BP and Verenium Corporation Form 50-50 Joint Venture for Cellulosic Ethanol Development

BP and Verenium Corporation have joined forces to develop and commercialize cellulosic ethanol from non-food feedstocks. The joint venture, a 50-50 partnership, will form the commercial entity for deploying cellulosic ethanol technology developed under the first phase of their partnership. The companies have committed $45 million in funding and assets to the joint venture. This collaboration aims to advance the development of a commercial-scale cellulosic ethanol facility in Highlands County, Florida, and create opportunities for leveraging cellulosic ethanol technologies.

Key Takeaways:

• BP and Verenium Corporation have formed a 50-50 joint venture to develop and commercialize cellulosic ethanol from non-food feedstocks.
• The joint venture will act as the commercial entity for deploying cellulosic ethanol technology developed under the first phase of the BP-Verenium partnership.
• The companies have committed $45 million in funding and assets to the joint venture company.
• The joint venture aims to progress the development of one of the nation's first commercial-scale cellulosic ethanol facilities in Highlands County, Florida.
• Carlos A. Riva, President and Chief Executive Officer of Verenium Corporation, sees this collaboration as a critical step in positioning Verenium and BP at the forefront of commercializing cellulosic biofuels in the United States.
• Sue Ellerbusch, president of BP Biofuels North America, emphasizes the companies' commitment to making cellulosic ethanol a reality in the U.S. fuels market in the near term.

Statistics:

• $45 million: The combined funding and assets committed by BP and Verenium Corporation to the joint venture company.
• 50-50: The partnership percentage between BP and Verenium Corporation in the joint venture.

Sources:

• "BP and Verenium Corporation Announce Partnership to Develop and Commercialize Cellulosic Ethanol" (August 2008)
• Verenium Corporation