Verenium and BP Extend Biofuel Joint Development Program

Verenium Corporation, a Cambridge, Mass.-based developer of next-generation cellulosic ethanol, has extended its initial 18-month joint development program established in August 2008 with partner BP, which was scheduled to expire on Feb. 1, 2010, until March 1, 2010. BP and Verenium will continue their ongoing joint development work to accelerate the development and commercialization of cellulosic ethanol, while the two parties continue to negotiate the terms of a multi-year extension of their collaboration program.

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,” says Carlos A. Riva, president and CEO at Verenium. “We continue to focus on our vision for evolving cellulosic ethanol as a viable solution to complement our energy needs."

Verenium expects to announce the outcome of negotiations with BP to further extend their collaboration program within the coming weeks.