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Novvi and Chevron Enter Agreement to Develop and Bring to Market New Renewable Base Oil Technologies

Amyris, Inc., May 21, 2018

     

Amyris, Inc., the industrial bioscience company, and Chevron Products Company, a division of Chevron U.S.A. Inc., recently announced that Novvi LLC and Chevron have entered into an agreement to jointly develop and bring to market novel renewable base oil technologies. Terms of the transaction were not disclosed.

Chevron is a leading manufacturer of premium base oils and one of the world’s largest suppliers of finished lubricants. Chevron has one of the world’s largest base oil manufacturing platforms through its own refining network and its base oil technology licensing position. In 2016, Chevron announced an equity investment in Novvi.

We are very pleased that Chevron and Novvi have expanded our relationship to include base oil development and commercialization. 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,” stated Jeff Brown, Novvi’s CEO. “The technology opportunities for our partnership are immense. We will work together with Chevron to ensure the industry is at the forefront of sustainability and delivers the best renewable base oils to customers around the world,” he continued.

We at Chevron are quite excited to enter into this joint development agreement,” said Dr. Brent Lok, Manager, Chevron 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,” he added.

About Novvi LLC

Novvi LLC is the market leader in renewable oils and is a venture of Amyris, Inc. (Nasdaq: AMRS), American Refining Group, Inc., Chevron U.S.A. Inc., Cosan S.A. Industria e Comercio, and Hansen & Rosenthal Group. Novvi produces targeted hydrocarbon molecules from plant sugar for automotive, industrial, marine, and construction applications at unbeatable economics. Novvi designs the best oils ever built to meet the demands of the advanced machine world. Learn more at www.novvi.com.

About Chevron U.S.A. Inc.

Chevron U.S.A. Inc. is a subsidiary of Chevron Corporation (NYSE:CVX), one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels, base oils, and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.


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