Posted in | News | Biofuels | Sustainability

Verenium and BP Enter Into Key Biofuels Agreement

Verenium Corporation and BP have entered into an agreement wherein BP Biofuels North America will acquire the cellulosic biofuels business of Verenium Corporation including the facilities of Verenium Corporation in San Diego, CA and Jennings, LA for $98.3 million.

The agreement includes BP Biofuels North America acquiring the cellulosic enzyme technology as well as associated IP and cellulosic biofuels technology as well as associated IP from Verenium Corporation.

The key commercial enzyme business division of Verenium Corporation, including its supporting technology and personnel required for developing the business will be retained by Verenium Corporation. Moreover, Verenium Corporation will retain its ability for developing its lignocellulosic enzyme program. By acquiring the cellulosic biofuels technologies of Verenium Corporation, BP Biofuels North America will be well positioned to provide low-carbon, low-cost, sustainable biofuels.

BP Biofuels North America will now become the lone investor in Vercipia Biofuels, which is a joint venture established by Verenium Corporation and BP in February 2009. Going forward, all of the activities of Vercipia Biofuels will be managed independently by BP Biofuels North America.


Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.