biofuels (DEINOL) and bio‐based chemicals
(DEINOCHEM). On these markets, the Company offers its technology to
industrial partners globally.
Listed on NYSE Alternext since April
2010, DEINOVE was founded by Dr. Philippe Pouletty, General Partner of
TRUFFLE CAPITAL, and Pr. Miroslav Radman, of the Faculty of Medicine of
Paris Descartes University. The company employs almost 50 people in its
offices and laboratories located in Montpellier, France.
More
information at www.deinove.com
