Amyris Sustainable Lubricants Joint Venture Company, Novvi, and Chevron Enter Agreement To Develop and Bring To Market New Re...
May 18 2018 - 8:30AM
Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, and
Chevron Products Company, a division of Chevron U.S.A. Inc., today
announced that Novvi LLC and Chevron have entered into an agreement
to jointly develop and bring to market novel renewable base oil
technologies. Terms of the transaction were not disclosed.
Novvi’s base oil products and technology are recognized by the
global lubricant market to deliver sustainable, high-performance
solutions in a range of lubricant applications. Since launching its
first commercial production in 2014, Novvi has been steadily
increasing its base oil production to keep up with robust and
growing demand for a variety of automotive, marine and industrial
applications.
Chevron is a leading manufacturer of premium base oils and one
of the world’s largest suppliers of finished lubricants. Chevron
has one of the world’s largest base oil manufacturing platforms
through its own refining network and its base oil technology
licensing position. In 2016, Chevron announced an equity investment
in Novvi.
“We are very pleased that Chevron and Novvi have expanded our
relationship to include base oil development and commercialization.
The combination of our organizations’ technical and operational
capabilities will deliver the highest performing renewable base
oils to market at scale, defining a new performance standard,”
stated Jeff Brown, Novvi’s CEO. “The technology opportunities for
our partnership are immense. We will work together with Chevron to
ensure the industry is at the forefront of sustainability and
delivers the best renewable base oils to customers around the
world,” he continued.
“We at Chevron are quite excited to enter into this joint
development agreement,” said Dr. Brent Lok, Manager, Chevron Base
Oils Marketing and Business Development. “Novvi and Chevron each
bring complementary technologies to the table; Novvi with its
industry-leading expertise in working with renewable feeds and
Chevron’s long-standing expertise in hydroprocessing technology,”
he added.
Novvi LLC
Novvi LLC is the market leader in renewable oils and is a
venture of Amyris, Inc. (Nasdaq: AMRS), American Refining Group,
Inc., Chevron U.S.A. Inc., Cosan S.A. Industria e Comercio, and
Hansen & Rosenthal Group. 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.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, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels, base oils, and lubricants; manufactures and
sells petrochemicals and additives; generates power; and develops
and deploys technologies that enhance business value in every
aspect of the company's operations. Chevron is based in San Ramon,
Calif. More information about Chevron is available at
www.chevron.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.
____________________________Media Contacts:
Novvi: William R Downey, Senior VP, Business
Development downey@novvi.com +1-917-214-8063
Chevron: Saniyyah Smith, Communications
Advisor, Chevron Lubricants sxnc@chevron.com +1-925-842-0811
Amyris, Inc.Peter DeNardoDirector, Investor
Relations and Corporate
Communicationsinvestor@amyris.compr@amyris.com+1 (510) 740-7481
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