BP and Verenium Announce Significant Partnership to Accelerate the Commercialization of Cellulosic Ethanol

MarketWatch - Wall Street Journal

Collaboration assembles core capabilities across biofuels value chain to accelerate commercial-scale cellulosic ethanol production using non-food feedstocks - - Initial phase includes $90 million in total funding by BP to Verenium over 18 months -
Last update: 12:01 a.m. EDT Aug. 6, 2008

CAMBRIDGE, Mass., Aug 06, 2008 /PRNewswire-FirstCall via COMTEX/ -- BP and Verenium Corporation (VRNM: verenium corporation com) today announced the creation of a strategic partnership to accelerate the development and commercialization of cellulosic ethanol. The partnership combines a broad technology platform and operational capabilities in an effort to advance the development of a portfolio of low-cost, environmentally sound cellulosic ethanol production facilities in the United States, and potentially throughout the world. Under the initial phase of the strategic alliance, Verenium is to receive $90 million in total funding from BP over the next 18 months for rights to current and future technology held within the partnership.

"We are very excited and proud to be partnering with BP, a world leader in both the traditional and alternative energy industries that shares our commitment and vision to rapidly evolve next-generation ethanol into a commercial-scale solution for our energy needs," said Carlos A. Riva, President and Chief Executive Officer at Verenium. "In addition to BP's world-class capabilities in traditional energy production, logistics and distribution, their commitment to accelerate the development of the global biofuels market was a significant factor in our decision to partner with BP. In addition, both organizations are aligned on the significant market opportunity and operational imperatives for achieving rapid, commercial-scale success."

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