Chevron Technology Ventures LLC Joins Biotechnology Industry Organization; Highlights Drive for Bioenergy

WASHINGTON, D.C. (October 18, 2006) -- Jim Greenwood, president & CEO of the Biotechnology Industry Organization (BIO), announced today that Chevron Technology Ventures LLC, a wholly owned subsidiary of Chevron Corp., has become a member of BIO. “Chevron Technology Ventures joins a growing list of forward-thinking members in BIO’s Industrial and Environmental Section who are working to transform how we produce fuels and consumer products in the 21st century. BIO’s member companies all recognize that industrial biotechnology is a key driver for a cleaner, greener and more secure future,” Greenwood stated.

“As part of a major integrated energy company, Chevron Technology Ventures’ membership in BIO signals that industrial biotechnology has reached a tipping point. Biotechnology holds the keys to making biofuels and bioproducts cost-effective through the development of new feedstocks, novel enzymes, and fermentation technology. Reducing dependence on traditional fuel sources and lessening environmental impacts are important to America’s future economic growth and competitiveness,” Greenwood continued.

Chevron Technology Ventures has recently announced strategic collaborations with the National Renewable Energy Laboratory and with the University of California Davis to research and develop next-generation production technologies for biofuels. Chevron Technology Ventures previously this year outlined an alliance with the state of California and Pacific Ethanol to study the use of E85 in state-owned vehicles as well as a collaboration with The Georgia Institute of Technology aimed at making cellulosic biofuels, biodiesel and hydrogen viable transportation fuels.

Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, said, “Chevron Technology Ventures’ membership in BIO signals an acceleration in interest in biofuels by major energy companies. BIO supports the production of ethanol from all feedstocks. Agricultural biotechnology is helping to increase corn yields, while industrial biotechnology is helping to convert corn starch and crop residues into ethanol more efficiently. With ongoing advances in biotechnology, biofuels can help the world meet its growing energy needs. Biofuels can help America meet nearly half its transportation-fuel needs by the middle of this century.”

BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products.

Upcoming Events

BIO CEO & Investor Conference 2007
Feb. 12-14, 2007 New York City

2007 World Congress on Industrial Biotechnology and Bioprocessing
March 21-24, 2007 Orlando, Fla.

BIO International Convention
May 6-9, 2007 Boston