BP Buys Verenium Biofuels Business

[Nathanael]

BP's business has not been totally crippled by the Gulf Oil Disaster. Today they acquired a biofuels business which makes them a major player in the US biofuel industry.


BP plc (NYSE: BP) took steps today to become the second largest next-generation biofuels producer in the United States by acquiring the cellulosic biofuel business of Verenium Corporation (NASDAQ : VRNM).

BP and Verenium announced today that BP Biofuels North America will pay US$98.3 million for Verenium facilities in Jennings, Louisiana, and San Diego, California; as well as Verenium’s 50 percent share of the BP-Verenium joint venture, called Vercipia, which is planning to build a 36-million-gallon-per-year commercial cellulosic biofuel plant in Highlands County, Florida.

Link: http://energyboom.com/biofuels/eboom-capital-bp-buys-verenium-biofuels-business