Shares of Verenium (VRNM) nearly doubled at the open this morning before giving much of it back after it was announced that BP would purchase their cellulosic biofuels business for $98 million which includes facilities in Jennings, LA and San Diego, California. Verenium retains its commercial enzyme business and retains the right to develop its own cellulosic enzyme program, select R&D capabilities and access to select biofuel technology developed by BP.
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By Sam Hopkins of GreenChipStocks.com
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I’m in Washington, D.C. today for the American Council on Renewable Energy’s RETECH Expo, where I’m mining the showcases and speakers for new stock picks. Not every technology or company here will be a home-run investment. To tell the truth, many of them won’t even make it ten years without being bought out or folding…
Others will make headlines and drive market returns, … Read the rest
BP just announced that it will be collaborating with Martek Biosciences Corp to develop technologies that use microbial oils to convert sugars into biodiesel, according to UPI.com. Currently, most biodiesel is made from some type of natural fat or oil, whether it is animal or vegetable in origin. Sugars are usually fermented to produce ethanol. The process that BP and Martek are working on would use sugars to create biodiesel, a process that is … Read the rest
MEMC Electronic Materials was ordered to pay over $8.8 million in a legal dispute with BP Solar, according to the St. Louis Business Journal. The judgement against MEMC came on Friday after a jury ruled that MEMC had violated a supply agreement with BP back in 2006 and 2007. According to BP Solar, it had an agreement with MEMC to supply it with polysilicon powder for three years. MEMC claims the agreement never existed, … Read the rest
BP Solar will begin work next month on what FedEx (FDX) is calling the largest rooftop solar project in the country, spanning 3.3 acres and 12,400 solar panels. The 2.4MW system, which is expected to be completed by November, will provide about a third of the power for the FedEx hub in Woodbridge, NJ. Under the agreement, BP will install and operate the system and sell the resulting energy to FedEX. This isn’t FedEX’s first … Read the rest
The joint venture between BP and Verenium (VRNM) to develop commercial scale cellulosic ethanol will be named Vercipia Biofuels and headquarters will be located to Highlands County, Florida the companies have announced. A second site is being developed in the Gulf Coast region.
“I continue to be pleased and enthusiastic with the progress our joint venture – Vercipia – has made in only a few short months, and I look forward to a highly productive … Read the rest
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 … Read the rest
BP and Verenium just announced that they have been selected by the Department of Energy to begin the next phase of negotiations for the DOE loan guarantee program. If BP and Verenium are approved, the government may guarantee up to 80% of loans needed to finance their jointly-owned cellulosic ethanol project, scheduled to start construction next year.
In a company press release, executives from both companies commented on the news:
“We are thrilled to … Read the rest
SolarEdge, an Israeli company that makes electronic systems which boost the efficiency of solar panels, just announced that they snagged a deal with BP Solar. Under the joint agreement, BP Solar will begin incorporating Solar Edge’s systems, which boost efficiency up to 20-25%, into its solar modules and look at the possibility of commercializing them. Currently, the two companies are testing Solar Edge’s products to see how well they hold up under conditions designed to … Read the rest
Br Solar International just announced that it will be getting rid of a manufacturing plant in Spain and will reduce production at its Frederick, Maryland plant in the US. This will result in 620 workers being laid off. BP does plan to increase PV production from 159 MW to 320MW, but the increased production will take place in India and China.
Reyad Fezzani, chief executive at BP Solar, advised BusinessGreen.com that his company is still … Read the rest