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Verenium (VRNM), BP Cellulosic Ethanol Highlands Parternship In Line For DOE Funding
The Verenium (VRNM) and BP cellulosic ethanol, 50/50 joint venture, now has the government behind it if the due diligence process goes well. The companies announced today that their Highland project in Florida has been selected by the US Dept of Energy to enter into the due diligence phase of its loan guarantee program, which may provide guarantees for project debt covering up to 80% of costs. They are expected to break ground on the project next year.
“We are thrilled to move forward into this next phase with the DOE. We believe this signals an important endorsement of our cellulosic process technology and a strong show of support for the advancement of next-generation biofuels,” said Carlos A. Riva, President and Chief Executive Officer at Verenium. “This type of government support is absolutely critical to develop new technology at commercial scale and enable the growth of emerging, high-impact industries, such as alternative energy.”
VRNM is up 20% today but well off the morning highs and trying to hold new support around the 200 day moving average.
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