Verenium CEO confirms company is not facing a cash crisis; awaits DOE decision on financing of landmark cellulosic ethanol project

At World Biofuels Markets, Verenium CEO Carlos Riva confirmed in a Biofuels Digest interview that it is not in a cash crisis, despite widespread reports on the internet yesterday following a “going concern” warning issued by the company’s auditors. Riva said that US debt markts are, in effect, non-existent at the moment, and that the company is awaiting a decision on its application for DOE financing for its 1.5 Mgy demonstration scale ethanol plant.

The company’s 36 Mgy commercial stage plant has been announced for Highlands County, Florida, in a partnership with BP that has provided up to $100 million in equity for the cellulosic ethanol pioneer. Riva said that the company needed to acquire or control large scale land parcels in order to stabilize its feedstock pipeline and assure cost control, and said that they expect debt markets to continue to see “pinch points” for the near term.

Riva said that it expects to complete its demonstration-scale facility by the end of 2011, and expects to start development of its second plant before the demo scale plant is completed. He also confirmed that the company is focusing on the Gulf coast belt for its owned-and-operated plants, with an emphasis on Florida, Texas and Louisiana.

According to a recent SEC filing, the company lost $185.5 million in 2008 and has accumulated $622 million in losses since 2006.

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