Petroleum refiner Tesoro says it has acquired Virent, a renewable fuels and chemical company, supporting 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 will remain in Madison, Wis.
According to Virent, the companies initiated a strategic relationship in January and have worked together to establish a forward-looking plan to meet the increasing demands for high-quality renewable fuels and chemicals, scaling up the technology and reducing deployment risk.
“The Tesoro announcement is a critical milestone for Virent to establish a pathway to commercialization with a recognized leader in refining, marketing and logistics. While we will maintain our entrepreneurial spirit and culture, Virent will also benefit from the strategic support and capability of Tesoro, capturing the best of both companies,” said Lee Edwards, Virent CEO.