Verenium is back in the news again, this time after having formed a partnership with British petroleum giant, BP. As part of the deal, BP agreed to provide $90 million for rights to Verenium's technology and to fund research and development until 2010. Beyond the 18-month announced alliance, the two companies said they will establish a joint venture that will build and operate a full-scale production facility. Quoting Sue Ellerbusch, president of BP Biofuels North America, "We believe energy crops like sugarcane, miscanthus, and energy cane are the best feedstocks to deliver economic, sustainable and scaleable biofuel to the world." Verenium just built and started up a 1.5 million gallon per year demonstration-scale cellulosic plant in Jennings, Louisiana. President and CEO Carlos Riva said on Wednesday the company hopes to begin building a commercial plant next year and to start producing fuel from that plant in 2011. I assume this will be a 30 million gallon per year commercial plant when completed.
Thursday, August 7, 2008
BP and Verenium strike a $90 million deal
Verenium is back in the news again, this time after having formed a partnership with British petroleum giant, BP. As part of the deal, BP agreed to provide $90 million for rights to Verenium's technology and to fund research and development until 2010. Beyond the 18-month announced alliance, the two companies said they will establish a joint venture that will build and operate a full-scale production facility. Quoting Sue Ellerbusch, president of BP Biofuels North America, "We believe energy crops like sugarcane, miscanthus, and energy cane are the best feedstocks to deliver economic, sustainable and scaleable biofuel to the world." Verenium just built and started up a 1.5 million gallon per year demonstration-scale cellulosic plant in Jennings, Louisiana. President and CEO Carlos Riva said on Wednesday the company hopes to begin building a commercial plant next year and to start producing fuel from that plant in 2011. I assume this will be a 30 million gallon per year commercial plant when completed.
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I think these oil companies are smart to start moving into renewable energy sources. They'll become a part of history, otherwise!
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