British giant Unilever has inked a deal with San Francisco-based biofuel firm Solazyme for the production of 3 million gallons of genetically modified algae-based oil, reported the San Francisco Chronicle.
The financial terms of the deal were not revealed but it will be highly beneficial for Solazyme, which started out 10 years ago producing jet and automobile fuel from algae and has since expanded into food and cosmetics with its "microalgae" additives.
"This supply agreement reflects a deepening strategic relationship between Solazyme and Unilever, and is an important step in transitioning us to a full commercial entity," said Jonathan Wolfson, CEO and co-founder of Solazyme.
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