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.