BP agrees to buy US cellulosic producer Verenium

15 July 2010 15:33  [Source: ICIS news]

HOUSTON (ICIS news)--Oil and gas producer BP has agreed to pay $98.3m (€77.6m) for part of biofuels producer Verenium’s cellulosic business, the companies said on Thursday.

BP Biofuels North America will acquire Verenium’s cellulosic facilities in Jennings, Louisiana, and San Diego, California, according to the deal.

Verenium, based in Cambridge, Massachusetts, will keep its commercial enzyme business and some of its research and development capabilities, it said. Under the deal, the company will also gain access to certain biofuels technologies BP develops.

BP Biofuels CEO Philip New said the deal would give the company an integrated cellulosic business spanning from research to production.

“By acquiring Verenium’s cellulosic biofuels technology, BP Biofuels should be well placed to accelerate the delivery of low cost, low carbon, sustainable biofuels at scale,” New said. 

($1 = €0.79)

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By: Ben Lefebvre
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