Chevron Products Company, a division of Chevron USA, and Novvi LLC announced that Chevron has made an equity investment in Novvi LLC (a joint venture of Amyris, Inc.; Cosan S.A.; and American Refining Group (ARG) earlier post). Terms of the transaction were not disclosed.
Novvi’s renewable products and technology are recognized by the global lubricant market to deliver sustainable, high-performance solutions in a range of lubricant applications. Since launching first commercial production in 2014, Novvi has been steadily increasing base oil manufacturing to keep up with robust and growing demand for a variety of applications.
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 licensing technology position.
In addition to an equity investment, Chevron and Novvi plan to work together to introduce new base oils and lubricants to the industry in key areas.