Chevron said Wednesday that its division, Chevron Products Company, has invested in Novvi LLC, a joint venture of Amyris (AMRS), Cosan S.A. and American Refining Group.
Financial details of the deal weren’t disclosed, but Chevron is gaining access to Novvi’s lubricant technology and products, which it said it believes is “strategically aligned with our aggressive growth plan, particularly in the synthetic and renewable lubricants space,” said Brent Lok, manager for Chevron Base Oils marketing and business development.
“As we continue to increase out global market penetration, Chevron’s well-established industry position in base oils and lubricants can further enhance our growth plan,” said Jeff Brown, Novvi’s chief executive officer.
Shares for Chevron were last down 0.6% during pre-market trading Wednesday. Amyris shares jumped 4% during pre-market trading.