Verenium: 50 Hottest Companies in Bioenergy candidate profile
Verenium
Based in: Massachusetts
2008-09 ranking: 36
Business: possess a portfolio of specialty enzyme products and are developing technical and operational capabilities designed to enable the production of low-cost, biomass derived sugars for a number of major industrial applications, including the commercialization of advanced biofuels. Investors include Syngenta, AWM Investment and Health Care Ventures. Verenium trades under the VRNM symbol on NASDAQ.
Model: The key elements of our corporate strategy are to develop integrated solutions for the emerging cellulosic ethanol industry for use in production facilities that we own and operate, individually or jointly with partners, as well as those of third-party licensees. We intend to use our leadership position to develop novel, high-performance enzymes and to advance our technology and process development capabilities, together with BP, at our pilot and demonstration-scale plants in Jennings, Louisiana, and our first planned commercial facility in Highlands County, Florida, to exploit opportunities in the developing market for the production of cellulosic ethanol. We have established our business model based upon the belief that owning and managing cellulosic ethanol production facilities in conjunction with strategic partners, including BP, will allow us to create economic value by incorporating our scientific and engineering skills into the production facilities. Through our joint venture with BP, we may also license our proprietary technology to extend our commercial reach and accelerate our market penetration.
Past milestones:
1. Verenium begins commissioning nation’s first-of-its kind cellulosic ethanol demonstration plant in Jennings, Louisiana;
2. Verenium announces plans to build first commercial cellulosic ethanol plant in Highlands County, Florida, with a target capacity of up to 36 million gallons per year (MGY);
3. British Petroleum (BP) and Verenium form 50-50 joint venture (JV) to develop and commercialize cellulosic ethanol from nonfood feedstocks in the United States; JV now operates under the name Vercipia Biofuels
Future milestones:
1. Secure financing for first commercial-scale cellulosic ethanol facility in Highlands County, Florida. Vercipia Biofuels, the 50-50 JV company between BP and Verenium, intends to break ground on one of the nation’s first commercial-scale cellulosic ethanol facilities in Highlands County, Florida, in 2010. This 36 MGY facility is expected to begin commercial production in 2012. Vercipia anticipates developing additional commercial facilities in the Gulf Coast region and expects to announce the location of its second plant in the coming year.
2. Leverage R&D capabilities and enhance cellulosic ethanol capabilities;
3. Pursue strategic partnership opportunities for the Specialty Enzyme Business Unit
Metrics: In 2008, Verenium generated approximately $49 million in such revenues, an increase of nearly 90% over 2007. Verenium has fully commissioned its 1.4 MGY demonstration-scale facility, also located at its Jennings site, representing the first of its kind in the nation. Verenium’s process technology has also been licensed to Tokyo-based Marubeni Corporation and Tsukishima Kikai Co., Ltd. and incorporated into their 1.4 million liter-per-year cellulosic ethanol plant in Osaka, Japan – utilizing construction and demolition wood waste as a feedstock.
Verenium quotable quotes:
“Verenium is the first publicly traded, fully-integrated, next-generation biofuel company, and its range of expertise and resources greatly enhances its potential for success. Verenium is mastering the entire cellulosic ethanol production process as the first and only company with the full range of “field-to-pump” capabilities. This includes: growing energy crops, developing enzymes, processing biomass into fuel and, ultimately, selling it. Additionally, Verenium’s partnerships, which range from industry giants like BP and Syngenta to the U.S. Department of Energy (DOE), make the company uniquely positioned for success.
“We have a substantial intellectual property estate, including more than 250 issued patents and more than 350 patent applications, as of March 12, 2009. We believe that we can leverage our intellectual property estate to enhance and improve our technology development and commercialization efforts across both the biofuels and specialty enzymes business units, while maintaining protection of our key intellectual property assets. ”
“Verenium’s technology enables conversion of nearly all of the sugars found in cellulosic biomass, including both five-carbon sugars and six-carbon sugars, into ethanol. This efficiency advantage, combined with low-input cost of cellulosic biomass, results in superior economics in the production of ethanol.”
The Hot 50 for 2009-10 will be released Tuesday, 12/1. Between now and then, you’ll see profiles of potential candidates in the Digest, and you’ll have a chance to vote for your favorites. Reader response will count for 50 percent of a company’s overall score in the preparation of the rankings. The remaining 50 percent is voted by a panel of experts.
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