Verenium closes sale of cellulosic biofuels business to BP
Verenium Corp. has closed the sale of its cellulosic biofuels business to BP Biofuels North America for $98.3 million, subject to the additional financial terms of the transaction announced on July 15, 2010.
In the transaction, BP acquired the Verenium’s facilities in Jennings, Louisiana, including the pilot plant and demonstration-scale facility; the San Diego, California, R&D facilities; and cellulosic biofuels and cellulosic enzyme technology and related IP. In addition, BP retained select personnel needed to continue the cellulosic biofuels development program. BP also became the sole owner of Vercipia Biofuels and Galaxy Biofuels, the 50-50 joint ventures created by Verenium and BP.
Verenium retains its commercial enzyme business, including its biofuels enzyme products, and has the right to develop its own cellulosic enzyme program. Verenium also retains select R&D capabilities, as well as the potential option to access select biofuels technology developed by BP using the technology acquired from Verenium through this transaction.
UBS Investment Bank acted as financial advisor to Verenium in connection with this transaction.
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