BP ventures into Verenium’s Cellulosic Biofuel Business
Verenium Corp., a Cambridge commercial enzyme developer, has closed the $98.3 million sale of its cellulosic biofuels business to BP Biofuels North America today.As part of the acquisition, Verenium’s pilot plant and demonstration-scale facility in Jennings, La., is now owned by BP
BP also takes over the company’s research and development facilities in San Diego and its technology and intellectual property stemming from Verenium’s cellulosic biofuels and cellulosic enzymes.
Under terms of the deal, Verenium still has its commercial enzyme firm, certain R&D capabilities and the rights to develop its cellulosic enzymes.
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