(Source: PRNewswire-FirstCall)
CAMBRIDGE, Mass., June 25 /PRNewswire-FirstCall/ -- Verenium Corporation , a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, and international energy company BP today announced that their jointly-owned, commercial cellulosic ethanol project, located in Highlands County, Florida, has been selected by the U.S. Department of Energy (DOE) to enter the due diligence phase of its Title XVII Loan Guarantee Program. Under this program, the DOE may provide loan guarantees for project debt covering up to 80% of eligible costs. The Highlands project is scheduled to break ground in 2010.
"We are thrilled to move forward into this next phase with the DOE. We believe this signals an important endorsement of our cellulosic process technology and a strong show of support for the advancement of next-generation biofuels," said Carlos A. Riva, President and Chief Executive Officer at Verenium. "This type of government support is absolutely critical to develop new technology at commercial scale and enable the growth of emerging, high-impact industries, such as alternative energy."
"The joint venture's progress to the next stage of the review process for the DOE loan guarantee program is very encouraging. We look forward to hearing the outcome of the process and being able to proceed with building an important new cellulosic ethanol plant in Florida," Sue Ellerbusch, President of BP Biofuels North America said.
The BP-Verenium Joint Venture
The joint venture (JV) between BP and Verenium is a 50/50 JV between two world-class energy leaders for the commercialization of next-generation cellulosic ethanol, a non-food-based, renewable transportation biofuel. The JV will act as the commercial entity for the deployment of cellulosic ethanol technology being developed and proven under the first phase of the BP-Verenium partnership, announced last August. With plans to add additional capacity, the JV also intends to develop a second site in the Gulf Coast region.
About Verenium
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the biofuels, industrial, and animal health markets. The Company possesses integrated, end-to-end capabilities and cutting-edge technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels.
