Virent established a strategic Consortium with Tesoro, Toray, Johnson Matthey and The Coca-Cola Company focused on completing the development and scale up of Virent’s BioForming® technology to produce low carbon bio-based fuels and bio-paraxylene (a key raw material for the production of 100% bio-polyester). The Consortium members will work together to finalize technical developments and commercial arrangements, with the objective of delivering a commercial facility to produce cost effective, bio-based fuels and bio-paraxylene.
Virent and Tesoro announced last Tuesday they have reached an agreement for Tesoro to become Virent’s new strategic owner. The acquisition will support the scale up and commercialization of Virent’s BioForming® technology for the production of low carbon bio-based fuels and chemicals. As a result of the acquisition, Virent will become a wholly owned subsidiary of Tesoro and remain in Madison, Wisconsin.