Rive and Grace will jointly develop and commercialize Rive’s zeolite technology for use in catalysts for fluid catalytic cracking
August 3, 2010 ‐‐ CAMBRIDGE, MA & COLUMBIA, MD ‐‐ Rive Technology Inc., an innovative catalyst technology company for the petroleum refining industry, announced today that it has entered into an agreement with W.R. Grace & Co.‐Conn., the primary U.S. operating company of W.R. Grace & Co. (NYSE: GRA). Rive and Grace will jointly develop and commercialize Rive’s zeolite technology for use in catalysts for fluid catalytic cracking (FCC) processes within a petroleum refinery.
Rive’s proprietary technology makes zeolite refining catalysts more accessible to hydrocarbon molecules, resulting in increased yields of transportation fuels and less coke. Rive’s technology creates refinery‐wide operating flexibility due to enhanced coke selectivity. Refiners can profit from the improved catalytic performance by increasing refinery throughput, processing heavier crude oil, and maximizing production of high quality fuels.
Under the agreement, Rive and Grace will develop, manufacture and market FCC catalysts incorporating Rive’s technology worldwide. “Grace’s world‐class catalyst formulation expertise and manufacturing capabilities will be critical to our success, “said Larry Evans, Chief Executive Officer of Rive Technology. “Together, we can extend Grace’s technical and market leadership.”
”This agreement represents a unique opportunity to leverage Rive’s capabilities with our development and scale‐up expertise in order to commercialize step‐out FCC products that meet our customers’ needs,” said Shawn Abrams, Vice President and General Manager, Grace Davison Refining Technologies. “Rive brings a strong team of scientists to this effort and we look forward to jointly pursuing this innovation in FCC catalysis.”
About Rive Technology
Rive Technology is commercializing breakthrough technology for petroleum refining catalysts. Rive’s proprietary technology, invented at MIT, makes traditional zeolite refining catalysts more accessible to hydrocarbon molecules, significantly increasing yields of valuable products and providing refiners with greater operating flexibility. Rive has raised over $22 million in venture capital from leading venture capital firms. For more information, visit, www.rivetechnology.com.
About Grace Davison
Grace Davison, a business unit for W.R. Grace & Co.-Conn., is the global leader for FCC catalysts and additives, offering solutions-oriented approaches backed by a broad, highly differentiated portfolio and industry-leading technical service. Our research leadership and flexible manufacturing system support our value-added technology tailored to meet our customers’ current and future needs.
Grace is a leading global supplier of catalysts and other products to petroleum refiners; catalysts for the manufacture of plastics; silica‐based engineered and specialty materials for a wide range of industrial applications; sealants and coatings for food and beverage packaging, and specialty chemicals, additives and building materials for commercial and residential construction. Founded in 1854, Grace has operations in over 40 countries. For more information, visit Grace’s web site at www.grace.com.