Petroleum refiner and marketer Tesoro Corp. plans to acquire Madison-based renewable fuels technology company Virent Inc. this month, both companies announced Tuesday.
San Antonio-based Tesoro, which invested in Virent earlier this year, said it views the acquisition as a way to accelerate the commercial development of the Madison company’s renewable energy technology.
Virent will continue to operate from Madison, where it has its office as well as pilot and demonstration plants for biogasoline.
“With this acquisition, Tesoro intends to foster more rapid commercialization of Virent’s renewables technology, which could uniquely position the company with an improved means of future regulatory compliance, as well as potential licensing opportunities,” said CJ Warner, Tesoro executive vice president of operations, in a statement. “Tesoro plans to provide resources and expertise to support the scale-up and commercialization of the technology while maintaining Virent’s innovative culture and business that are key to its success.”
Read more at the Milwaukee Journal Sentinel.