HOUSTON, Dec. 15, 2021 (GLOBE NEWSWIRE) – BioAccelergy Ventures has signed a joint development agreement with ExxonMobil Research and Engineering Company (ExxonMobil) to advance the development of a new bio-base material for making lubricants from seed and vegetable oils. The multi-year agreement aims to demonstrate the feasibility of producing basic bio-stocks on a cost-effective commercial scale to reduce greenhouse gas emissions.
BioAccelergy will bring its expertise in the areas of bio-based feed supply, genetic research and advanced catalytic process development. ExxonMobil will leverage its industry leading knowledge in project management, engineering, manufacturing and marketing of base stocks.
“BioAccelergy, its affiliates and technology partners have worked with ExxonMobil over the past several years to explore this vertically integrated platform for converting renewable raw materials into high quality raw materials,” said Rocco Fiato, CEO of BioAccelergy. “We are pleased to have reached the current milestone and look forward to bringing this technology to commercial scale.”
“ExxonMobil continues to develop and deliver innovative products to support our customers’ sustainability goals,” said Mike Kerby, ExxonMobil’s vice president of lubricant technology. “We are working with BioAccelergy to determine the economic viability of producing organic raw materials to help lubricant manufacturers meet today’s increasing demands for greenhouse gas emissions reduction while maximizing fuel efficiency and equipment life.”
ExxonMobil is one of the world’s largest manufacturers of base stocks and invests in a range of smart global base stocks to offer alternatives with lower greenhouse gas emissions and to ensure a constant supply to customers.
BioAccelergy and its strategic partners develop vertically integrated technology platforms that include genetic plant research and bio-based feed production and harvest, combined with advanced reactor and catalytic bioprocess technology for the production of a wide range of high performance industrial and automotive base oils for lubricants.
About BioAccelergy Ventures Corporation – BioAccelergy is a global leader in the manufacture of high-performance, low-cost BioSpecialty fluids from a range of renewable resources and the development of hydrocarbon-based products with a low carbon footprint. The company has specifically focused on high-performance product compositions that are biodegradable and low in toxicity to meet increasingly stringent environmental requirements. Based in Houston, Texas, with partner facilities in Montana, New Jersey, North Dakota, and Shanghai, China, BioAccelergy has built an international presence in partnerships with some of the world’s leading energy companies.
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