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
Verenium just announced a partnership with Add Food Service GmbH. Under the multi-product distribution agreement, Add Food Service GmbH will distribute two of Verenium’s specialty enzyme products, Fuelzyme and Veretase, in locations outside of the US, including Europe. These enzymes are used to liquefy starches for use in cellulosic ethanol as well as foods and beverages.
In a company press release, Janet Roemer, Verenium’s Executive Vice President, Specialty Enzymes Business, commented on the … 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
Put all ethanol/biofuel stocks on the radar. Today the Obama administration announced the creation of the Biofuels Interagency Working Group and announced $786.5 million in Recovery Act funds for renewable fuel projects.
“We must invest in a clean energy economy that will lead to new jobs, new businesses and reduce our dependence on foreign oil,” said President Obama. “The steps I am announcing today help bring us closer to that goal. If we are to … Read the rest
More bad news for ethanol…Aventine Renewable Energy Holdings, Inc, which produces ethanol from corn, just announced that it is having difficulty making payments to its creditors and that a Chapter 11 bankruptcy may be in the company’s near future, according to a story published by Reuters. According to Reuters, Aventine is taking a by-any-means necessary approach to raising capitol, "including seeking additional debt and equity financing and a potential sale of all or part of … Read the rest
Verenium and BP are moving forward on a joint venture to produce cellulosic ethanol. However, even with the $45 million investment dollars that Verenium gained as part of the deal, Earth2Tech reports that Verenium will still have to put its proposed cellulosic ethanol plant on hold. The company had originally expected to begin construction this year, but now expects to start work on the plant in 2010 instead.
Here are some of Earth2Tech’s comments on … Read the rest
Verenium (VRNM) is soaring nearly 50% this morning on news that oil giant BP is paying the company 90 million for access to its cellulosic ethanol technology. The two companies have created a special entity as part of the deal and the technology developed will be jointly owned and licensed.… Read the rest