TerraVia

TerraVia Holdings, Inc.

Company type	Public
Industry	Biotechnology
Founded	March 31, 2003 (2003-03-31)
Founder	Jonathan S. Wolfson, Harrison Dillon
Defunct	2017 (2017)
Fate	Filed for bankruptcy; assets acquired by Corbion N.V.
Headquarters	Palo Alto , United States
Area served	Food, personal care, aquaculture, industrials
Key people	Jonathan S. Wolfson (former CEO and chairman), Harrison Dillon (founder), Apu Mody (CEO from 2016)
Products	Algae-based oils and ingredients including Thrive Algae Oil, AlgaPrime DHA, Algenist skincare line, AlgaPūr Algae Oil, Encapso industrial lubricant
Parent	Corbion N.V. (after 2017 acquisition)

TerraVia Holdings, Inc. (previously known as Solazyme) was an American biotechnology firm publicly traded on the stock market, focusing on sustainable products derived from algae. Utilizing proprietary methods, TerraVia transformed inexpensive plant sugars into valuable oils and complete algae-based ingredients. Its offerings catered to the food and personal care sectors, collaborating with companies such as Hormel Food Corporation, Utz Quality Foods Inc, and enjoy Life Foods. Additionally, the firm marketed its own culinary algae oil under the Thrive Algae Oil label. The company filed for bankruptcy in 2017.

Founding

Established on March 31, 2003, by entrepreneurs Jonathan S. Wolfson and Harrison Dillon—who met at Emory University—Solazyme set out to create renewable energy and transportation fuels derived from microalgae. Beginning operations in a Palo Alto garage, the founders sought to innovate and disrupt conventional industries through novel business approaches.

In 2013, Dillon shifted from his roles as CTO and board member to become a strategic advisor, concentrating on technology platform enhancement and intellectual property management. Wolfson continued as chairman and CEO until August 2016, when he relinquished executive duties but retained his position on the board.

In August 2016, TerraVia appointed Apu Mody, formerly president of Mars Food America, as CEO and board member, signaling a strategic pivot toward expansion in the food sector.

Initial focus and technology

During 2004 and 2005, Solazyme developed a molecular biology platform centered on microalgae for oil production, subsequently extending its applications into skin care and personal care products.

The company’s unique process cultivates microalgae in darkness within large stainless-steel fermenters, offering significant efficiency benefits over open pond and photobioreactor techniques in terms of cost-effectiveness, scalability, processing time, and environmental sustainability.

By September 2007, Solazyme had obtained a $2 million grant from the National Institute of Standards and Technology and established a joint development agreement with Chevron Technology Ventures. It operated commercial-scale fermentation systems with a capacity of 75,000 liters, collaborated with refiners to confirm oil compatibility, and produced more than 400 liters of algal oils.

In January 2008, Solazyme gained public attention at the Sundance Film Festival by demonstrating its Soladiesel algal fuel powering a Mercedes-Benz C320. That same month marked the formalization of a partnership with Chevron Technology Ventures aimed at commercializing algal fuels. Later in 2008, the company announced it had successfully produced the world’s first jet fuel made from algae.

In 2009, Solazyme secured roughly $22 million from the U.S. Department of Energy to construct an integrated biorefinery and obtained a contract with the U.S. Department of Defense to supply renewable marine diesel (F-76) to the U.S. Navy.

By 2011, Solazyme had generated over 283,000 liters of military-grade diesel (HRF-76) for the Navy, completing phase one of a 550,000-liter contract ahead of schedule. The company also partnered with United Airlines to operate the inaugural commercial biofuel flight utilizing its algae-derived Solajet fuel and signed a letter of intent for United to purchase 20 million gallons.

In 2012, Solazyme worked with the Navy during the Rim of the Pacific Exercises (RIMPAC) Great Green Fleet demonstration, where naval ships and fighter aircraft operated using blends of conventional and renewable fuels in a landmark industry event.

Initial public offering

In May 2011, Solazyme established terms for its initial public offering with the goal of raising $160 million by offering 10 million shares priced between $15 and $17 each. On its debut trading day, the company sold 7,901,800 shares at $20 apiece.

By July 2011, Goldman Sachs noted that the introduction of new oil products had reduced the investment risk associated with Solazyme's stock. The firm began coverage with a buy recommendation and set a price target of $31, emphasizing the company's enhanced revenue prospects and strengthened position through collaborations with major agribusiness firms like Bunge Limited.

Joint venture with Bunge Limited

On August 8, 2011, Solazyme revealed a joint venture agreement with Bunge Limited, a leading agribusiness company, to produce renewable oils in Brazil utilizing Solazyme's algae-based sugar-to-oil technology.

By April 2012, plans were underway for a commercial-scale production plant in Brazil. Bunge, recognized as one of the world’s largest vegetable oil distributors, provided sugarcane feedstock sourced from its Brazilian processing facilities for the algae oil manufacturing.

Construction kicked off in June 2012, and by May 2014, the joint venture’s facility began producing oil. Toward the end of 2015, Solazyme and Bunge broadened their collaboration to include Bunge handling marketing efforts for the food oils produced.

The first product from this partnership, AlgaPrime DHA, was introduced in May 2016 as an algae-derived specialty feed ingredient designed to decrease aquaculture’s dependence on wild fish populations.

Food

Solazyme debuted its initial product offerings in 2010 with the Golden Chlorella line of dietary supplements, which became available at retailers such as Whole Foods Market and General Nutrition Centers.

The AlgaVia and AlgaWise brands provide algae-based components to food manufacturers including South Coast Baking Company, Follow Your Heart, and So Delicious Dairy Free.

TerraVia promotes Thrive Algae Oil as "The Best Oil For Your Heart," highlighting its high monounsaturated fat content that supports cardiovascular health by lowering harmful cholesterol levels. Thrive is also recognized for its neutral flavor profile, versatility in cooking applications, and elevated smoke point.

Beginning in 2015, Thrive became available at the Gelson's grocery stores in Los Angeles. Following strong consumer demand, TerraVia expanded Thrive’s availability across the West Coast during 2016.

In 2024, the original team behind Solazyme/TerraVia reintroduced Thrive Algae Oil.

Aquaculture

Through their joint venture with Bunge Limited, Solazyme/TerraVia supplied BioMar—an aquaculture feed producer—with AlgaPrime DHA, an algae-based ingredient rich in DHA omega-3 fatty acids. This product is intended to lessen aquaculture’s dependence on wild-caught fish for DHA, supporting sustainability efforts within the industry given finite ocean resources.

As of 2024, Corbion’s AlgaPrime™ DHA—originally developed and brought to market by Solazyme—remains the premier global source of algae-derived Omega-3 for aquaculture applications.

Personal care

TerraVia produces the Algenist line targeting the premium skin care segment, distributed through Sephora and QVC, with market presence in Canada, France, and the United Kingdom. The innovation traces back to Arthur Grossman, Solazyme’s Chief of Genetics, who applied his knowledge of algal photosynthesis to harness algae’s natural protective qualities in skincare formulations.

In addition, TerraVia offers its AlgaPūr Algae Oil brand to manufacturers in the personal care industry. Unilever, a global consumer goods leader, stands as a key collaborator. Since 2010, Solazyme and Unilever have partnered to develop renewable algae-based oils for soaps and personal care applications. Unilever invested in TerraVia’s R&D efforts in 2011, culminating in a long-term supply contract. By 2013, Unilever committed to purchasing three million gallons of algae oil, and in 2016 entered a multi-year agreement exceeding $200 million for an extensive range of renewable algae oils.

Solazyme Industrials

Solazyme previously engaged in partnerships with Chevron, Dow Chemical, Ecopetrol, Qantas, and Unilever. Among its innovations was Encapso, an industrial lubricant for drilling operations composed of microencapsulated oil cells derived from microalgae that activate under pressure and friction.

In March 2016, TerraVia unified its fuels, industrial oils, and Encapso offerings under the Solazyme Industrials division. The company announced plans to explore strategic alternatives within 12 to 18 months to enhance value by collaborating with organizations possessing operational expertise to fully exploit these business lines.

TerraVia

In March 2016, Solazyme transitioned its corporate identity to TerraVia Holdings Inc., redirecting its strategic emphasis toward food, nutrition, and personal care markets while retaining fuel and industrial oil activities under the Solazyme Industrials umbrella.

Bankruptcy filing and sale

On August 2, 2017, TerraVia sought Chapter 11 bankruptcy protection. It received a "stalking horse" offer from Corbion N.V., a Dutch food and biochemical firm, valuing TerraVia’s assets at $20 million plus the assumption of debt linked to its Brazilian production facility. This valuation marked a substantial decrease from Solazyme’s initial public offering proceeds exceeding $197 million.

The acquisition finalized in September 2017. By 2023, Corbion's fastest-expanding division incorporated the original Solazyme technology, generating sales surpassing €110 million with annual growth rates above 40%.

Principles and sustainability

TerraVia is committed to substituting environmentally detrimental commodities such as palm and soybean oils with healthier algae-derived alternatives to animal-based lipids and proteins. Central to its sustainability ethos is transparency—engaging stakeholders actively, publishing product data in peer-reviewed scientific outlets, and maintaining open communication regarding production impacts.

The company openly discloses environmental performance metrics of its products as part of its commitment to sustainable practices.

Life cycle analysis

TerraVia engaged Thinkstep to conduct life cycle assessments comparing algae oil with conventional oils. The studies revealed that algae oil production generally results in substantially lower environmental footprints.

A 2016 analysis focused on sugarcane-fed algae oil produced through the Solazyme Bunge joint venture in Brazil demonstrated carbon emissions on par with sunflower oil and notably lower than those associated with soybean, tallow, palm, olive, canola, and sunflower oils. Water usage ranked second lowest after canola oil. The land use efficiency matched that of palm oil, delivering over six times the oil yield per hectare relative to other crops.

These results underscore algae oil’s strong environmental performance advantages within the vegetable oil sector.

Awards

• 2016: Thrive Culinary Algae Oil was honored with the Gama Innovation Award.
• 2014: Solazyme earned the Presidential Green Chemistry Challenge Award.
• 2014: The Algenist skincare line by Solazyme received the Marie Claire Prix d'Excellence de la Beauté in France.
• 2012: Designated as a Technology Pioneer by the World Economic Forum.
• 2011: Inc. Magazine recognized the company as "America's Fastest-Growing Manufacturing Company."
• 2011: Received the San Francisco Business Times Cleantech and Sustainability Award in the category of Fuels, Chemicals, and Specialty Products.
• 2010: Awarded the BREATHE California Clean Air Award for its renewable oil technology that lowers greenhouse gas emissions.
• 2010: Named the top Sustainable Biofuels Technology at the World Biofuels Markets Conference.
• 2009–2010: Ranked first among the "50 Hottest Companies in Bioenergy" by Biofuels Digest.
• 2007: Chosen by AlwaysOn as a GoingGreen 100 Top Private Company Award recipient.

See also

• List of meat substitutes

External links

• TerraVia website