Verenium posts $13.6 million loss, says BP partnership in cellulosic ethanol is blooming

In Massachusetts, Verenium reported a net loss of $13.6 million for the quarter on revenues of $14.4 million.

“We had a strong start to 2009,” said CEO Carlos Riva, “beginning with the announcement of our 50/50 joint venture with BP for developing commercial cellulosic ethanol facilities. This critical partnership firmly positions us, along with BP, to be a first mover in the field of next-generation ethanol”.

The company said its 50/50 joint venture with BP will develop, own and operate cellulosic ethanol facilities using non-food feedstocks with a total commitment of $45 million in funding and assets from the two partners, and identified Highlands County, Florida as the location for a first commercial-scale cellulosic ethanol facility. The company confirmed it has applied for a DOE loan guarantee.

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