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Chevron and Novvi recently announced that they have entered into an agreement to jointly develop and bring to market renewable base oil technologies. Terms of the transaction were not disclosed.
As the market leader in renewable oils, Novvi produces targeted hydrocarbon molecules from plant sugar for automotive, industrial, marine and construction applications. Since launching its first commercial base oil products in 2014, the company has been steadily increasing production to keep up with growing demand.
"We are very pleased that Chevron and Novvi have expanded our relationship to include base oil development and commercialization," stated Jeff Brown, Novvi's CEO. "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. The technology opportunities for our partnership are immense."
A leading manufacturer of premium base oils and one of the largest suppliers of finished lubricants, Chevron has one of the world's largest base oil manufacturing platforms through its refining network and base oil technology licensing position. In 2016, Chevron announced an equity investment in Novvi.
"We at Chevron are quite excited to enter into this joint development agreement," said Dr. Brent Lok, manager of Chevron's 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."
For more information, visit www.chevron.com.