Bunge, Chevron acquire Argentina seed business Chacraservicios
Bunge and Chevron Renewable Energy Group Inc. announced July 5 that they have acquired Chacraservicios S.r.l. based in Argentina from the Italian firm Adamant Group.
This latest investment in novel seeds adds a new oil source in Bunge and Chevron’s global supply chains and will help both companies meet the growing demand for lower-carbon renewable feedstocks.
The terms of the transaction were not disclosed.
“Across our business, our decision-making process includes a focus on carbon,” said Fernando Candia, Bunge’s vice president of carbon solutions. “Investing in this new oilseed crop is another step towards our goal of expanding lower carbon-intensity feedstocks to help meet the growing demand for renewable fuels. As a leader in oilseed processing, we are pleased to bring innovative crop solutions to farmers and process it into sustainable solutions for consumers.”
Founded in 2003, Chacraservicios was bought by Adamant Group, which invested through first-stage development of the company.
Chacraservicios is focused on the cultivation of camelina, a cover crop with high oil content, that benefits farmers, consumers and the environment.
Bunge plans to provide Chacraservicios crush tolling and management services.
“Agricultural innovation is powering renewable fuels development around the world, and opportunities like this are helping Chevron expand our portfolio of affordable, reliable and lower-carbon fuels,” said Natalie Merrill, senior vice president for business development with Chevron Renewable Energy Group. “Together with Bunge, Chevron’s Renewable Energy Group looks forward to working with the Chacraservicios team on meal- and oil-processing innovations.”
The companies expect to continue to explore opportunities to increase their participation in the development of next-generation, renewable fuels and advance a lower-carbon energy future.