Chevron Makes Equity Investment in Novvi and its High-Performance Renewable Base Oil Technology
December 14 2016 - 8:30AM
Chevron Products Company, a division of Chevron U.S.A. Inc., and
Novvi LLC today announced that Chevron has made an equity
investment into Novvi LLC (a joint venture of Amyris, Inc.
(Nasdaq:AMRS), Cosan S.A., and American Refining Group (ARG)).
Terms of the transaction were not disclosed.
Novvi’s products and technology are recognized by
the global lubricant market to deliver sustainable,
high-performance solutions in a range of lubricant applications.
Since launching first commercial production in 2014, Novvi has been
steadily increasing base oil manufacturing to keep up with robust
and growing demand for a variety of applications.
Chevron is a leading manufacturer of premium base
oils and one of the world’s largest suppliers of finished
lubricants. Chevron has one the world’s largest base oil
manufacturing platforms through its own refining network and its
base oil licensing technology position.
“We are very pleased that Chevron has decided to
invest in Novvi. Chevron’s investment is a further validation of
the market acceptance that Novvi and its technology have gained,”
stated Jeff Brown, Novvi LLC’s CEO. “As we continue to increase our
global market penetration, Chevron’s well-established industry
position in base oils and lubricants can further enhance our growth
plan,” he continued.
“We are proud of Chevron’s recognition of Novvi’s
technology platform and the sizeable opportunity it represents
within the industry to bring farnesene-based, renewable products
into its portfolio,” added John Melo, Amyris President &
CEO.
“The investment in Novvi will provide us with
access to high-performance renewable base oils, which is
strategically aligned with our aggressive growth plan, particularly
in the synthetic and renewable lubricants space,” said Dr. Brent
Lok, Manager, Chevron Base Oils Marketing and Business Development.
“Novvi’s technology creates new possibilities for longer-term
product development within Chevron,” he added.
In addition to an equity investment, Chevron and
Novvi plan to work together to introduce new base oils and
lubricants to the industry in key areas.
Chevron U.S.A. Inc.
Chevron U.S.A. Inc. is a subsidiary of Chevron
Corporation (NYSE:CVX), one of the world's leading integrated
energy companies. Through its subsidiaries that conduct
business worldwide, Chevron Corporation is involved in virtually
every facet of the energy industry. Chevron Corporation explores
for, produces and transports crude oil and natural gas; refines,
markets and distributes transportation fuels and lubricants;
manufactures and sells petrochemicals and additives; generates
power and produces geothermal energy; and develops and deploys
technologies that enhance business value in every aspect of the
company's operations. Chevron Corporation is based in San Ramon,
Calif. More information about Chevron is available at
www.chevron.com.
Novvi LLC
Novvi LLC is the market leader in renewable oils
and is a joint venture of Amyris, Inc., American Refining Group,
Inc., and Cosan S.A. Industria e Comercio. Novvi produces targeted
hydrocarbon molecules from plant sugar for automotive, industrial,
marine, and construction applications at unbeatable economics.
Novvi designs the best oils ever built to meet the demands of the
advanced machine world. Learn more at www.Novvi.com.
This press release contains forward-looking
statements relating to Chevron that are based on management’s
current expectations, estimates and projections. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, many of which are beyond
the company’s control and are difficult to predict. The reader
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this report. Unless
legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
All trademarks are the property of their respective
owners.
Chevron:
Saniyyah Smith, Communications Advisor, Chevron Lubricants
sxnc@chevron.com
+1-925-842-0811
Novvi:
William R Downey, Senior VP, Business Development
downey@novvi.com
+1-917-214-8063
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