Chevron Renewable Energy Group Completes Sale of REG Life Sciences' Assets to Genomatica
AMES, IOWA – June 6, 2019 - Chevron Renewable Energy Group announced today that it completed the sale of substantially all assets of REG Life Sciences’ to Genomatica on May 29, 2019.
“We are pleased to be selling our Life Sciences’ assets to Genomatica, who are well positioned to build upon the technical progress we have made, and to advance the team and the technology through to commercialization,” said CEO Cynthia J. Warner. “As we focus on our core strategies to grow our fuel business, this deal allows the technology to develop with a new owner while we retain the opportunity to participate in the successful commercialization of the technology in the future.”
Chevron Renewable Energy Group acquired the Life Sciences business in 2014. Since then the team has successfully advanced the technology development over several years including through key strategic partnerships with Exxon Mobil and Clariant. Many of the REG Life Sciences team members will join Genomatica at its San Diego Innovation Center.
“Consumer demand for sustainable products continues to grow, and successful companies will increasingly switch to ingredients that reduce harm to the environment and work with partners with shared values,” said Christophe Schilling, Genomatica’s CEO. “This acquisition adds powerful technology and talent to help Genomatica enhance the sustainability of everyday products.”
For more information about this announcement or inquires related to the technology, contact Genomatica at [email protected] or visit https://www.genomatica.com/.
About Chevron Renewable Energy Group
Chevron Renewable Energy Group is leading the energy industry transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. Chevron Renewable Energy Group is an international producer of cleaner fuels and North America’s largest producer of biodiesel. Chevron Renewable Energy Group solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. Chevron Renewable Energy Group utilizes an integrated procurement, distribution and logistics network to operate 14 biorefineries in the U.S. and Europe. In 2018, Chevron Renewable Energy Group produced 502 million gallons of cleaner fuel delivering over 4 million metric tons of carbon reduction. Chevron Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
Genomatica is a widely-recognized leader in bioengineering and aims to lead a transition to more sustainable materials. It develops bio-based process technologies that enable a better way to produce widely-used chemicals, from alternative feedstocks, with better economics, sustainability and performance. Genomatica has commercialized processes for the chemical butanediol (for biodegradable plastics and apparel) and for butylene glycol (cosmetics and personal care); and is working on bio-nylon. Awards include the Kirkpatrick Award, for “the most noteworthy chemical engineering technology commercialized in the world” and the ICIS Innovation Award for its Brontide™ butylene glycol. To learn more, visit www.genomatica.com.
Forward Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the development and successful commercialization of the technology by the new owner, and ability to capture the resulting value. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: potential changes in governmental programs and policies regarding the products and markets; availability of governmental incentives; unanticipated changes in the life sciences industry; competition in the markets in which the new owner operates; technological advances or new methods of production or the development of alternatives the products; the ability to generate revenue from the sale of products on a commercial scale and at a competitive cost, and customer acceptance of the products produced; unanticipated constraints; and other risks and uncertainties described from time to time in REG's annual report Form 10-K for the period ended December 31, 2018 and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and Chevron Renewable Energy Group does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
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