Tesoro is buying renewable technology company Virent in a push to develop cleaner fuels, according to a news release.
Virent is developing technology that converts sugars and other biomass into feedstocks to be used in gasoline, Anacortes Tesoro Refinery spokesman Matt Gill said. He said that type of fuel would be compatible with existing vehicles and could lower costs associated with complying with some states’ low-carbon laws.
He said the purchase of Virent won’t cause any changes for the Anacortes refinery for at least a few years as Tesoro and Virent develop the technology to work on a large scale.
He said Tesoro will take a hands-off approach in managing Virent.
The acquisition is expected to become official later this month.
