Amyris Inc (NASDAQ:AMRS) announced that its partner’s success in developing high performance liquid farnesene rubber (LFR) for use in winter tire applications has led to accelerated adoption due to the performance enhancements of LFR. This has led to commercialization plans being accelerated by two additional major tire brands that are now developing tires utilizing LFR and expanding their use beyond winter tire applications. As a result, Amyris sold farnesene to its collaboration partner for conversion to LFR in the first quarter of 2017 alone equaling all of the material shipped in fiscal 2015 and 2016 combined and expects to see continued shipments during 2017 to meet accelerated demand.
“We are pleased with the early success and market adoption of our partner’s LFR additive from a sustainable source for tires,” said John Melo, President & CEO of Amyris. “The recognized performance qualities of winter tires using LFR has caused notable interest by leading tire companies and has resulted in substantially stronger demand in 2017 than either Amyris or our collaboration partner had anticipated. We are encouraged by the market reception toward utilizing LFR to make safer high-performance tires and excited at the expanded use beyond winter tire applications. This is a great example of our impact on making our planet healthier, providing consumers with a better performing tire and helping our partners gain market share.”
Shares of Amyris are currently trading at $0.528, up 0.003 or 0.61%. AMRS has a 1-year high of $1.21 and a 1-year low of $0.31. The stock’s 50-day moving average is $0.52 and its 200-day moving average is $0.67.
Amyris, Inc. engages in the research, development, manufacture, and sale of fuels and farnesene-derived products. Its products include cosmetics, flavors and fragrances, performance materials, diesel, jet fuel, and lubricants. It operates through the following geographical segments: United States, Brazil, Europe, and Asia.