Page 13 - NorthAmOil Week 47 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

a privately held biotechnology company
harnessing the power of photosynthesis
to create transformative solutions to help
mitigate climate change, has signed a joint
development agreement with ExxonMobil
Research and Engineering with the intent to
bring Viridos’ low-carbon intensity biofuels
toward commercial levels.
“We’re excited to announce that
ExxonMobil is continuing this collaboration
with us to bring sustainable algae biofuels
technology closer to commercial deployment,”
Partners VI AF. The fund has acquired assets in executing these strategies.” said Viridos’ CEO, Dr. Oliver Fetzer. “The
formerly owned by Lime Rock Partners VI, a Brian Musto, managing director in recent productivity advances in Viridos’
2012 vintage fund, and seeks to benefit from Goldman Sachs Asset Management technology are an opportunity to turn CO2
further value appreciation in those assets. The Vintage Funds, said, “We are excited to into renewable diesel and sustainable aviation
acquisition fund, in which the Goldman Sachs partner with the Lime Rock team on this fuels, providing an essential component
Asset Management Vintage Funds served as transaction to deliver liquidity, duration, for the decarbonization of the heavy-duty
the lead investor, received $134mn in new optionality, and capital for Fund VI limited transportation industry. In this next phase
capital commitments to it and a separate co- partners, CrownRock Minerals, and other of the program, we intend to broaden
investment vehicle. portfolio companies. Goldman Sachs Asset participation and invite others to build the
All Fund VI limited partners had the Management is delighted to build on its ecosystem required for full-scale deployment.”
option of reinvesting their Fund VI exposure existing relationship with Lime Rock with our Founded in 2005 by leaders in synthetic
into the acquisition fund or receiving new capital commitment in this fund.” biology, Viridos quickly established itself
accelerated full liquidity. LIME ROCK PARTNERS, November 23, 2021 as a powerhouse for innovative research,
Interests in CrownRock Minerals vehicles, transplanting the first genome, synthesising
two entities acquiring mineral and royalty US Energy Development the first bacterial genome and creating the first
interests in the Permian Basin, represented the synthetic cell. In the past few years Viridos’
vast majority of the assets in the acquisition upsizes borrowing base leadership in engineering microalgae has
fund. Inclusive of co-investment vehicles, achieved greater than 5x bio-oil productivity
Lime Rock Partners has invested nearly US Energy Development, an exploration and increases by increasing both the oil content
$1.1bn in minerals and royalties since 2015. production (E&P) firm that provides direct in the algae and the algae yield. The results
Since 2007, Lime Rock has partnered investments in energy, announced today that from outdoor deployment of Viridos’ bio-
with Midland, Texas-based CrownQuest it has increased its master borrowing base engineered strains in 2020 and 2021 mark the
Operating, the management of the with Washington Federal Bank to $75mn. inflection point toward deployment.
CrownRock Minerals vehicles and of “We are grateful for our continued These advancements in bioengineering
CrownRock, an operator in the Midland partnership with Washington Federal,” said have positioned Viridos to be the leading
Basin. In 2018, Lime Rock completed its first Jordan Jayson, CEO of US Energy. “This enterprise in algal technology with the
acquisition fund, Lime Rock Partners IV AF, a increased borrowing base provides US Energy potential to facilitate significant reductions in
then $1.9bn fund. Fund IV AF mainly consists with additional capacity to acquire more high- greenhouse gas (GHG) emissions in the heavy
of interests in CrownRock, which is still quality assets in our core focus areas.” transportation sector. Viridos’ continued
majority owned by that fund. US Energy primarily invests in projects partnership with ExxonMobil seeks to build
John Reynolds, co-founder and managing across the Permian Basin, Eagle Ford, as well out the technology and agronomy to enable
director of Lime Rock Partners, said: “We are as the DJ and Powder River basins. The firm the commercial launch of Viridos’ low-carbon
thankful to the new acquisition fund investors has invested upwards of $135mn in the core of intensity algae biofuels. In addition to their
and rolling investors for their attention and the Permian Basin this year alone, with plans use in heavy transport, the algae biofuels
enthusiasm for the options presented to them. to invest an additional $400mn in projects could be used for aviation, commercial
With this, our second GP-led secondary, located in these core areas over the next two trucking, and maritime shipping. The terms
we continue to believe that there are good, years. of the renewed partnership with ExxonMobil
market solutions to respond to some investors’ US ENERGY DEVELOPMENT, November 22, should enable other interested parties
preferences for liquidity while allowing others 2021 to access and advance the technology to
to hold investments beyond a normal fund accelerate the deployment of Viridos’ patented
life.” technology in pursuit of lowering global GHG
J McLane, chief investment officer and ENERGY TRANSITION emissions.
managing director, added: “In both of these VIRIDOS, November 19, 2021
secondary processes, we have sought to align Viridos executes agreement
new and rolling investors with the potential
value creation we believe is possible by patient with ExxonMobil to help
acquisition and development of assets in the
Midland Basin – both working interest and scale algae biofuels
mineral interests. We are, as always, grateful to
the CrownQuest team and their partnership Viridos, previously Synthetic Genomics,

Week 47 25•November•2021 www. NEWSBASE .com P13