BP and Verenium Announce Significant Partnership to Accelerate the Commercialization of Cellulosic Ethanol
CAMBRIDGE, Mass., Aug 06, 2008 /PRNewswire-FirstCall via COMTEX/ -- BP and Verenium Corporation today announced the creation of a strategic partnership to accelerate the development and commercialization of cellulosic ethanol. ... Under the initial phase of the strategic alliance, Verenium is to receive $90 million in total funding from BP over the next 18 months for rights to current and future technology held within the partnership.
Beyond the initial phase of this alliance, the companies expect to negotiate a second phase of the relationship focused on the development of a Joint Venture (JV) to accelerate the commercial deployment of the technologies from the SPE into commercial-scale cellulosic ethanol production facilities. While the primary and initial focus of the JV will be on facilities jointly owned by BP and Verenium in the United States, the SPE technologies may also be licensable to third-party commercial projects