Issue Date: July 19, 2010
BP Will Acquire Verenium's Biofuels
BP’s North American biofuels business has agreed to acquire Verenium’s cellulosic biofuels business for $98.3 million. The deal includes an ethanol pilot plant in Jennings, La., and labs in San Diego. Verenium will retain its commercial enzymes business, including biofuels enzymes, and will have the right to develop its own lignocellulosic enzyme program. BP, which formed a joint venture with Verenium last year, says the purchase advances its plan to become a leader in the cellulosic biofuels industry.
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