Cargill and Virent collaborate to study Virent’s BioForming® technology to produce biobased fuels and chemicals

Minneapolis and Madison, Wisconsin – (Sept. 30, 2020) – Biobased fuels and chemicals play a critical role in meeting the increasing global demand for more environmentally friendly sources of energy and plastics to make clothing, electronics, packaging, and building materials. To explore the production of these renewable resources, Cargill and Virent, Inc. are working together to evaluate the use of Cargill’s corn dextrose as a feedstock to Virent’s BioForming® technology for the production of “drop-in” low-carbon biofuels and biochemicals.

Virent’s BioForming® technology uses sugars found in plants as a feedstock to produce drop-in renewable gasoline and jet fuel, as well as lower carbon biochemicals, including bio-paraxylene, a key raw material for producing 100% renewable and recyclable biopolyester. The sugars may originate from any plant source, including first generation crops such as corn, sugar cane and sugar beets, as well as lignocellulosic materials derived from wood, corn stover, bagasse and other sources.

“We are working to scale up the BioForming® process and are very pleased to announce our work with Cargill to study the availability of corn dextrose as a feedstock,” said Dave Kettner, President of Virent. “We believe U.S. corn dextrose is an attractive feedstock for our process and expect this study to demonstrate how U.S. corn dextrose can be used for broader applications to produce renewable gasoline, jet fuel and biobased chemicals. Establishing the Virent BioForming® process as a viable opportunity for producing jet fuel and renewable gasoline as a complement to ethanol will not only open new markets for corn but expand the greater opportunities for both renewable fuels and chemicals.”

Upon completion of the study, Virent will use the findings to evaluate options for scale-up and the development of a first commercial plant utilizing the BioForming® technology. The long-term objective is to use commercially available feedstocks today as a bridge to next-generation lignocellulosic feedstocks in the future.

“Cargill is excited to take this next step in our long-standing journey with Virent. Virent’s biochemical R & D expertise and Bioforming® technology combined with Cargill’s global strength in carbohydrate feedstock and expertise in corn processing makes this a natural joint effort,” said Cargill Managing Director, Mike Wagner. “Building out the bioeconomy and increasing the diversification of our corn grind are both at the core of our strategy, making this an ideal project and highly compatible partnership for Cargill.”

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About Virent, Inc.
Virent is a wholly owned subsidiary of Marathon Petroleum Corporation, a leading, integrated, downstream energy company. Virent technology is creating the low-carbon fuels and chemicals the world demands using a wide range of naturally occurring, renewable resources. Its patented technology features catalytic chemistry to convert plant-based materials into a full range of products identical to those made from petroleum, including gasoline, diesel, jet fuel, and chemicals for plastics and fibers, including bio-paraxylene, benzene and toluene. The products are drop-in replacements that enable full utilization of existing logistics infrastructure.

For more information, please visit: www.virent.com

About Cargill

Cargill’s 155,000 employees across 70 countries work relentlessly to achieve our purpose of nourishing the world in a safe, responsible and sustainable way. Every day, we connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive.

We combine 155 years of experience with new technologies and insights to serve as a trusted partner for food, agriculture, financial and industrial customers in more than 125 countries. Side-by-side, we are building a stronger, sustainable future for agriculture. For more information, visit Cargill.com and our News Center.

Further information:
Virent Press Office, Madison, Wis. USA +1-608-210-3365, shelly_norris@virent.com
Cargill Media Relations, Wayzata, Minn., 952-742-4204, kelly_sheehan@cargill.com

Forward-looking statements
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, the viability of the opportunities discussed herein. You can identify forward-looking statements by words such as “anticipate,” “believe,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “objective,” “opportunity,” “outlook,” “plan,” “position,” “pursue,” “prospective,” “predict,” “project,” “potential,” “seek,” “strategy,” “target,” “could,” “may,” “should,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies and are difficult to predict. Factors that could impact the opportunities described above are: the timing and extent of changes in commodity prices and demand for renewable biofuels, biochemicals and feedstocks; continued/further volatility in and/or degradation of market and industry conditions; changes to the expected construction costs and timing of projects; completion of capacity by competitors; the ability to obtain required regulatory approvals on a timely basis; or the occurrence of an operational hazard or unforeseen interruption. In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions.