Feb 4 2016
Virent teams up with Tesoro to beef up development of biofuels
US-based biofuels producer Virent has entered into a new strategic relationship with petroleum specialist Tesoro to accelerate the development and commercialisation of Virent’s products.
Virent’s 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 fibres.
Under the terms of the agreement, Virent will receive funding to advance its technology and commercialisation while establishing a framework for Tesoro to provide broader support and involvement in Virent’s deployment efforts longer term.
“This agreement with Virent furthers our plans to foster the development of renewable feedstocks that we can co-process at our refineries,” said Cynthia J Warner, executive vice president of strategy and business development at Tesoro.
He added: “Virent’s innovative technology produces high quality products including chemicals and fuels that are fully compatible with our existing infrastructure and meet our customers’ demand for lower carbon fuels.”
Virent’s CEO, Lee Edwards, said: “Tesoro’s plan embraces innovative approaches to provide drop-in, low-carbon fuels for many of the largest fuel markets in the US, while utilising the existing refining and logistics infrastructure. It is a great fit for Virent.”