Chevron Products Company, a division of Chevron, has made an equity investment in biobased lubricant producer Novvi, a joint venture of renewable fuel and chemical company Amyris, Brazilian oil and biofuel company Cosan SA, and American Refining Group.
The companies did not disclose terms of the transaction.
Novvi, which manufactures renewable base oil for a variety of applications, launched commercial production in 2014. Base oils are blended with additives to make engine oils and lubricants. The company says there is a “robust and growing demand” for its base oil products and technology.
In June 2015 Novvi launched the first-ever 100 percent renewable base oil products, Biofuel Digest reported. “So, here’s the technical scoop,” the trade publication wrote. “Novvi’s 100 percent renewable PAO is a clean, direct replacement for conventional Group IV PAO base oils derived from petroleum and natural gas.”
Chevron has one 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 in a statement.
Chevron and Novvi also plan to work together to introduce new base oils and lubricants to the industry.
