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Verenium Corp. reports it will sell its cellulosic biofuels business to BP Biofuels North America for $98.3 million. Following the deal, Verenium will concentrate on its commercial enzyme business.
As part of the deal, the BP PLC division will get Verenium’s pilot plant and the demonstration-scale facilities in Jennings, La., and the R&D operations in San Diego. Verenium can also get $10.8 million in cash following the transfer of its lease for the San Diego facility to BP. Verenium (Nasdaq: VRNM) will also transfer all IP and technology related to cellulosic biofuels cellulosic enzymes to BP.
BP will become the only investor in Vercipia Biofuels, a 50-50 joint venture the two companies formed in February 2009, and will manage Vercipia. Another joint operation, development company Galaxy Biofuels, which was owned 50-50 by Verenium and BP, will be owned 100 percent by BP under the deal.
According to Carlos A. Riva, president and CEO at Cambridge-based Verenium, the deal will give the company the resources to grow its commercial enzyme business.
Also, Verenium has promoted Janet Roemer, executive vice president, to president and COO of Verenium’s enzymes business. Roemer joined Verenium in March of 2008. Roemer is a BP alum. Prior to joining Verenium, she held several positions with the BP Group including chief of staff to the CEO of Innovene, a former division of BP Group.
In April of last year, Verenium named James Levine its new executive vice president and chief financial officer, replacing acting CFO Jeff Black. Levine came to Verenium having previously served as managing director in Goldman Sachs & Co.’s power and utilities group and managing director in the energy group, as well as prior roles focused on oil and gas industry investment banking.
Verenium lost $12 million in the first quarter of the year, on revenue of $13 million. That compares to a profit of $3.3 million in the same quarter of 2009, on revenue of $14.4 million. The company reported 270 employees as of March.
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