Chevron and Weyerhaeuser Form Biofuels Joint Venture

Catchlight Energy LLC leverages world-class capabilities of both companies to develop renewable transportation fuels from nonfood sources

Chevron Corporation (NYSE: CVX) and Weyerhaeuser Company (NYSE: WY) today announced the creation of a 50-50 joint venture company focused on developing the next generation of renewable transportation fuels from nonfood sources.

The joint venture, Catchlight Energy LLC, will research and develop technology for converting cellulose-based biomass into economical, low-carbon biofuels. The formation of Catchlight Energy is the first milestone of a biofuels alliance announced by Chevron and Weyerhaeuser in April 2007 and reflects the companies’ shared view that nonfood biofuels will play an important role in diversifying the nation’s energy supply.

“At Weyerhaeuser, we believe our timberlands hold solutions to important problems for people and the planet,” said Miles Drake, senior vice president, Research and Development and chief technology officer for Weyerhaeuser. “Catchlight Energy represents an imaginative approach to releasing this potential as we work to develop a sustainable solution to the world’s energy needs.”

“Catchlight Energy brings together two leaders in their industries and leverages their strengths – from feedstocks to fuel manufacturing to marketing – to create a sustainable, economic, nonfood biofuels business at commercial scale,” said Mike Wirth, executive vice president, Global Downstream for Chevron.

Michael Burnside of Chevron has been appointed chief executive officer of Catchlight. During his 33-year career with Chevron, Burnside has held a variety of positions in manufacturing, planning and analysis and finance, and has been involved with a number of joint ventures. W. Densmore Hunter of Weyerhaeuser has been named Catchlight’s chief technology officer. Since joining Weyerhaeuser in 1980, Hunter has held key research, technology and manufacturing positions and currently leads the company’s biofuels and bioproducts research and development efforts.

Both Chevron and Weyerhaeuser will contribute resources — including funding, background technology and employees — to Catchlight Energy. Catchlight’s initial focus will be on developing and demonstrating novel technologies for converting cellulose and lignin from a variety of sources into biofuels.

Chevron and Weyerhaeuser already have separate research partnerships under way with universities, national laboratories and technology-based companies to advance the development of nonfood biofuels.