BP and Verenium close deal
On 2 September 2010 Verenium, dedicated to the development and commercialisation of industrial enzyme solutions, announced the closing sale of its cellulosic biofuels business to BP Biofuels North America for $98.3 million (€76.3 million).
Following the closure of this deal, BP is now the sole owner of Verenium’s facilities in Jennings, LA, US, including the pilot plant and the demonstration-scale facility and the San Diego, California-based R&D facilities. In addition BP has retained select personnel needed to continue to cellulosic biofuels development programme.
BP is also the sole owner of Vercipia Biofuels and Galaxy Biofuels, the two 50:50 joint ventures set up 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 programme. 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.
Following the closure of this deal, BP is now the sole owner of Verenium’s facilities in Jennings, LA, US, including the pilot plant and the demonstration-scale facility and the San Diego, California-based R&D facilities. In addition BP has retained select personnel needed to continue to cellulosic biofuels development programme.
BP is also the sole owner of Vercipia Biofuels and Galaxy Biofuels, the two 50:50 joint ventures set up 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 programme. 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.
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