Oil company Chevron Corporation (NYSE:CVX) and one of the world’s largest forest products manufacturers, Weyerhaeuser Company (NYSE:WY) announced on Friday a 50-50 joint venture to develop renewable fuels from nonfood sources.
The new company, Catchlight Energy LLC, will research and develop technology for converting cellulose-based biomass into economical, low-carbon biofuels, according to a release.
"Catchlight Energy brings together two leaders in their industries and leverages their strengths–from feedstocks to fuel manufacturing to marketing–to create a sustainable, economic, nonfood biofuels business at commercial scale," said Mike Wirth, executive vice president, Global Downstream for Chevron.
Michael Burnside of Chevron has been appointed CEO of Catchlight. During his 33-year career with Chevron, Burnside has held a variety of positions in manufacturing, planning and analysis and finance, and has been involved with a number of joint ventures. W. Densmore Hunter of Weyerhaeuser has been named Catchlight’s chief technology officer. Since joining Weyerhaeuser in 1980, Hunter has held key research, technology and manufacturing positions and currently leads the company’s biofuels and bioproducts research and development efforts.
Chevron and Weyerhaeuser already have separate research partnerships under way with universities, national laboratories and technology-based companies to advance the development of nonfood biofuels.
About Chevron
Chevron Corporation is one of the world’s leading integrated energy companies with subsidiaries that conduct business across the globe. Chevron is based in San Ramon, Calif.
About Weyerhaeuser
Weyerhaeuser Company, one of the world’s largest integrated forest products companies, was incorporated in 1900. In 2007, sales were $16.3 billion. It has offices or operations in 13 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.weyerhaeuser.com.
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