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Print Edition StoriesThursday, February 19, 2009
Verenium, BP pony up first $45M for joint venture
By Mass High Tech Staff
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Cambridge-based cellulosic ethanol company Verenium Corp. announced today that it has expanded its joint venture with energy giant BP PLC to include a joint venture company that will be based in Cambridge.
The joint venture company will act as the commercial entity for the deployment of cellulosic ethanol technology being developed by the two companies under the first phase of the their partnership, announced last August. The collaboration is intended to progress the development of one of the nation’s first commercial-scale cellulosic ethanol facilities, located in Highlands County, Fla., and to create future opportunities for leveraging cellulosic ethanol technologies, according to a statement.
Officials did not put a name on the new entity.
Last summer, the two companies announced the joint venture, valued at $90 million. The first $45 million of that agreement has been committed to the new joint venture company, with each company putting in $22.5 million.
In addition, the new group will be led by employees of both BP and Verenium and will be governed by a board with equal representation from both parent companies.
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