BP held a press release naming a joint venture with Verenium Corp. for the production of cellulosic ethanol derived from grasses and other non-human consumable vegitation.
The joint venture will invest $300MM for development, market preparation and distribution of the biofuel including a production plant located in Highlands County, Florida. The plant will be 25 times larger than the other smaller plant they operate. Kelly Lindenboom, Vice President, Corporate Communications with Verenium Corp. commented, "This collaboration is intended to progress the development of one of the nation's first commercial-scale cellulosic ethanolfacilities...and to create future opportunities for leveraging cellulosic ethanol technologies." The joint venture company itself will initially be based in Cambridge, Massachusetts.
The two companies forecast breaking ground on the plant in 2010 and expect production in 2012. They plan to produce 36 million gallons per year at this facility. With plans of expansion possibly on the gulf coast already in the works.
More information is available on the press release link below:
http://finance.boston.com/boston?GUID=8025729&Page=MediaViewer&Ticker=VRNM
The joint venture will invest $300MM for development, market preparation and distribution of the biofuel including a production plant located in Highlands County, Florida. The plant will be 25 times larger than the other smaller plant they operate. Kelly Lindenboom, Vice President, Corporate Communications with Verenium Corp. commented, "This collaboration is intended to progress the development of one of the nation's first commercial-scale cellulosic ethanolfacilities...and to create future opportunities for leveraging cellulosic ethanol technologies." The joint venture company itself will initially be based in Cambridge, Massachusetts.
The two companies forecast breaking ground on the plant in 2010 and expect production in 2012. They plan to produce 36 million gallons per year at this facility. With plans of expansion possibly on the gulf coast already in the works.
More information is available on the press release link below:
http://finance.boston.com/boston?GUID=8025729&Page=MediaViewer&Ticker=VRNM
Artwork compliments of:
BP Corporation
Verenium Corporation
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