Verenium, BP Extend Joint Development Program For Ethanol Development
Verenium, a company engaged in development and commercialization of cellulosic ethanol and specialty enzymes, has extended a joint development program established in August 2008 with partner BP for an additional month until April 1, 2010.
BP and Verenium will continue their ongoing joint development work to accelerate the development and commercialization of cellulosic ethanol, while the two parties continue negotiations for a longer-term collaboration. Verenium will receive an additional $2.5m from BP to co-fund the cellulosic ethanol program for the month of March.
Carlos Riva, president and CEO of Verenium, said: "Both Verenium and BP remain committed to advancing our cellulosic ethanol technology and agreeing on an appropriate structure for doing so."
Verenium possesses integrated capabilities and technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels. Through Vercipia, a 50-50 joint venture with BP, the company is moving to commercialize cellulosic technology for the production of ethanol from an array of non-food feedstocks, including energy crops, agricultural waste and wood products.
(energy-business-review.com Mar. 2010)