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Tesoro to Acquire Virent to Support Commercialization of Bio-based Chemicals

Published on 2016-09-09. Author : SpecialChem

Madison, Wisconsin -- Virent and Tesoro have reached an agreement for Tesoro to become Virent’s new strategic owner. The acquisition will support the scale up and commercialization of Virent’s BioForming® technology for the production of low carbon bio-based fuels and chemicals. As a result of the acquisition, Virent will become a wholly owned subsidiary of Tesoro and remain in Madison, Wisconsin.



Strategy to Meet Rising Demand of Bio-based Chemicals


The companies initiated a strategic relationship in January 2016, and have worked together to establish a forward plan to scale-up the technology and reduce deployment risks to meet the increasing demands for high quality, renewable fuels and chemicals.

Lee Edwards, Virent CEO said


“The Tesoro announcement is a critical milestone for Virent to establish a pathway to commercialization with a recognized leader in refining, marketing and logistics. While we will maintain our entrepreneurial spirit and culture, Virent will also benefit from the strategic support and capability of Tesoro, capturing the best of both companies,” said Lee Edwards, Virent CEO. “We are excited to start the next phase of work with Tesoro, along with our other strategic partners.”

About Tesoro

Tesoro serves the fuel transportation needs of the western United States. It is one of the leading independent refiners and marketers of petroleum products, committed to operating responsibly in the communities it serves.

About Virent

Virent is creating the low carbon chemicals and fuels the world demands using a wide range of naturally-occurring, renewable resources. Its patented technology features catalytic chemistry to convert plant-based materials into a full range of products identical to those made from petroleum, including gasoline, diesel, jet fuel, and chemicals for plastics and fibers. The products are drop-in replacements that enable full utilization of existing logistics infrastructure without blending limitations.

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Source: Virent
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