Chevron has made an equity investment into Novvi, a joint venture of Amyris, Cosan and American Refining Group (ARG). Terms[ds_preview] of the transaction were not disclosed. Novvi is the market leader in renewable oils and produces targeted hydrocarbon molecules from plant sugar for automotive, industrial, marine, and construction applications at unbeatable economics.
The company’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. 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 is a manufacturer of 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.
»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,« Brent Lok, Manager of Chevron Base Oils Marketing and Business Development, explained the move. »Novvi’s technology creates new possibilities for longer-term product development within Chevron,« he added.
