US biofuels firm Codexis to cut 133 jobs

04 September 2012 13:10  [Source: ICIS news]

HOUSTON (ICIS)--Codexis plans to cut about 133 jobs to control expenses and conserve cash, the US-based biofuels and biochemicals technology company said on Tuesday.

Effective 30 October, Codexis’ job cuts follow the termination of a research agreement with Shell, it said.

“These unwelcome measures were necessary in order for us to maintain a healthy balance sheet in light of our recent loss of funding from Shell,” CEO John Nicols said.

Codexis also said that Shell granted Codexis a non-exclusive license to develop, manufacture, use and sell cellulase enzymes developed under the companies’ research agreement. The license covers enzymes used in biofuels and it is worldwide, except for Brazil.

“Securing the rights to market these enzymes to advanced biofuel companies outside of Shell is a major milestone for the company,” Nicols said.

Check out Doris de Guzman’s Green Chemicals Blog for views on sustainability issues

By: Stefan Baumgarten
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