Verenium (VRNM) Extends Galaxy Joint Development Program With BP

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09:22:57 am on March 1, 2010

Verenium just announced that its Galaxy joint development program with BP will continue for an additional month, ending April of this year while the two companies continue to negotiate a long term agreement for developing and commercializing cellulosic ethanol. To continue the current agreement through March, BP will provide Verenium with another $2.5 million.

In a press release, Carlos A. Riva, President and Chief Executive Officer at Verenium, said that “Both Verenium and BP remain committed to advancing our cellulosic ethanol technology and agreeing on an appropriate structure for doing so.”

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