Issue Date: August 11, 2008
BP, Verenium Target Cellulosic Ethanol
BP and Verenium have formed a partnership to accelerate the development of ethanol made from the enzymatic conversion of cellulosic raw materials. Under the deal, BP will provide Verenium with $90 million in funding over the next 18 months. In exchange it will receive rights to current and future technology held by the new partnership. Verenium was formed last year through the merger of cellulosic ethanol developers Diversa and Celunol. Earlier this year, Verenium's auditors expressed concern about the company's financial well-being. The new partnership is one of several BP has formed to advance biofuels. In the U.K. it is working with DuPont on a $400 million plant that will produce ethanol and butanol from wheat. It also has an agreement with the British firm D1 Oils to make biodiesel out of oil extracted from the inedible jatropha plant.
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