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