21 March 2011 16:46 [Source: ICIS news]
HOUSTON (ICIS)--Amyris will establish a joint venture with distributor US Venture for the development of renewable lubricants, the US-based renewable chemicals firm said on Monday.
The joint venture will market and sell lubricants using Amyris’s synthetic renewable base oils, according to the companies, which plan to sign definitive agreements in the second quarter.
US Venture is a distributor of industrial and automotive aftermarket products and lubricants in North America.
Under the joint venture, it will contribute its regional lubricants business, US Lubricants, including products and customer relationships in the industrial, commercial and consumer segments.
Amyris will give supply access to its renewable base oils and formulations for a range of lubricant products using those base oils.
“This joint venture will be an important step in accelerating our capability to develop and commercialise our No Compromise renewable lubricants,” said Amyris CEO John Melo.
Amyris is working on the production of a complete line of renewable lubricants, it said, including a hydraulic compressor, turbine and gear oil and grease, as well as 2-cycle and 4-cycle engine oil.
Specific financial terms were not disclosed, though Amyris said it would be the “majority economic beneficiary” of the joint venture.
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