Verenium Closes Sale of Cellulosic Biofuels Business to BP

The sale of Verenium's cellulosic ethanol business to oil giant BP for $98.3 million has now been completed.

In the transaction, BP acquired the Verenium facilities in Jennings, LA, including the pilot plant and demonstration-scale facility, the San Diego, CA R&D facilities, as well as cellulosic biofuels and cellulosic enzyme technology and related IP. In addition, BP retained select personnel needed to continue the cellulosic biofuels development program. BP also became the sole owner of Vercipia Biofuels and Galaxy Biofuels, the 50-50 joint ventures created by Verenium and BP.

Verenium retains its commercial enzyme business, including its biofuels enzyme products, and has the right to develop its own cellulosic enzyme program. Verenium also retains select R&D capabilities, as well as the potential option to access select biofuels technology developed by BP using the technology acquired from Verenium through this transaction.

Source : Press Release