Global Bioenergy Industry News
Verenium and BP Extend Galaxy Programme
The arrangement was due to run out on 1 February and the extension will run until 1 March this year.
BP and Verenium said they will continue their ongoing joint development work to accelerate the development and commercialisation of cellulosic ethanol, while the two parties continue to negotiate the terms of a multi-year extension of their collaboration programme.
Verenium will receive an additional $2.5 million from BP to co-fund various scientific and technical initiatives for the month of February.
"We are very pleased with the success we've had over the 18-month Galaxy collaboration and are enthusiastic about expanding this technology development partnership with BP. We continue to focus on our vision for evolving cellulosic ethanol as a viable solution to complement our energy needs," said Carlos A. Riva, President and Chief Executive Officer at Verenium.
The material terms of this amended agreement are described in more detail in the Company's Current Report on Form 8-K filed on 1 February 2010 with the Securities and Exchange Commission. The Company expects to announce the outcome of negotiations with BP to further extend their collaboration programme within the coming weeks.
According to a report on Recharge a 50-50 joint venture between BP and Verenium, Vercipia, is expected to start commercial operation in 2012.
The cost has been estimated at $300 million and Vercipia has applied for a loan guarantee from the US Energy Department (DOE) for the project.
The plant will be built in Highlands County in South Central Florida.
TheBioenergySite News Desk
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