Seeking Alpha

QualityStocks'  Instablog

QualityStocks
Send Message
QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with... More
My company:
QualityStocks
My blog:
QualityStocks Micro-Cap and Small-Cap Blog
  • BP and Verenium Corp. (VRNM) Announce Pivotal Biofuels Agreement 0 comments
    Jul 16, 2010 1:36 PM | about stocks: VRNM
    Verenium Corp. is a pioneer in the development and commercialization of high-performance enzymes for use in industrial processes. The company currently sells enzymes it develops to customers globally for use in industries such as biofuels. For more information on Verenium, please visit its website at verenium.com.

    BP and Verenium recently announced an agreement for BP Biofuels North America to acquire Verenium’s cellulosic biofuels business, including the company’s facilities in Jennings, LA and San Diego, CA for $98.3 million. BP will become the sole investor in both Vercipia Biofuels and Galaxy Biofuels. Both firms were previously 50/50 joint ventures between the two companies. BP believes it has the resources necessary to push the commercialization of the cellulosic biofuels technology forward.

    As per the agreement, Verenium will retain its commercial enzyme business, including its biofuels enzymes products and also have the right to develop its own cellulosic enzyme program. In addition, the company will also retain select research and development capabilities, as well as rights to access select biofuels technology developed by BP using the technology it is acquiring from Verenium through this agreement.

    This agreement should give both companies the flexibility to pursue the growth opportunities in the respective businesses. As a result of this transaction, Verenium will have the resources to grow its commercial enzyme business while maintaining strategic access to the emerging cellulosic ethanol market in the United States.

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net




    Disclosure: no positions
    Stocks: VRNM
Back To QualityStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.