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Chevron recently announced that it has made an equity investment into Novvi LLC, a market leader in renewable oils. Terms of the transaction were not disclosed. In addition to the investment, Chevron and Novvi plan to work together to introduce new base oils and lubricants.
Novvi produces targeted hydrocarbon molecules from plant sugar for automotive, industrial, marine and construction applications. Since launching commercial production in 2014, the company has been steadily increasing base oil manufacturing to keep up with growing demand.
"We are very pleased that Chevron has decided to invest in Novvi," stated Jeff Brown, CEO of Novvi LLC. "Chevron's investment is a further validation of the market acceptance that Novvi and its technology have gained. 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."
A leading manufacturer of premium base oils, Chevron is one of the world's largest suppliers of finished lubricants. The company also has one of the world's largest base oil manufacturing platforms through its own refining network and its base oil licensing technology position.
"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 of Chevron base oils marketing and business development. "Novvi's technology creates new possibilities for longer-term product development within Chevron."
For more information, visit www.chevron.com.