On January 19, 2016, Elevance Renewable Sciences Inc. (Elevance), a Biobased and Renewable Products Advocacy Group (BRAG®) member, announced the successful scale-up of a second-generation biorefinery technology of the Company's olefin metathesis technology, utilizing ethylene and natural oil feedstocks. Elevance collaborated with Versalis, XiMo AG, and Soneas to reach this milestone in the development of second-generation metathesis technology. "This significant accomplishment advances the interests of several of our partners and demonstrates the advantages of working together," stated Mel Luetkens, COO at Elevance. Further, "Elevance is pleased to be at the center of this collaboration and to be advancing these important developments for our partners and us. It is another validation of Elevance's technology and the value that we bring to our partner relationships."