BP and Verenium in $90m cellulosic ethanol tie-up

TORONTO (ICIS news)--The UK's BP has formed a strategic partnership with US-based renewable fuels firm Verenium to speed up the development and commercialisation of cellulosic ethanol, it said on Wednesday.

Under the agreement, Verenium would receive $90m (€58m) in funding from BP over the next 18 months for rights to current and future technology held within the partnership, BP said.

The partnership was focused on low-cost, environmentally friendly cellulosic ethanol production facilities in the US, and potentially throughout the world, it added.

($1 = €0.65)

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