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HOUSTON — Tesoro Corp. entered into a strategic partnership with Virent to accelerate the development and commercialization of Virent’s BioForming technology, which aims to produce cost-effective, low-carbon, drop-in, bio-based fuels and chemicals.
The agreement provides funding to Virent to advance its technology and commercialization, while establishing a framework for Tesoro to provide broader support and involvement in Virent’s deployment efforts long term.
“This agreement with Virent furthers our plans to foster the development of renewable feedstocks that we can co-process at our refineries,” said CJ Warner, executive vice president of strategy and business development at Tesoro. “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.”
According to Virent, its relationship with Tesoro connects the technology, resources and capability required to commercialize low-carbon solutions with the greatest efficiency and lowest cost.
“I am delighted with our new relationship with Tesoro and its support for both our low-carbon fuel and chemicals development. Tesoro’s plan embraces innovative approaches to provide drop-in, low-carbon fuels for many of the largest fuel markets in the United States, while utilizing the existing refining and logistics infrastructure," said Lee Edwards, Virent's CEO. "It is a great fit for Virent."
Madison, Wis.-based Virent has patented technology featuring catalytic chemistry that converts 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 fibers.
As of Oct. 30, Houston-based Tesoro had 580 company-operated convenience stores and gas stations, as well as 1,695 jobber/dealer-operated locations, for a total of 2,275 sites.